Posted on June 18th, 2008 at 09:50 AM
(RIMM) is at a very interesting place right now. We had this stock brought up in the Mentoring session last night, and did a technical outlook on it. The technical outlook shows a Type Two Sell with Elliott Wave setting up on both the Daily AND the Weekly chart. (see below)
By Ed Ponsi, a globally recognized lecturer and teacher and the former chief trading instructor for Forex Capital Markets*
In a study released by researchers at the prestigious Cass Business School in London, Roy Batchelor, Professor of Banking and Finance, and researcher, Richard Ramyar, take great pleasure in debunking the "myth" of Fibonacci. In their work, titled "Magic Numbers in the Dow", they analyze the movements in the Dow Jones Industrial Average from the years 1914 through 2002.
Their rigorous studies concluded that Fibonacci retracements have no effect whatsoever on price movement in the DJIA. Are they right? Well, let's just say that they're barking up the wrong tree. Maybe the best way to explain their conclusion is with a story from my own experience.
By Richard L. Muehlberg*
Posted: June 20, 2008
As a trader, how many inputs do you follow on a typical day? How many symbols are on your watch lists? How many watch lists do you track? How many charts, news feeds, alerts, and so forth, are on your mental radar?
These inputs are your lifeline. Trouble is, they may be sabotaging you. On the one hand, you may have built a "trader's cockpit" that functions faster than your brain can function. On the other hand, in a cruel irony, you may have built a trader's cockpit with too many of the wrong inputs and too few of the right ones.
