[brownsfan019]

But to answer your question - I voted no from a pure daytrading standpoint. As far as the day-to-day moves are concerned, I only want to see the chart. It's cliche, but I agree w/ the statement that the chart tells you everything you need to know.

Now, on a longer term perspective, which I will define as investing, I do consider fundies. I do not believe there is a 'long term trader'. I think by definition a trader is one that actively trades. Once you call yourself a long term trader, I believe that is synonymous with a trade gone wrong and now you have turned into an investor.

[firewalker]

Originally Posted by brownsfan019 »

fire - good stuff, but that's a lot to read in one sitting.

Give us some breathing time, ok?

I realize that, but I just wanted to put together the series of posts I made elsewhere, so that the basics are there. I'll leave it like this for a while, it's definitely a lot of text.

[Sledge]

Great thread Firewalker. I agree with you 100%
I actually only use the news to see if it will push an instrument to a Support or Resistance level. That tends to be the case most of the time on a major news release.

Scenario usually plays out like this: Push to a resistance level, trap the would be bears, then "horn" them as it climbs back northward!

Kudos on starting the thread!
Sledge

[fifty2aces]

FW - glad to see you here, it's unfortunate that T2W is getting "noisier", but I always enjoyed your posts there, and look forward to seeing more over here.

I do follow fundamentals, although only for 2 reasons:

1) I find them interesting, so it makes for some good reading after the close

2) To ensure there are no major economic releases that I need to watch for - example would be NFP or interest rate announcements - while I don't use them to make trading decisions, it's good to know not to put on a trade with a tight stop just before a load of volatility.

[firewalker]

"The people who tell you that commodity prices today are driven by “economic fundamentals” are the same ones who said that house prices in Britain were rising because of land shortages. The amazing thing is that just months after losing hundreds of billions in the housing and mortgage bubbles, investors and governments around the world have reverted to the discredited fallacy that financial markets always reflect economic reality, instead of the boom-bust cycles and misconceptions that George Soros's book vividly describes."

http://www.timesonline.co.uk/tol/com...cle3980797.ece

[nasdaq.nyse.day.trader]

It's one of those deja vu threads all over again..........
Good stuff firewalker
Not much evidence of bandits here; I might start posting myself.
Richard

[firewalker]

On Friday, 'important' figures about existing home sales were released at 1600PM (time on the chart). The exact minute is circled on the 1-min chart..

If you look back at the chart of the day, I think it's clear to say the news had almost no impact, other than a very temporary effect. On a 5-minute chart this spike completely disappears and even the volume doesn't mean anything.

Price was on the way down to support at 470 and the news could not change that in any way.

[Trader333]

It was highly unlikely to have any impact because the actual result was pretty must as forecast.


Paul