hi Pat,
I have recently joined the team. I was very easy to persuade me to subscribe to your VIP section. The vast amount of experience you have is admirable. I wish I had the honour to speak to Ed Seykota and Bill O'neil as you did. They are my heroes too.
I am very grateful to what you have done to retail investors like me. I too was not born with a silver spoon in my mouth. Learning from you definitely helps shorten my learning curve. I vow to pass on the knowledge I gathered to other aspiring traders.
I have reviewed some of your videos regarding pyramiding rules. I understand the 50/20/20 rules within <5% from the pivot point. My question to you sir is do you add up using an arbitrary 2.5% stoplimit buy order or do you wait for a pattern within the lower timeframes to fine tune your additional entries? I imagine the later is difficult for traders who are working during the market open.
Would you mind sharing one or some of your recent trades to demonstrate this technique in much detail.
Secondly, if the price reverses, do you sell half of the position automatically or do you wait for the price to trigger the stoplosses at position 3,2,1 consecutively?
Many thanks Pat.
Kind regards,
Shoy
1 Answers
Hi Shoy,
Pat made this video for you...
https://youtu.be/2lxYFQVMxig
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Thank you for clarifying it makes a lot of sense now. Yes you are pronouncing my name correctly!
I can see you have an average line on your volume indicator. Which period setting do you use? 20 days? 50?
Many thanks again.
The moving average on volume is a 50 day simple.
Thanks Owen.