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Fib studies for FE DRPO...
Entry:
The official trigger was the close below the 3X3 on
12/15/00. You could enter right there.
Also, since the DRPO gives a context for
shorting, you could short rallies from now
on... So another entry is to short the fib
resistance measured as
Focus=29813
R1= 31375
F3= 30.41
F5= failure point.
Also resistance as follows
A= 12/08/00
B= 12/13/00
C= 12/15/00
COP= 31.17 this is above failure
OP= 32.00 this is above failure
XOP= 33.35 this is above failure
You get the idea..
Stop:
I show the .618 failure is at 30.778
measured from 29.813 to 31.375
So that would be the place where
it fails ON CLOSE - daily.
Profit:
A=30.875
B=29.188
C=31.375
COP=30.332
OP=29.688
XOP=28.645
There could also be a shorter-term
profit objective measure as
A= 12/13/00
B= 12/15/00
C= unknown, currently 12/20/00
It is worth plotting this one, comparing to
the above one, seeing if there is an
area of support..
Also, here is Fib support:
see attached image..
Confluence support at 29.84 to 30.02
and 28.87 to 28.90
These line up with the OP of 29.688 and XOP of 28.645
above? Nearby but not close.
Please check my numbers, there may be typos, I'm
not being very careful, away from the office etc..
Rather than the exact numbers, and this particular
trade, I'm showing more the approach, than the
specifics. This is a little more advanced than the
basic examples in Joe's book. You could just keep
it simple and basic.
-Neal.
At 10:56 PM 12/18/2000 +0800, you wrote:
Neal,
First effort at Chart FE (
First Energy )
Entry
@ 30
Stop
@ 30 3/4
XOP
@ 27 1/4
JdF
---
DiNapoli Fibonacci techniques -
http://www.fibtrader.com
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