And then analysts wonder why nobody takes them seriously?

Beginner Questions
1

Sorry but I just had to post this as it gave me a little bit of a ‘chuckle’.

The analyst and source shall remain nameless because I do INDEED get some invaluable insights from this particular source on a daily basis and, what’s more, this particular analyst publishes fantastic statistical information each week for different stocks and sectors (such as volume / price analysis). But when I saw this this morning I thought to myself that this is just the type of thing that gives ‘fodder’ to those that are skeptical about the business of trading (any type of trading) and technical analysis.

I mean to say: PICK A LEVEL OF SUPPORT GUYS AND DOLLS!!! LOL!!!

[I]“S&P 500 Cash Index Potential Support
[/I]
[I]1323.74, Fibonacci 78.6% of 2011 range
1321.06, low of 4/11/11
1305.26, low of 3/29/11
1249.05, low of 3/16/11
1246.73, high of 12/13/10
1238.81, Fibonacci 78.6% of 1,576.09 high
1235.05, high of 12/7/10
1232.85, low of 12/16/10
1228.74, Fibonacci 61.8% of 2007-2009 range
1227.08, high of 11/5/10
1173.00, low of 11/16/10
1171.70, low of 10/27/10
1166.74, low of 10/20/10
1159.71, low of 10/19/10
1,151.41, low of 10/7/10
1,131.87, low of 10/4/10
1122.79, low of 9/23/2010
1114.63, low of 9/15/2010
1110.88, low of 9/10/2010
1091.15, low of 9/7/2010
1039.70, low of 8/27/10
1039.31, Fibonacci 23.6% of June-Aug. 2010 range
1010.91, low of 7/1/2010
1008.55, Fibonacci 38.2% of 2009-2010 range
991.97, low of 9/2/2009
978.51, low of 8/17/2009
956.23, high of 6/11/2009
943.29, Gann 50.0% of 2009-2010 range
878.04, Fibonacci 61.8% of 2009-2010 range
874.17, Gann 62.5% of 2009-2010 range
869.32, low of 7/8/2009
805.17, Gann 75.0% of 2009-2010 range
785.13, Fibonacci 78.6% of 2009-2010 range
666.79, intraday low of 3/6/2009”[/I]

ROFLOL!!!

NOW I know where the notion comes from that one could ‘throw a dart at a chart’ and use the landing point price as an entry point!!!

I’ll tell you this: if the S&P gets to 666.79 again I don’t think any of us are going to have to worry about trading as we know it (certainly not trading the USD or US equities)!!! Then again: maybe JUST IN CASE I should place a GTC Limit Order Buy at 666.79 with a stop at ZERO!!! LOL!!!

Regards,

Dale.

2

That’s funny, thanks for the laugh Dale. This reinforces the fact that if you keep things simple, you’re more likely to succeed (in life, in forex). Might be worth passing this message to that analyst …

3

Hello,

I found it amusing myself.

Look: this guy (analyst) is well known and knows what he’s doing so far as I can tell. And let’s face it: who am I to ‘knock’ him. I just don’t see the point of posting something like this. I mean: I’m sure it’s based on ‘something’ (well it obviously is because he’s given details) but I ask you with tears in my eyes: how is this supposed to help anybody that’s trading the S&P (as I do)??? LOL!!! I mean: I’m sure the intraday low of the Dow in October 1987 or the lowest low reached in 1929 (the stock market crashed in both of those years to name but two) ALSO has significance!!! I mean: where do you STOP??? LOL!!!

But yes: you are right. Keep it simple and you cannot go wrong (although that’s ‘pretty rich’ coming from me i.e. my ‘main’ trading system, developed by Welles Wilder, has some of the most complex calculations in it that ‘you ever did see’ and I like that type of thing)!!! LOL!!! But that’s different. Or is it i.e. although the calculations are complex the actual TRADING of the system is simple??? Then again: Wilder’s most effective and profitable trading system, by his own admission, uses the simplest calculations of all!!! LOL!!!

On the other hand: the above could be simple too i.e. just place GTC Limit Buy Orders slightly above each of those levels and ‘hope for the best’ (just make sure you’ve got a LOT of capital and bigger gonads than ‘Charging Bull’)!!! LOL!!!

Regards,

Dale.

4

Shotgun approach.

No matter which of those levels the index chooses, he can say he called it correctly.

Nothing wrong with covering your bases. In fact cover them all, including the ones on the fields within
a 200 mile radius :smiley:

5

What is the time difference between you and I???

I need to check that. Because we always seem to miss each other i.e. I post early and you post late!!! LOL!!!

Like I said: the guy is well known but it’s stuff like this that gives ‘fodder’ to those ‘technical analysis is bulls*it’ threads. You know what I’m saying???

Anyway: I’m sort of ‘celebrating’ a pretty good week so ACTUALLY I shouldn’t even be sitting here posting on this or any other forums (inevitably I spend the next day or two doing ‘damage control’)!!! LOL!!!

Having said the above: BabyPips has been real quiet today (and yesterday). Odd.

Regards,

Dale.

6

It’s been quiet because probably most members still can’t log on.

Sir Pipstrodamus mentioned the site getting some unwanted “administration” by some unknown “administrators”…
They would do more good if they hacked a PETA site:D

As for our time difference, I’m GMT-7:00.

Congrats on a good week!
I’d buy you a beer, but We’re a tad logistically challenged:D

7

Good morning, good morning, good morning (Fawlty Towers i.e. Basil Fawlty)!!! LOL!!!

I was not aware that there was a problem. That being said: this entire week my ‘Desktop Shortcut’ to BabyPips does not work i.e. I have to ‘Click’ on it first and then I get an error message and then I have to ‘Click’ ‘Refresh’ in Internet Explorer before the forums appear.

GMT MINUS 7??? I’m GMT PLUS 2!!! That’ a NINE HOUR difference (which could quite possibly explain why I’m still ‘pis*sed’ and you’re sleeping - well maybe at this time!!! Then again: that’s not an admission that I should have made public IF you ‘do the math’)!!! LOL!!!

And thanks for the ‘invite’!!! LOL!!! The way you ‘put it’ made my day!!! LOL!!!

logistically challenged

ROFLMAO!!! And MORE LOL!!!

Oh well and for what it’s worth: I just thought I’d let you all know that WINTER has OFFICIALLY arrived in South Africa (see attached picture and that’s just ONE of them although he’s my ‘favourite’ and NOT the most ‘pleasant’ or ‘easy going’ i.e. he could have been a great S&P floor trader)!!! LOL!!!

Regards,

Dale.


8

Is Hektor your trade advisor?

9

Yep!!! LOL!!!

I’ll tell you this though: him and the other THREE are the reason I HAVE to trade because MAN can they eat!!! LOL!!!

I see that SOMEHOW I managed to ‘control’ myself this weekend i.e. no ‘damage control’ necessary I don’t think. Thank goodness for that!!! LOL!!!

Regards,

Dale.