I have released one of the chapters of Analytical
Market Trading, 'a window into the future' for educational purpose and hope it
Analytical Market Trading
The ‘Range bar’, Time and Price.
Throughout the book we have seen how the movement of price is greatly influenced by the passage of time, and by simply calculating Time & Price we are able to define the market structure with precise accuracy. These recurring patterns in the market have a statistical tendency to continually appear and reappear over and over again, and as traders we have a visual inflection of the market to make highly accurate forecasts and hopefully successful trades. There is no point in knowing or providing oneself with a model of expectation without actually trading it. Even though it might makes us feel good that we ‘predicted’ a move, you might as well pack your bags and give up trading if you don’t find some way developing a profitable system to trade ‘our models of expectation’.
The easiest way to make money in the market is finding a ‘trend’ and trading that trend, letting the profits run whilst cutting our losses. Most trend traders will develop a system around a ‘breakout’ and either adopt money management rules based on pre-determined profit objectives or run trailing stop losses; a perfect example would be the break of the 3-day Gann cycle and trade towards higher timeframe dynamic ranges. Now each trader will have varying success even though a group of traders will trade the exact same system, and those reasons usually stem from individual money management rules and the size of the stop loss. Sure a tight stop loss might save your skin on occasions but you don’t want to be stopped out only to watch the market go in the direction you wanted it to go in the first place.
The zone of the breakout using higher timeframes and the 3-period Gann cycles defines the strength of the trend. Keep in mind that even though a 3-period Gann cycle breaks, the movement might only be a rotation towards a central zone, and in fact it’s not a breakout. A breakout has to be defined by the extreme of the timeframe and we have seen these extremes provide the necessary support and resistance for the remainder of the timeframe in question whether trading derivatives or stocks as described in detail throughout this book.
Now I want to focus on Price and remove TIME all together. You are probably thinking, “Hang on, we’ve just spent over 200 pages defining the market using TIME and now you want to get rid of it, what’s going on?” Well that’s correct, but I’m now going to look at the Range of Price. The Range of Price is not what we normally think it is, the Range of Price is actually the entire range including ‘Gaps’ that have occurred in the market, so any chart we view, whether a daily bar chart or an intra-day chart will have a continuing flow. When we take a close look we will observer the same recurring patterns in the market that has been described throughout this book; movement from central zones of TIME to the extremes and back. The reason we use a ‘Range bar’ is because we want to be able to ride any trend as long as possible and remove any fear that might effect a trader, and traders do have the ability to sabotage any trade by thinking of negative outcomes even though there might not be any around.
Each stock or derivative will have its own unique ‘Range of Price’ that fits well with the individual market structure, and short-term traders can actually run two varying lengths when trading the average length of any bar in the market. For example, a trader might want to back test the Range bar of 55 points and then trade a shorter length range bar for any probable trades until the 55 point bar range is complete. This type of trading will be explained in detail as we continue on with the topic in this chapter.
A Brazilian broker and trader - Vicente M. Nicolellis Jr, conceived the ‘Nicolellis Range Bars’ in 1995.
During 13 years running a trading desk in Sao Paulo, where local markets tend to be volatile, he wrestled with the problem of how to handle this volatility and its variability. Finally he concluded that the most promising approach would be to eliminate time from the equation, and just concentrate on price. After all it is price that you trade (rather than time, unless it is an options market). Essentially this reverts to the early days of Technical Analysis, and the use of Point and Figure Charts, which just record price change. By using a constant range, ex. 10, and opening a new bar once that range is covered, one can also apply modern concepts of indicators, which are bar based. In 1996 the concept was computerized, which meant that many more markets could be studied. Experience in the last 8 years has shown that Nicolellis Range Bars are particularly good at focusing on and clarifying movement. The way in which a long meandering, horizontal "congestion" is condensed into a bar or two, concentrates attention on the essential underlying price movement while eliminating unnecessary "clutter" and "noise". This also makes the use of Trendlines easier.
The range bars just look price, the bar does not close at a specific time but closes when a range is complete, then a new bar opens.
If you have a market that moves from 1 to 9, then 9 to 1, then 1 to 9 during 2 days, if you create a range bar chart of $10 you will only have a bar that goes from 1 to 9 during these 2 days and this bars is not closed. If the market moves to 10 then the bar closes and a new bar opens with open price at 10. This new bar now must have $10 range to close. Let’s say the market goes back to 6 and then up to 17, the last range bar closes at 16 (making a range bar from 6 to 16) a new bar opens with open price at 16 and this bars price is now 17. This new bar has now a range of $1 (16 to 17) and will wait until a complete $10 range to close.
As trader who has uses Range bars, I do recommend others find some way of incorporating Range bars as part of their trading systems to clarify the movement in price over time and also develop money management rules to maximise the trends that occur in the market.
Range Bar, ‘a window into the future’.
Lets take another look at the Range bar along with dynamic Timeframes so we can find some way of getting in early at the extreme of the range in a trending market. The reason we want to do this is because the markets do spend time rotating and consolidating after any trending period and we want to be able to trade any ‘probable rotation’ towards a central point in TIME. This type trading will especially suit a derivatives trader looking for an edge. Figure 132 is a chart of the financial index. So instead of trading a group of banks, traders might want to leverage themselves by trading the financial index. This daily bar chart is showing the higher timeframe extremes using the same concept of Math, Time and Price but this time we are using the past 5 months to provide the necessary dynamic market path we are looking for. So as each timeframe closes we do have a ‘model of expectation’ that price can go higher within each monthly timeframe whilst above the 3-week Gann cycle, and we can clearly see this is the case.
We can see the resistance zones at each dynamic high zone but once we reach the month of March 2004, price actually breaks those highs of 4271 and continues higher.
(5-month dynamic highs are achieved by taking the range of the past 5 months and using H+C+L/3 as described throughout the book).
So a trader who would normally short from this higher zone (4271, March high) would have been stopped out, hopefully they would have gone long to this zone in the first place but any ‘short-trade’ would have failed, and we need to keep in mind that such a break of these ranges, price can remain outside until the new timeframe begins in the following month of April. So 4271 is still a critical zone but now it could provide support for the remainder of March 2004.
What would have happened if a Trader with a clear defined ‘model of expectation’ of price going higher in March towards 4271 used a Range BAR to filter the market? So instead of shorting at the highs of 4271, actually exited the trade and waited for a confirming reversal in the market before considering such as trade using the optimum range of the index. I say ‘Optimum Range of the Index’ because each stock or derivative will have its own unique Range of movement. What might be ok for a stock like BHP using a 13-point range bar might not be when trading the financial index, and can actually whipsaw a trader out of their position. For the financial index I use a Range of 22 and when we have a look at Figure 133 we can see the trend remains intact until the Range Bar of 9 (right chart) reverses its own Gann cycle, so the resistance of the market is now set intra-day for the first time in many days.
Traders can run stops above this for a move back to the 3-day Gann zones or 4271 once a confirmed cycle change occurs on the 22 range bar. Keep in mind that a ‘ model of expectation’ support zone is now 4271 and the March dynamic highs.
This is what I mean about running two varying lengths of range bars, the 9 bar range alerts the change of trend but the 22-range is the optimum length. Once the 9 bar range moves back above its own Gann cycle high once again in late trading (confirmed by the close of the bar) traders can either re-enter on the LONG side as had previously occurred many days ago (earlier circle) or other traders wanting to short the market have a clear picture that any probable short is now open to RISK. The 22-range bar cycle has been long since 4060 and is still trending over 250 points at this point in the market and could continue into April’s new dynamic highs.
Optimum Range of Price.
The optimum range of price will vary depending on the entity traded, and the simplest way of finding this optimum range is by visually eyeballing the chart and finding that the market statistically will complete precise ‘range bars’. What I mean by that is, the market will trend in one direction but when the Optimum Range bar is complete the market can at that point actually reverse and complete another exact range bar in the opposite direction.
Figure 134 is of National Australia Bank showing the weekly charts and yearly Primary ranges. The Chart on the right is showing the optimum Range bar of NAB, this optimum range is 155, or $1,55. We can see the rotation of price in waves of 1.55 and most of the reversals are occurring over this 1.55 range, so any trader developing a system once the system completes the 1.55 range the system is open to Risk because of the probability of reversing, or a trader has a valid profit objective once he is in a trade based on the completion of the Bar. A trader now has a statistical edge of a profitable return based on the completion of these bars.
As I’ve explained throughout this book, the weekly Gann cycle defines the secondary Trend of the market along with the Quarterly 50% level and we can see in the above chart how the weekly Gann cycle has defined the Trend. However, in the chart on the right we can see a 3 bar reversal break above 30.80, this actually precedes the break of the 3-week Gann cycle of 31.11 when price breaks the highs of the 3 bar 1.55 optimum range, it then statistically moves upwards to complete the 1.55 range once again at 31.78.
The best filter when trading is using the period of 3, by that I mean, once you find the optimum range bar the best filter is to use approximately a third of that range. We have seen the reoccurring patterns of price movements over 3 bars, for example a 2 day stall 3rd day rally and even when using the optimum range bar the same principles apply; the movement of price in 3 bar waves, and we have seen this when the 3 bar (1.55) high breaks out at 30.80.
The 3rd of the range filter is .515 and we use the exact same principles of the 3-period Gann cycle to filter the movement of Price. In Figure 135 we can see the 1.55 range in the left chart and in the right chart we have the filter range bars giving us a statistical edge whenever the market breaks these highs. When you have a break of the .515 we have a reference of the price moving to complete the 1.55, and once that occurs there is a probability that a reversal could occur back into the trailing Gann cycle lows.
Notice in the above chart how each higher 1.55 low is actually being supported by the .515 Gann cycle low (3-period low after swing change) and then price moves upwards to complete the next 1.55 high, and the same ebb and flow of the market continues onwards. A trader has a simple system of statistical probability of price moving in a direction that has a statistical edge. The trader has well defined levels in the market to trade from (break) and well defined levels in the market to profit by. He or she has now an edge that is well defined and all they have to do is develop their own money management rules. Each trader should now be able to eliminate any fear that comes with trading.
These filtered Range bars do provide the trader with clarity because it eliminates the noise, and traders can develop mechanical systems based on what the ‘model of expectation’ is, now based on a statistical move in a statistical length of price. Any systems that are developed can be based around smaller timeframes and/or range bars. Or traders can be simply trade from any Range Bar Gann support zone discretionally, whilst running stops below these Gann zones.
For example, below is a simple system using a shorter-range bar system (.093) that allows a trader to enter on a confirming break back above a Chandler stop. This system is mechanical and never exits the market. Keep in mind this system is mechanical and does not take anything else into account in the market, all it does it provide a clear trading signal with no probable profit objective other than reverse when the Chandler stop is taken out. But as traders we can see that any short trigger using this system, the lows and reversal occur around the .515 Gann low, so traders shorting based on price action is open to RISK, so as trend traders we would prefer to trade this system only on the LONG side, as long as it conforms with the OPTIMUM RANGE BARS.
Traders should develop sound money management rules based this concept by either exiting at the range bar extreme or filter out the time of the trade with any shorter mechanical based system. Remember we do have precise targets to trade towards so re-entering the market based on a mechanical system is what any trader would focus on.
(Note: range bars are drawn using tick data. As most programs only have a certain amount of storage the length of range bars will only continue as the program fills its quota. So a chart of range bars going back years to back test the market becomes difficult if trying to develop a mechanical system using Range bars.)
Double Bar Optimum Range Bars.
The movement of the market normally follows a 2 bar stall with the 3rd bar; the trending bar, confirming any break or continues on as part of the trend. We have seen this price action whenever the market breaks a 3-day Gann cycle; it can either rally or stall moving into a 2- day rotation before continuing with the new cycle and trending towards an extreme range (3 week dynamic range). As seen in Figure 137 the market moves to extreme points in the market based on the 3-week and 3- month dynamic timeframes.
We can also see in the daily bar chart of the Australian Index futures (SPI) the amount of time and days the market spends moving from one point in the market to the next. For day traders the use of the SDC would be used to help the trader have a statistical edge in the market as they confront each day but there still is a lot of noise for any inexperience trader trying to understand where the market is headed.
There are many zones in the market where a trader could have traded from, such as the break of the 3-day Gann highs towards the 3-week dynamic highs #1. This is a probable move that continually reoccurs within the market structure as described earlier in the book. There are also reversal trades from extremes based on statistical probability of these zones failing. As described earlier, the probability theory of price action is outweighed by the probability of statistics of these reversal zones and returning profits above zero dollars. This statement will become clearer over the next few pages.
The Optimum Range of the SPI is 27 points and provides the trader with clarity without the noise. The Optimum Range of 27 points will always provide the trader with an idea of where the market is headed as it moves within the 3-period cycle of the 27-point range.
In Figure 138 we can see the probable moves of the market moving in 27-point waves, and any reversal from any extreme has a high probability of pulling back a minimum of 27 points. There is also a high probability that when ever the market reverses and completes the 27 point range move, price will normally move into a 2 bar or double bar optimum directional move. This directional move will normally follow if the Gann cycle breaks, or tests and bounces continuing on with the trend from any trailing Gann zone as seen in the right hand chart.
We need to be reminded these Range bars are independent of TIME, so when we see the failure of a double bar down after 3399 reverses we need to keep in mind that price has broken above the February high and we can see the confirmed break on the 3rd bar as it continues towards the new March highs of 3429.
The double bar is a phenomenon that continually reoccurs on most Range bars as long the TIME zones allow it to as described above.
We now have the optimum Range for the SPI of 27 points and we should now introduce a filter range bar for intra-day strategies. This will be a 3rd of the range, so we use a Range bar of 9 and keep in mind that the Range of 9 can follow a very similar market structure of any 3 bar cycle.
Have a close look at the market movement of each range of 9, there is a high statistical probability that there will be a 2nd range of 9 in the same direction as a reversal bar. So for day-traders this is a must, because these is no point buying if the previous bar is the first bar of a reversal down bar or visa versa. This price action alone swings the odds in the favour of the trader because it clarifies the price movement and should in fact help a trader minimise any losses from trading to early, and again help maximise any gains of trading the direction of the market.
By developing a mechanical system that uses the above price action and using only the reversals of each 2-bar move we can see how profitable it can be even without any stops in place. Since the start of the trading year 2004 by taking the trade in reverse of each 2 bar move against the trend, the system returns 353 points ($25 per point per contract) and a success rate of 75%. Keep in mind there are no set rules in place or stops, it is an automatic mechanical system that is open to all market forces.
Lastly I want to touch on day-trading the SPI using SDC and the Range bars.
As day traders we want to be able to have as much of an edge as possible, and when the variables line up any trader can make a high accurate trade using the 3-period higher timeframe dynamic ranges, the SDC based on sequential data and lastly a highly probably movement in price based on statistical movements of the optimum range.
Subject SPI for 02.03.04/bonds
Posted 02/03/04 11:23 - 134 reads
Posted by Frankd
Post #1593 - in reply to msg.
SPI, hitting resistance in early trading based on the 3-week period 3399J set-up, statistically a close near its lows of the day, but most of that normally comes after 2.50pm, so that’s how I’m treating our market today.
This is post to members on a forum (Hotcopper) at 11.23am. Price had trading around 3395 for most of the day until 2.50pm when statistically sellers appear based in the market after 2.50pm and closing near its lows (J set-up SDC). As a day trader I already had resistance defined by 3399 and the 3-week highs, an SDC of statistically being a down day, and probable target of 27 from today’s highs. It was highly accurate, precise and a predictable forecast using Time, Price and the optimum range for that day in the market give a trading a statistical profit objective.
Note: the J set-up occurs at the top of the completion of the R27. (Figure 140 above)
Subject re: trading - 05/03/04 - Frankie
Posted 05/03/04 14:28 - 37 reads
Posted by Frankd
Post #1637 - in reply to msg.
If it wasn't Friday I would have shorted the run up, but lets see what has occurred.The first 50 minutes at 10.40 had close above 3399, this has changed the intra-day cycle to a BUY. The cycle begins from yesterdays lows and price at 2.00pm TIME & Price has met, hopefully pushing prices higher into the close based on the SDC of Q and a higher close. So at this stage, I would have to favour a move higher from now with the R27 points to 3411.
* Edited post.
This post was nearing 2.50pm in the afternoon and trading around 3390, just below the resistance zone of 3399 that has failed already on 3 different occasions this week. But this time I have an SDC that statistically closes higher, a Range bar target of 3411, and price action intra-day with the Gann cycles. That afternoon the market rallied into the close hitting the r27 high target that evening.
Note: the Q set-up occurs at the bottom of double bar down r9 (Figure 140).
Figure 141 takes a look at the financial index once more. We have seen the continuation of the index since the break of the 5-month March 2004 highs and have a target for April that will be confirmed at the close of the month of March, and the R22 chart on the right keeps us in the trend. Each weekly 5-week period gives us an idea of our targets within in each weekly period as a guide and potential stalling zone.
We need to remind ourselves that the weighing of the financial index has a large bearing on our market, so if the financial index has broken out, our market will be well supported and also likely to break any upper channels as we have just seen in the financial index. Within the yearly timeframe it doesn’t occur very often, we only saw it happen once in 2003 when the February lows broke, heading towards the new March lows before our market bottom and then rallied into 2004.
When we look at figure 142 we can see that the 3-month highs for March 2004 has provided resistance for 9 days and on the 10th we have a breakout. Our next target on the break of 3429 is the 3-week highs of 3471 because we are looking for our next timeframe based on the 3-period dynamic ranges. We also need to keep in mind, just like the financial index, price can remain outside these 3-month highs of 3429 until the next month beginning in April and in fact, prices have more of a chance of heading towards the new dynamic highs for April, A new all time high for the stock market.
Note: For an overview of Sequential trading (SDC) please click this link. http://datafeeds.com.au/sequential.html
Double click the charts to enlarge.
When we have a look at the chart on the right we can see that the break of 3429 and the double bar completes at 3462 before we see a pullback. The pullback is now supported at 3438 because of the weekly pivot highs. This can support price until the completion of the trading week.
When we have a close look at intra-day action and our SDC of an F set-up that day in Figure 143, (F SDC, early price ‘sell’ action into trailing intra-day support zones) we can make a model of expectation of what has occurred and more than likely what will statistically occur in the future swinging the odds in our favour.
Figure 143 shows the following.
· Weekly pivot support 3438 (market overall bullish)
· 2.50pm lows in the market; statistically the market can reverse and squeeze the trend.
· We now have a double R9 reversal in the market for our target on a swing up using stops just below the weekly highs of 3438.
· Our profit objective is statistically reached at 3454, 17 point squeeze with a potential return 425$ return per contract.
I say potential return per contract because your entry and exit at ‘price’ will determine the return and profit. Keep in mind that 3454 wasn’t reached in the day session on the rally, the high was 3451, it was only reached when there was a higher open the next day but already we can see a double bar R9 down trend the next day that is matching the down 27 range bar after 3462 was reached.
Range Bars are a unique way of looking at the market and clarifying the market structure because it removes TIME and Price. We remove the notion of price because we are taking into account the gaps in the price structure, so we a incorporating levels in the market where no trades have actually occurred. This removes noise and gives a trader a view of the market being less random in nature and more statistically sound.
Statistically sound because each bar would need to complete in direction of the trend based on the 3-period cycle, so if we have defined an ‘Optimum Range’ a trader can develop systems based on the filter ranges with clear and precise profit objectives. Range bars help define any double directional movement thus helping the odds swinging in favour of the trader each and every day.
The movements have more clarity but traders need to be reminded, the movement of price will still be determined by TIME. TIME will still define the trends, TIME will still define resistance, and TIME will still define support. Range bars only help a trader define statistical profit objectives based on the Statistical movement of Price over TIME, thus completing the Optimum Range.
The next day (figure 143a) we have the exact same set-up, the same F SDC and the same 2.50pm reversal rally. But this time our double bar R9 is completed within the day session.
When we have a look at figure 143b, we can see the break of the 3-day lows of 3419 at the start of the new week moving down to the 3-week lows of 3383 before swinging and breaking the 3-day highs of 3423 once again. When we have a look at the R27 chart to the right we can see the triple bar swing up to 3452 reaching the statistical optimum move within the market structure.
143b. (note: this chart in the SPI day session only)
Subject SPI 31/3/2004
Posted 31/03/04 15:54 - 87 reads
Posted by frankd
Post #1743 - start of thread -
SPI has been in a BUY cycle since it broke above the 3-day highs last week at 3423.We now have 3-days trading above the break with the lows moving upwards and support at 3418 with the start of the new month tomorrow. With statistical price moves based on 27 points, normal price action will follow a double range bar in one direction. When the highs of 3454 hit last week we have only had one 27-point range bar down, normally a second range bar will follow before the price action will swing around on the 3rd bar. (3411)But our attention turns to the start of the month and 1st of April and the McClellan timing low of April 1st 2004. With the close of the XJO, we have a target of 3537 on the 3-month dynamic highs. (117 points higher) Financial index hasn't shown any weakness at this stage. * Edited post.
Figure 143c shows the start of the new month and with the 3-day Gann cycle in a BUY we can see the test of the new monthly 50% level of April 3414 before rallying into the new monthly highs of 3466.
Subject SPI 1/4/2004
Posted 01/04/04 10:49 - 44 reads
Posted by frankd
Post #1747 - in reply to msg.
The start of the new month and new monthly ranges. You will see that price has a high probability of moving towards the new monthly highs within the first week of trading (3468)Because first of April is a key date, it looks more than likely that the SPI is headed towards this zone.3450 on SPI is a stalling zone, but I'd look for a further move towards those monthly highs later in the day.
On this day the market stalled at 3451 after rallying on open in the first 50 minutes, and continued higher into the close as the intra-day Gann support zones based on 50 minute timeframe pushed price higher.
When we look at the R27 bar in Figure 143c we can see the completion at 3466 on the open of the next day before selling off into a double bar R9 down in the first 50 minutes of trading. And we can read the pre market open post below the chart of the probability of the market stalling and reversing based on the statistical move (r27), the monthly & Daily Time highs (3467-68) and the F set-up based on the SDC.
143c. (SPI 24-hour daily charts).
Subject SPI trading 02/04/04
Posted 02/04/04 09:28 - 16 reads
Posted by frankd
Post #1750 - in reply to msg.
The monthly high is 3468.The 27-point average range from 39 yesterday matches a completion at 3466, which also happens to be the new daily pivot high (3467).So in early trading there is resistance around 3466-68.Intra-day support is 3446. Basically a bullish close/day price shouldn't break and close below 3446 on any 50-minute timeframe today.3 week dynamic highs are 3477 but will dynamically move higher next week.
“The completion at 3466 on the open of the next day before selling off into a double bar R9 down in the first 50 minutes of trading. And we can read the pre market open post below the chart of the probability of the market stalling and reversing based on the statistical move (r27), the monthly & Daily Time highs (3467-68) and the F set-up based on the SDC.”
Note: On this day price tested 3446 in late trading and moved to a high of 3478 in the night session and the 3-week dynamic highs on the back of strength in the US markets; the statistical repetitive pattern of the change of the 3-day Gann cycle (3423), then moving towards the 3-week dynamic highs (3477).
Then as we begin the new trading week, we have a pullback to the new weekly 50% of 3451 on Monday that matches that range of 27 points down from the highs of 3477, then we can see buying once again appearing swinging the initial up move of 9 points.
Whatever the timeframe and whatever the price action a trader is reading, each trader should now have clear ‘models of expectations’ based on probable moves using TIME, using individual daily SDC’s and using the optimum range bars.
This and everything else within the book should provide any trader with an edge and more importantly swing the odds in our favour each and every day.
Analytical Market Trading. 'a window into the future'by Frank Dilernia.
Analytical Market Trading ' a window into the future' is one of the most advance trading books written for today's markets based on statistical repetitive that continually appear and reappear over and over again. The information within this book does not appear, I repeat does not appear anywhere else. There are 8 chapters and over 220 pages of detail information on trading derivatives and stocks. The book takes a close look at intraday strategies for daytraders based on advanced timing techniques and other statistical information that swings the odds in the traders favor each and every day.
The book also takes an extensive look at medium term swing trading and also longer term position trading. The last chapter on compounding for long term wealth is a must for any trader.
For information about purchasing the book please click this link http://datafeeds.com.au/whocares.html or you can email me on Frankd@fdtradeco.name
For traders interested in trialing the software for 2 weeks please click this link http://datafeeds.com.au/DF_DownLoad.html This will provide you with the program, history and live streaming tick data for the SPI, stocks and currencies.
For traders who are trading overseas derivative markets and who are using Interactive brokers trading platform (IB) you can rent the software for $45USD per month and use the data from IB to feed directly into the program.
Please contact email@example.com for more information regarding this option.
Due to new license laws and regulations coming into effect in 2004 the coaching group that had existed in 2003 has been cancelled and will not restart at this stage. Last years forum has been archived.
DISCLAIMER: Iam NOT an investment advisor and do NOT hold a necessary licence to give advice, or have any formal training, to give investment advice. This information is only for educational purpose. Before acting on any of the information you read and making any financial or investment decisions, you should always consult your advisor(s) or other relevant professional experts.
Edited by - AMTrade_Group on 04/20/2004 12:01:32