Memory Lane
Repeat after me: “History Repeats.”
Do you believe in Magic?
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If we are going to be successful at trading or investing, we need to avoid the mistakes of the past, the lessons that history has taught us.
Easier said than done. It is often hard to understand where the tracks of Memory Lane are headed.
Recently, I advised readers to capture some profits if you were long from the march 09 lows.
It just seemed prudent at the time, and although I am not a market “expert” or guru, I do pursue trying to understand them.
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I study nature to find some lessons that seem worth remembering.
Yesterday, the markets fell in Options expiration related trading.
The Bear, or corrective markets, sees sharp rallies and rapid plunges. “The Bull climbs the stairs, but the Bear jumps out the window.”
Depending on our investment horizon, we need to determine what that means in relative terms.
Are we talking a short term relationship, an affair, a marriage?
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If you don’t follow the e mini s and p, this may confuse you a bit. Since the market has been double crossing traders lately, you may be better able to follow another wizard.
Maybe not, he is a bit cryptic at times.
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RT @JeffreyLin: @eminiwizard who is alice. is she single?/ alice is trapped longs
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An important threshold for the market appears to be 1093.75.
Yesterday, the market had difficulty there, and ran down memory lane all day long. @carlfutia wanted 1102 to 1085 for the day’s range, and he was partially correct. The train left without those willing to commit at the next station down the line. The few passengers there had to chase the train to get on board. Once in motion, the train also forgot to stop at 85, and continued well past that to station 59.
Mr Futia has been a student of the market for 40 years, so we shouldn’t beat ourselves up if we aren’t able to determine with precision where the markets are headed.
Fibonacci traders are generally right, but often times wrong in seeing the bigger picture. Hindsight is a wonderful teacher. Mr Futia is normally on the Box cars, and is a student of Nicholas Darvas, one of the references in our library. I have read that book at least four times. Should probably re-read it again.
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In pre market analysis with a few of my friends, we tossed about a couple of ideas. Z said “I respectfully disagree.” We were referring to the General hypothesis that Goldman’s wrist slap would be helpful to the market. Kevin correctly perceived the market’s intent to catch early adopters of the long side, suggesting train station 78 as destined.
Mom, if I remember correctly, had a ticket for platform 65.
I said: “Let’s start this journey one step at a time.” We were at the rain line; that magical place where journeys often begin or end. Like the Gordian knot.
“We got on the train at station 94, and I believe we are going southbound, and we should know if we see station 82. I think we came north from there on the speeding bullet yesterday. If we pass right through that station and see 78, we are probably on the express, not many stops. I know its scary, but I think we are heading for the cigar smokers. The passengers on this train seem dressed for warmer weather, and those on the platform getting tickets have their coats on, so I think they are headed north bound, but are trying to catch the wrong train.”
That was yesterday’s train, they missed it.
Wow, runaway freight train. Next stop, 74 and if we see a lot of smoke, we are at station 72. More than likely the train will make one little side trip to pick up a few more passengers back at the 76 station, where they picked up passengers yesterday going the other way.
I had to get off the train by station 68, although I suggested the end of the line was probably destined for 62, and maybe even 57.
My fellow companions continued their travels south while I joined my wife for a trip she had planned.
Shared memories are better than just my own, so although I was reluctant to leave my friends, I was happy to spend some time with her while she joined some of her high school classmates for a reunion.
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Acquiring friends for the Journey of Life is important to me. @JayMaven is one of those, through the virtual world.
He obviously understood the weekly 456 train schedule: Posted Last Saturday Bears have opted to fast over the w/e Anticipating a pullback to 1050s this coming week.”
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I have met many friends through the virtual world, and they are cherished, as new memories are being made.
CGinthehouse: “@eminiwizard LOL!!!!! I get it finally E!!!!!!!! 
Thick headed but trainable am I.”
Kevin and Seven and Westie and Zeek; Dial911 and Mike and Mom. Jed who is a phone, and the slow one; The Runner and 89 and Otto and the Tall one. Pec and Fern and Terry who sues. All different personalities, bringing their talents and sharing their unique gifts with the team.
@eminiplayer and mattdavio and @tradersmarts, and mini … too many to mention; my thanks to all of you for your continued friendship and the lessons you generously share with us.
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We do have fun.
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Comments
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Many great thoughts, E. Proud to be mentioned here. Learning, as you are, but you are a little ahead of me. Thank you for being patient.
J
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J, great to have a Jedi Knight as part of the team.
E
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