By J. Peter Steidlmayer
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Extra info for 141 West Jackson: A Journey Through Trading Discoveries
This relates our notion of liquidity to the classical one of depth in the market. Non-randomness is the start of something directional (vertical) and the shift of control to new forces. The stronger the liquidity, then, the more reliable a change is when it does occur. Liquidity can be confined to a certain zone or portion of the market's range. This type of liquidity in the market may create 46 CHAPTER FIVE choppiness and a more vertical horizontalness in which the mar ket has ups and downs instead of just stopping at a particular vertical reference point.
Most traders would agree that when they get a bad fill the chances of winning on a trade are higher than when they get a good fill. I had a good example of this many years ago, when I shifted to be more of a go-with trader. Com was called a couple of cents lower and I decided to sell the opening. 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.
Logic and reasoning in the present tense, something we' re all capable of, will begin to replace the fantasy and fiction of predicting the future. The result will be a business that operates on the basis of internal controls, the key ingredient for a successful business in the long term. I have always looked to the future and tried to place myself somewhere in it. And I think your interest in this book signifies that you do the same. What does the future hold? I am certain that it is going to be something very different.
141 West Jackson: A Journey Through Trading Discoveries by J. Peter Steidlmayer