well these triangles keep changing; they had small triangle
before and everyone said it broke out to upside; now again there is
another triangle. If I sit and watch these triangles, I feel like
wasting my time
Sure. As has been said many, many, many times here, this market
is all over the place. There is NO trend, other than one very big
trend down. If you want to play the smaller, intraday market
gyrations, you have have as part of your plan these frequent
reversals. There are trends going one way on a 5 min chart, and a
trend the other way on a 30 minute chart. You need to understand
how those relate to one another, and how you're going to respond,
in order to trade successfully. Though, even the people who have
been doing this a long time find this market extremely difficult to
trade. If you don't have a plan or the experience yet to respond to
these very short-term patterns, the smart play is to ride the major
trend over a longer period, and that trend is decidedly down.
Nothing wrong with hanging out in cash during this consolidation
stretch.
pkon -- don't know what triangles in particular you're referring
to, but there may have been triangles in shorter time-frames.
And sometimes triangles don't break either way and just morph into
more extended triangles, or into nothing................the markets
are a sort of living thing, not mechanical, and the patterns and
trendlines are always fluid and changing and sometimes they play
out and sometimes they don't. You are always playing the
odds. The ODDS are that this or that will happen.
Nothing more. Watch those triangles enough, and you may get a
feeling for how the market moves
If it was easy to trade,
everyone would trade and be rich.
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well these triangles keep changing;
direction
Posted by pkon on 30th of Jan 2009 at 11:22 am
well these triangles keep changing; they had small triangle before and everyone said it broke out to upside; now again there is another triangle. If I sit and watch these triangles, I feel like wasting my time
Sure. As has been said
Posted by rjdst on 30th of Jan 2009 at 12:10 pm
Sure. As has been said many, many, many times here, this market is all over the place. There is NO trend, other than one very big trend down. If you want to play the smaller, intraday market gyrations, you have have as part of your plan these frequent reversals. There are trends going one way on a 5 min chart, and a trend the other way on a 30 minute chart. You need to understand how those relate to one another, and how you're going to respond, in order to trade successfully. Though, even the people who have been doing this a long time find this market extremely difficult to trade. If you don't have a plan or the experience yet to respond to these very short-term patterns, the smart play is to ride the major trend over a longer period, and that trend is decidedly down. Nothing wrong with hanging out in cash during this consolidation stretch.
pkon -- don't know what
Posted by Michael on 30th of Jan 2009 at 11:37 am
pkon -- don't know what triangles in particular you're referring to, but there may have been triangles in shorter time-frames. And sometimes triangles don't break either way and just morph into more extended triangles, or into nothing................the markets are a sort of living thing, not mechanical, and the patterns and trendlines are always fluid and changing and sometimes they play out and sometimes they don't. You are always playing the odds. The ODDS are that this or that will happen. Nothing more. Watch those triangles enough, and you may get a feeling for how the market moves If it was easy to trade, everyone would trade and be rich.