Thanks for love people. I started this blog to demonstrate that technical analysis works. I started at the August low and took it to the Oct high then down to 1415 near perfection all the way. I was hoping to get a dialog going, a phone call, an email something and got none of that so I am closing the blog.
In early November I was calling for the drop to 1415. OK, now here is where traders get in trouble. There are always two paths to take from a support level like 1415. One is bullish and one is bearish. If a trader has a bearish bias he will not pay any attention to the bullish path, he is reinforced to his bias by the bearish path. If this 1415 area had failed the next target was 1350 area so the trader will buy a large dollar value of puts looking forward to the 1350 path. Then the market takes the bullish path to 1490 resistance and the trader blames the analysts. I have seen this happen so many times so I know it is a fact.
The chart displays a Fibonacci 377 day Bollinger band with support and resistance with targets if 1415 area had failed to support. The upper band should not be traded above now for many months as the market will work off the up momentum from 2006 low to 2007 high.
Good luck to all and if you wish call me, its free.
Larry
4 comments:
I am so sorry that you are stopping your blog. I never realized that you were looking for dialogue. I am a daily reader of your concise and informative posts.
It is my hope that you have received many comments such as this one, and that you will reconsider the discontinuance of your enjoyable work.
Thanks!
IMO larry, many did not comment simply due to their lack of knowledge. I know this is the case with me. Also, having been a member of sites where someone was running the show I've seen people that do comment get pushed aside or ridiculed. This was another reason I kept quiet until now. Like ed said, perhaps if we knew you were looking for dialogue, it would have been presented.
Sorry to see you go. Do understand, I think, but maybe if we knew what you were looking for?
Hi Larry,
Just about a week and a halve ago I dicovered your blog. You are dissapointed. As the other people are saying, didn't know that you were looking for a dialog.
And when you read many blogs, like I do, it's impossible to make a replay every time they write interesting stuff.
Hope you realize that it is a privilige for us, readers, to know what other people write, people who did "not exist" before the internet came along.
Anyway, you did teach me one thing: it's important to drop a line every now and then, just to remind bloggers that readers appreciate what they're doing.
Hope you will find the courage to keep up your posts.
Greetings,
Peter (the Netherlands)
The targets have worked out well, Larry. Bravo on your outstanding work!
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