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141 West Jackson: A Journey Through Trading Discoveries by J. Peter Steidlmayer

By J. Peter Steidlmayer


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I put my order in and the market opened close to and limit down, and quickly bounced several cents off this base. Naturally I was filled at the limit. If I had known it was going to be limit down, I definitely would not have sold it. I now was in a position I surely did not want to be in, and one that I could not do much about. I still felt that I was right, but I was very uncomfortable. But I was with the direction of the market, and several days later had a nice profit. This corresponds to the floor trader who always notices that the easiest trade to make is the wrong one: if it's easy to sell, it means there are lots of buy orders coming in, so selling is a bad idea.

Let's look more specifically at the market cycle. The market first tries to establish one vertical reference point, a point that is very hard to read in the present tense, due in part to the volatile nature of the market at this stage, with its many ups and downs. , the sec­ ond vertical reference point, again hard to read in the moment. Vertical activity is quite irregular in the data mass (volatility can not be neatly cataloged), and the where and how of these refer­ ences can't be easily established.

Moving from trade facilitation to distribution as the underly­ ing purpose of the market advanced our understanding by pin­ pointing the area where the distribution started. I noticed that the background prior to the start of a distribution was always more horizontal, and this led to the key insight of a two-phased mar­ ket. Also, in the early days a vertical move usually started in the fat, or horizontal, part of the day profile. In short, the distribu­ tion theory advanced the necessary understanding of vertical movement for practical use, but it did not truly identify the pur­ pose of the market.

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