Crab is a common chart pattern. I don't understand a significant amount of the stuff. The big premise is that when certain counts are achieved, you have these predefined pullbacks and bounces that follow some % based on the 1.618 golden ratio.Originally Posted by mraynrand
I typically just observe the chart patterns and follow the advice we normally posts about it. Peter is easily the best I've ever seen.
It worried me when you say you don't understand a lot of the stuff but take his word like a Bible. If he's calling all of ths stuff, I'm wondering why you are still in Apple. Woudn't you have sold long ago and now wait for the $425 ? I'm honest here in that I am NOT remotedly a technical expert. I read a lot about the fundamentals and companies I invest in and really read about their earnings reports and forecasts going forward.
I'm pretty much only searching for hyper growth companies....so I understand the valuations of some of the stocks I own and am most interested in will be high.
I also understand I'm looking for the multi baggers and with that comes a very high amount of risk....and reward if I hit the right ones. So I'm investng with money I can lose so I feel fine looking mainly at high risk/reward stocks
LIFE IS ABOUT CHAMPIONSHIPS; I JUST REALIZED THIS. The MILWAUKEE BUCKS have won the same number of championships over the past 50 years as the Green Bay Packers. Ten years from now, who will have more championships, and who will be the fart in the wind ?
He explains how the charts will play out based on trade volume, etc in plain english. It's easily understandable. The charts are a little harder to read every detail but the gist is pretty straight forward.
I use stops a lot. I trust him and am pretty confident in him, but I wouldn't bet all my money that's he's right. I bet he is, though. He has been INCREDIBLY accurate in the past year. People have made millions from following him and buying options accordingly. I don't do that sort of trading. Don't understand it nor do I want the risk.
As for the 425, I do think it will happen, but what if he's wrong? I'd rather get stopped out than sell it and be wrong. I use trailing stops to prevent loss and just let it ride for the most part.
You are more of a gambler than I. I only invest in stuff I follow closely and fully understand. I will buy a lot of GOOG eventually but it's not time yet.
I'll check out your show, but like I said I don't invest in many companies. I have to follow it closely or I won't do it. I check AAPL probably 100 times a day in all honesty. Every time I restart a server, compile, etc.
Personally, I have a fundamental problem with chart pattern trading. It presupposes that past events are determinative of future performance. Like any trading system, it works sometimes, for some companies, if there isn't a fundamental change for the good or bad. In the end, the market works on supply and demand. Demand is based on appeal of the company. Over the long term, appeal comes from perceived future performance.
"Never, never ever support a punk like mraynrand. Rather be as I am and feel real sympathy for his sickness." - Woodbuck
Partial......you should watch Mad Money. I tape it every night and watch it DVR wise. Really a nice spot to discover companies for future research.
LIFE IS ABOUT CHAMPIONSHIPS; I JUST REALIZED THIS. The MILWAUKEE BUCKS have won the same number of championships over the past 50 years as the Green Bay Packers. Ten years from now, who will have more championships, and who will be the fart in the wind ?
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