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Author Message  holycow Member Username: holycow Post Number: 2686 Registered: 08-2004 Rating:  Votes: 1 Wednesday, August 23, 2006 - 10:47 pm:     ... have been keeping this for quite a long time until recently I read about them in another place. Thought they could be useful to some traders here. My suggestion - read each of them carefully and try to understand what is being said and then relate them to your own "live" trades. There's a lot of experience being described and embedded in these 20 rules, so, don't ignore them. 1. Forget the news, remember the chart. You're not smart enough to know how news will affect price. The chart already knows the news is coming (ain't that the truth). 2. Buy the first pullback from a new high. Sell the first pullback from a new low. There's always a crowd that missed the first boat. 3. Buy at Support, Sell at Resistance. Everyone sees the same thing and they're all just waiting to jump in the pool. 4. Short rallies not selloffs. When markets drop, shorts finally turn a profit and get ready to cover. 5. Don't buy up into a major moving average or sell down into one. See #3. 6. Don't chase momentum if you can't find the exit. Assume the market will reverse the minute you get in. If it's a long way to the door, you're in big trouble. 7. Exhaustion gaps get filled. Breakaway and continuation gaps don't. The old traders' wisdom is a lie. Trade in the direction of gap support whenever you can. 8. Trends test the point of last Support/Resistance. Enter here even if it hurts. 9. Trade with the TICK not against it. Don't be a hero. Go with the money flow. 10. If you have to look, it isn't there. Forget your college degree and trust your instincts. 11. Sell the second high, buy the second low. After sharp pullbacks, the first test of any high or low always runs into resistance. Look for the break on the third or fourth try. 12. The trend is your friend in the last hour. As volume cranks up at 3:00pm don't expect anyone to change the channel. 13. Avoid the open. They see YOU coming sucker 14. 1-2-3-Drop-Up. Look for downtrends to reverse after a top, two lower highs and a double bottom. 15. Bulls live above the 200 day, bears live below. Sellers eat up rallies below this key moving average line and buyers to come to the rescue above it. 16. Price has memory. What did price do the last time it hit a certain level? Chances are it will do it again. 17. Big volume kills moves. Climax blow-offs take both buyers and sellers out of the market and lead to sideways action. 18. Trends never turn on a dime. Reversals build slowly. The first sharp dip always finds buyers and the first sharp rise always finds sellers. 19. Bottoms take longer to form than tops. Fear acts more quickly than greed and causes stocks/futures/currencies to drop from their own weight. 20. Beat the crowd in and out the door. You have to take their money before they take yours, period. HC "... if you've got a chart, I have an opinion!"  msparks Member Username: msparks Post Number: 663 Registered: 10-2004 Rating: N/A Votes: 0 Thursday, August 24, 2006 - 08:31 am:     Excellent HC  mads Member Username: mads Post Number: 34 Registered: 12-2004 Rating: N/A Votes: 0 Thursday, August 24, 2006 - 11:36 am:     HC Your contribution to this forum is really outstanding. The discussions and debates that develop from your posts are very educational as it relates to what is happening "now". Thanks again. Mads  zorba Member Username: zorba Post Number: 136 Registered: 12-2003 Rating: N/A Votes: 0 Thursday, August 24, 2006 - 11:40 am:     I second Mads' post above. Thanks HC. As the Irishman said, 'Anyone who's not confused here doesn't really understand what's going on'.  holycow Member Username: holycow Post Number: 2689 Registered: 08-2004 Rating: N/A Votes: 0 Thursday, August 24, 2006 - 12:34 pm:     Thanks guy. Just like you to know that while you are learning, I am learning too! I have to check every corner to make sure my argument is not leaking somewhere... So it's a WIN-WIN cause for me. HC "... if you've got a chart, I have an opinion!"

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