An extract of an article from Traders World Magazine issue #40
The Squaring of Price Key to True Analysis
By Joe Rondinone
How can it be that all charted prices are equally charted as to width, regardless of the total price move of that period? If you charted a 10 cent move in any grain, charts a 5 cent move the next day, 8 cents the next day and a 13 cent move the 4th day; what justification can you give that these posted prices will have equal value in the projection of prices. How can you draw a trend line that can be a valid line. Now let’s remember that there is no law against drawing any trend line, anywhere or anyhow.
First, allow me to introduce myself, my name is Joe Rondinone. I am now 84 years old and I have been trading since 1948. I remember the days when it was an insult to go into a place of trading with charts. I remember when I carried my charts in a trumpet case so I would not look foolish carrying the charts under my arm. If you told your banker you traded grains or eggs, you get no loans from the bank. You were called a gambler. Now all banks and investment houses are trading grains to gold. What a change!