Subjectivity
Posted: Fri Nov 07, 2008 1:07 pm
I am presently referring to an analysis of weekly and daily charts, emphasizing the value of the 5/9 line. To a large extent, but perhaps unwittingly, Ted/Charlie appear to imply that contained in this lesson (using 5/9 as an example) is the essence of the approach, and that mastery thru experience will allow one to prevail (incidently, I have used the "5/9" idea for some time, but called it a HLR or HLS, so am aware of its utility as a tool, confirmed by other parameters). This is difficult to swallow at this juncture, given the degree of subjectivity involved and the spectre of optimization that looms. As you must know yourself, one can draw these and many of the other 5 and 6 line variations all over the place and in so doing create confluence virtually anywhere you want. Which series the market will actually key off of is clear only retrospectively, and sometimes even then is a stretch. For example, you can have a 5/9 up on the weekly, transpose the level to daily and construct a 5/9 there (and/or others) that will correspond, but if price doesn't get there, you simply erase that 5/9 (or whatever) and put something there that does support the case (1-1,6-1,5-1, ...) and say it got close enough. Note that this has implications for bailing out as well. When do you know you're on the wrong side if you can keep drawing lines to buttress your present position?! The "held on the close" notion is particulary vexing (the whole idea of the lines, particularly the 5/9 exhaust, is to contain the range, right?!) There must be other elements that are being considered but are not being discussed in the present analysis because of the introductory nature of the material. Clearly, buy and sell decisions cannot be made on the basis of what has been presented so far. I guess this is why there are 26 more lessons!
D.A.
I understand, accept, resonate with the discretionary nature of this approach. However, the degree of subjectivity revealed to me so far is unnerving. With the ensuing lessons, I trust the interpretive aspects interweave to form a more definitive prognostication of what price will likely do. (Bill, a simple "yes, don't worry about it; I felt the same way, but as things progress, everything falls into place," will suffice if this is the case!).
Incidently, cudos if you were aboard for the snp moon launch
D.A.
I understand, accept, resonate with the discretionary nature of this approach. However, the degree of subjectivity revealed to me so far is unnerving. With the ensuing lessons, I trust the interpretive aspects interweave to form a more definitive prognostication of what price will likely do. (Bill, a simple "yes, don't worry about it; I felt the same way, but as things progress, everything falls into place," will suffice if this is the case!).
Incidently, cudos if you were aboard for the snp moon launch