ilazarte

Non flash version of article appears here: ChartMill.Com | Articles on Technical Analysis Indicators and Screeners I agree, its not really described that well. A concrete example would be great.

Thanks for your story Mysticforex.

Prediction? Forget it. Should you take profit? Wrong question. It sounds like you are in serious need of a trading plan. 1. Prediction is basically impossible - even trading systems that focus on prediction alter them after them after the fact because its so frequently wrong - looking at you Eliott Wave... Anyone that deals in predictions is going to get destroyed in the stock market - the most damaging form of this would be intraday trading. In general, your predictions will be low accuracy, and executing more trades regularly will compound those mistakes and blow out the account. 2. The question of whether or not you should take profit depends on your money management strategy/trading strategy. Are you high accuracy low gain per trade kinda guy, or a low accuracy high gain once in a while? There's no way you will be high accuracy / high gain per trade or else you would be a zillionaire already and this thread would be irrelevant. You have to figure out which type of money manager you are, and then work from there as to the how much profit is enough to take it from.

Work on personal art, enjoy my family, and assist the Gates Foundation which I believe has a good grasp of the things which are critical to humanities improvement and are given less attention than deserved.

I keep having problems with this too - my only solution that has worked for me so far has been to finally quantify the intraday swing price amounts in securities I buy. If the move I'm thinking about buying has already gone as far as the average intraday swing amount (or near it), then I don't buy. The somewhat amazing part is then the "real" buy signals come at the very low of a previous sell, which is so scary to buy... More on this later as I try it out for a few weeks.

Two of my faves have been useful. Phil Erlanger:Good Morning Wall St. Tom McClellanThe Changing Relationship Between Copper and the Stock Market - Free Weekly Technical Analysis Chart - McClellan Financial (sign up is on right)