Go to Jeff Salisbury LWGate Home Page.From: "Katherine Malm" <kmalm@earthlink.net>
Subject: Re: [CANSLIM] stacking the odds in my favor-buying before the pivot point
Date: Fri, 21 Dec 2001 12:24:17 -0600
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This is a multi-part message in MIME format. - ------=_NextPart_000_010C_01C18A1A.6887D640 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Patrick, Really interesting point of view in this quote. Sure makes the case for = supply & demand driving breakouts. Seems like it also makes the case for = looking for alternative technical patterns and/or modified entry points = other than the usual CANSLIM party line. Katherine ----- Original Message -----=20 From: Patrick Wahl=20 To: canslim@lists.xmission.com=20 Sent: Friday, December 21, 2001 12:13 PM Subject: Re: [CANSLIM] stacking the odds in my favor-buying before the = pivot point I have been wondering for a while if the fact that these breakout = points have=20 become so well known expains why there seems to be (seems is the key = word, I=20 have no empirical evidence) so many failed breakouts. I have gotten = to the point=20 where I frequently wait for a breakout and then buy a pullback, rather = than trying to=20 anticipate it, or get in at the breakout point. =20 Regarding failed breakouts, I was reading a daytrading book (The = Master Day=20 Trader, not to be confused with The Master Swing Trader), and found = the following=20 passage interesting - "We teach our traders to be the creators of those market events that = others are=20 waiting for. If the crowd is waiting for the stock to trade above 40 = before they buy,=20 then we say 'get the stock up to 40 1/8'. In other words, make the = chart. ... we=20 thought it would be beneficial for you to know how the professionals = are playing the=20 crowd. The idea is to ignite the action of your desire by getting to = the crowd to take=20 your lead. It can't always be done, but our Master Traders pull it = off more often than=20 some might think." On 21 Dec 2001 at 11:36, Dave Squires wrote: > the W. For an other "base" it's usually the spot where the major = resistance > is overcome. These are obvious points because WON, et al have taught > breakout buying for many years now and the 90's were a breakout = traders > utopia. > Maybe it's not as hard as I make it out to be, but I have not = had - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - ------=_NextPart_000_010C_01C18A1A.6887D640 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=3DContent-Type content=3D"text/html; = charset=3Diso-8859-1"> <META content=3D"MSHTML 5.50.4611.1300" name=3DGENERATOR> <STYLE></STYLE> </HEAD> <BODY bgColor=3D#ffffff> <DIV>Patrick,</DIV> <DIV> </DIV> <DIV>Really interesting point of view in this quote. Sure makes the case = for=20 supply & demand driving breakouts. Seems like it also makes the case = for=20 looking for alternative technical patterns and/or modified entry=20 points other than the usual CANSLIM party line.</DIV> <DIV> </DIV> <DIV>Katherine</DIV> <BLOCKQUOTE=20 style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; = BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px"> <DIV style=3D"FONT: 10pt arial">----- Original Message ----- </DIV> <DIV=20 style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: = black"><B>From:</B>=20 <A title=3Dpjwahl@attbi.com href=3D"mailto:pjwahl@attbi.com">Patrick = Wahl</A>=20 </DIV> <DIV style=3D"FONT: 10pt arial"><B>To:</B> <A = title=3Dcanslim@lists.xmission.com=20 = href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A>= </DIV> <DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Friday, December 21, 2001 = 12:13=20 PM</DIV> <DIV style=3D"FONT: 10pt arial"><B>Subject:</B> Re: [CANSLIM] stacking = the odds=20 in my favor-buying before the pivot point</DIV> <DIV><BR></DIV>I have been wondering for a while if the fact that = these=20 breakout points have <BR>become so well known expains why there seems = to be=20 (seems is the key word, I <BR>have no empirical evidence) so many = failed=20 breakouts. I have gotten to the point <BR>where I frequently = wait for a=20 breakout and then buy a pullback, rather than trying to <BR>anticipate = it, or=20 get in at the breakout point. <BR><BR>Regarding failed = breakouts, I was=20 reading a daytrading book (The Master Day <BR>Trader, not to be = confused with=20 The Master Swing Trader), and found the following <BR>passage = interesting=20 -<BR><BR>"We teach our traders to be the creators of those market = events that=20 others are <BR>waiting for. If the crowd is waiting for the stock to = trade=20 above 40 before they buy, <BR>then we say 'get the stock up to 40 = 1/8'. =20 In other words, make the chart. ... we <BR>thought it would be=20 beneficial for you to know how the professionals are playing the=20 <BR>crowd. The idea is to ignite the action of your desire by = getting to=20 the crowd to take <BR>your lead. It can't always be done, but = our Master=20 Traders pull it off more often than <BR>some might = think."<BR><BR><BR><BR>On=20 21 Dec 2001 at 11:36, Dave Squires wrote:<BR><BR>> the W. For an = other=20 "base" it's usually the spot where the major resistance<BR>> is = overcome.=20 These are obvious points because WON, et al have taught<BR>> = breakout=20 buying for many years now and the 90's were a breakout traders<BR>> = utopia.<BR> > Maybe it's not as hard = as I make=20 it out to be, but I have not had<BR><BR><BR>-<BR>-To = subscribe/unsubscribe,=20 email "<A=20 = href=3D"mailto:majordomo@xmission.com">majordomo@xmission.com</A>"<BR>-In= the=20 email body, write "subscribe canslim" or<BR>-"unsubscribe = canslim". Do=20 not use quotes in your email.</BLOCKQUOTE></BODY></HTML> - ------=_NextPart_000_010C_01C18A1A.6887D640-- - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". Do not use quotes in your email.
Next Article (by Author): Re: [CANSLIM] stacking the odds in my favor-buying before the pivot point "Patrick Wahl"
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