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Kevin.
Interesting chart...
I'm in Vegas, not much of a gambler, won $40
the first night, $60 the second, playing with
$100 to $200. It's frustrating to know the odds
are so biased against. Just playing a
martingale, double-up and throw-up.
This chart.. See the red thrusting down-bar
at the top? There are not many of those on the
up-move.. So here is how I would be thinking
if I thought the up-thrust were sufficient
initially....
1) Ok, so I think this is thrust on the way up..
2) Oh shucks, we get a severe thrusting down-bar
at the top peak. Wow, now that's a thrusting day!
I wish there were more of those on the way up.
3) So maybe the up-thrust really isn't good
enough. Let's not be aggressive with this one.
4) The down-thrust is AGAINST the up-move,
so IF this is a B&B, I no longer expect a shallow
retracement to hold. Due to this and the above,
I would NOT trade the support at $43.00, fearing
a collapse to lower support. At best I'd take a
flier with small amount of $$$ but it's not a good
one at all.
5) Now we get a down-thrust continuation to
the next support level a $39 area. But it is more
that 3 bars after crossing the 3X3, so not a B&B.
Makes sense?
-Neal.
At 11:27 PM 12/17/2000 -0500, you wrote:
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