Who would say it better. People just don't seem to understand the meaning of the fact that oil is near its peak of production. And after that happens I would not suggest shorting it.
I think I' m just going to put on a trailing stop loss and see where the market goes hopefully the lows are in for the days. I will most likely sell before the FOMC minutes are released later today.
johnny .......maybe u hit goldmine trade.........i hope so...... it is basing hard on support range..........all day
I saw couple post on this thread talking about the Magic T Theory so I figured I would look into it. That Magic T Theory was discovered by Terry Laundry in the 70's and apparently he dedicated the rest of his life to it. You can read his blog at ttheory.com. The basic premise behind Magic T is "namely that prices rises tend to last only as many weeks (or months) as the prior period of price decline (quote from ttheory.com) ." This pattern forms a T formation as prices go down reach a bottom then turn back up. If You look at a 7 year chart of the Dow Jones you can see this theory possibly playing out. Start the left side of your T from the Dow Jones peak in January 2000 of 11,908 and have the bottom part of your T end at the lowest point on October 2002 at 7,177. The right side of the T should have ended around August 2005 at around 10,500. So I presume that is a concluded T. According to Laundry there all kinds of T's in different time frames playing out. If anyone knows more about this feel free to correct me. P.S This theory smells like Bull S**t, because if you drew a T and it got violated you can always conclude that there was a bigger more powerful magic T exerting power over the little T. Also, this has to be impossible to trade in real time because if the prices all of sudden crash while you are on the upswing right side of the T you have to assume that you drew your T's bottom wrong. This whole theory sounds like making a pattern out of plain hindsight.
You are mixing up 2 different theories. One is magic T, and the other is T day theory. I know very little about the first but have posted much about the other one on here.
I think you might be right, I thought you were originally talking about the T theory from Buzz Shwartz's book, Pit Bull.