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Yuki,
I will post later today a nice code to see H&S of the past [not only
the recent one].
BTW, do you agree with Hiroaki Kuramochi comment at
http://biz.yahoo.com/rf/040119/markets_japan_stocks_12.html
Dimitris Tsokakis
--- In amibroker@xxxxxxxxxxxxxxx, Yuki Taga <yukitaga@xxxx> wrote:
> Hi DIMITRIS,
>
> Tuesday, January 20, 2004, 4:14:18 PM, you wrote:
>
> DT> Yuki,
> DT> 1.
> DT> An invH&S with NEGATIVE SLOPE neck line [in a bullish
environment] is
> DT> perhaps the best case [the same with a H&S with a positive
slope neck
> DT> line in a bearish environment]. The target is lower day by day,
time
> DT> is on your side.
>
> Well DT, I had never considered those two qualifiers together
before,
> but I shall certainly keep my eyes open, and do some looking back as
> well. Thanks.
>
> DT> I know we have different angles to see the same thing, but this
is my
> DT> H&S experience : During the last bearish years the invH&S were
rare
> DT> and could not reach the target, it was the verification period
for
> DT> H&S. Now the environment has changed. As you remember, ^N225
could
> DT> not reach its last November H&S target, the bullish market was
not
> DT> helping this [bearish] formation.
>
> That is correct; it came up just a little short of the target.
>
> DT> I do not trade ^N225 [I have to "study" it first], but SYMC
broke its
> DT> neckline at $33 and will meet its negative slope target line at
$37
> DT> [in 18 bars] and it is no way a joke.[Friday´s high was
$37.3 ...]
> DT> 2.
> DT> The timing system is for June2003 till May 2004 period. Note
also
> DT> that it follows the top Equity and a draw back is not a
surprise. As
> DT> I wrote yesterday, other potential combinations are coming to
replace
> DT> the 25/28 if it is not the next IP champion. [I like the 18/37,
it
> DT> has the 4th rank now but it is ascending the last bars...].
> DT> 3. For the short term, the Keltner observation was interesting
and
> DT> could take you from 10,715 [Jan16 opening] to 11,193[Jan20
high].
> DT> It was more than +4% in 3 sessions...
>
> If you exited at the high, yes. ^_-
>
> DT> ^N225 was a good boy today, its high touched the upper TEMA
Keltner
> DT> resistance in 3 sessions and this is perhaps an explanation why
we
> DT> may still use this 40-year theory like a 40-year red wine [note
here
> DT> that I still enjoy the Stones...]
>
> Brown Sugah . . . but they are really past their prime these days.
> ^^_^^
>
> Some things to keep an eye on as usual DT. Thanks.
>
> BTW, we closed poorly today, which is not a big surprise. I almost
> shorted, but it's the "too cute" play right now. A bit early and
> right into strength is not the way to go. But a little H&S on the
> futures in the PM session, after the fake move back to challenge the
> (11,200) high failed. Then it was straight down, with futures
closing
> more than 50 below cash, and only +30. Maybe some of that timing
> equity will come back -- but it all depends on the US tonight.
Today
> was "play day" (while the cat [US market] is away, the Japanese mice
> will play).
>
> Surprisingly, our banks went nowhere today, even in the mad
craziness
> of the early PM session, and finished down. For a long, long time,
> the market has followed the banks -- in both directions. Maybe this
> pattern is finally going to end, or maybe that's why the futures
gave
> it almost all back by the close.
>
> Yuki
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