I too printed the chapters out and read them several times, trying to make sense of what he was saying.
It's hard for me because I know nothing about chart reading and am sceptical whether TA works on its own (or at all) for share investing, but I'm prepared to listen to anyone's views if they can prove that their ideas work.
As far as I can work out, POP gets rather excited about retracements that recover to new highs - but that's from reading between the lines so I may be wrong there. He didn't give many clues at all about how to pick safe entry points.
So far I have applied his staggered entry approach to two shares this week - one was GTP which I bought for 60c after the profit forecast announcement; I was thrown out at 58c. I lasted about two hours before blowing $112, including commission! That wasn't much fun.
Still, it was good that I got out because the announcement wasn't as good as it first appeared (despite Alpha Centurian's undiminished enthusiasm). The share eventually slumped to 55c but has since recovered to about 58 -59c.
My next attempt was with CSM. I bought in at 61c and then bought again at 63c. The share is now 64c and I will buy my final parcel at 65c. I have no idea why I picked those 2c intervals, although I picked the initial entry at 61c because it looked like CSM had just started to break out of its down trend at 60c. I will be really relieved if it can get well above 65c and stay above that point, because I'm not comfortable with in-out trading. I prefer to hold for 6 to 12 months, not a day!
I'm not sure what I'm supposed to do next if CSM continues to move upwards. Perhaps wait for a mild retracement and buy again early into the recovery.
As to his selling rule, I am totally confused - something about selling after a huge volume day???
I feel I'm reasonably good at spotting frenzied buying, so I'm hoping to be still holding when CSM brings out their full year result, which should be excellent. This positive report may trigger crazy buying which I could sell into, a with a plan to buy back cheaper.
Interestingly, POP said wasn't a day trader but preferred to hold for months. That's why it would be really useful knowing who he is, because he may have given some clues elsewhere about picking entry points.
As to what to do if the share falls before this wonderful rising trend scenario takes place, I'm not sure. I suppose I have to get out if it clearly breaks its upward trend.
I do like the idea of pyramiding. Looking back over the past year, I realise that my pyramiding in two successful stocks was the major reason I did so well. If it hadn't been for my taking big positions in those two stocks and hanging on for the full year, my overall performance would have been pretty ordinary. What i don't know is how to pyramid in the most effective way.
I'd be interested in hearing about your experiences and the experiences of others applying POP's principles.
