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TFC Commodity Trading Forum

Re: Trades...time for a EURO chart/Ronbo *PIC*

I recall reading a $50 trading manual I bought off some high flying expert years ago. The only thing I learned that I didn't already know was he said to watch a price chart and near a top in a market you are trading price will begin to act erratic and spike up and down on high volume. That according to him was a 'topping action' and a warning that the end was near and that even trying to trade it would be difficult. Price whiplashes near a top with smart money getting out and dumb money getting in and everyone and his dog along with the media jumping up and down about that market. That ended up to be the best fifty bucks I've ever spent as now I watch for that. Prices tend to only spike violently back and forth near tops as a rule which is almost impossible to trade. Then I recall trading Silver back in '79'80 and that's exactly what I saw then and the reason I stopped trading it. In the end it was the right decision to walk away with my pockets "reasonably full" even though Silver continued to run higher. Looking back I still am glad I never tried to 'hang in there' and go for the high. Everyone I know who did lost big time. And most of them were a lot smarter,better funded and better connected than I'll ever be. Best to take a nice big bite out of the middle and walk away.

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Re: Trades...time for a EURO chart/Ronbo *PIC*