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<DIV><FONT color=#000000 face=Arial size=2>Has anyone had problems downloading
from Quotes Plus tonight? It is 5:00 PM PDST and I am repeatedly not
successful.</FONT></DIV></BODY></HTML>
</x-html>From ???@??? Tue Sep 15 19:47:25 1998
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Date: Wed, 16 Sep 1998 10:01:02 +1000
From: Ian Burgoyne <iburgy@xxxxxxxxxx>
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To: metastock@xxxxxxxxxxxxx
Subject: Re: Exit strategies
References: <da5325d1.35ef091b@xxxxxxx>
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Jim,
The Count Back Line approach as outlined in "Share Trading" is as
follows:
3 BAR NETT TECHNIQUE (Count Back Line (CBL))
Entry on Downtrend
1. Select the price bar with the lowest low. Day 1.
2. Draw a line to the left from the high of Day 1 until it hits a price
bar with a higher high. This is Day 2.
3. Draw a line from the high of Day 2 to the left until again, it hits a
price bar with a higher high. This is Day 3.
4. Day 3 price bar - draw a line from the high to the right. This is the
Countback Line, which signals a short term resistance point. A close
above this line signals the down trend may be reversing and gives
a BUY signal.
As long as the price does not close above the CBL the downtrend is
intact.
Note:
a. Check that the close above the CBL also breaks the downtrend
or resistance line on the P&F chart.
b. Do not enter the trade if the price difference from the entry buy
price to the CBL is greater than the price difference from the
CBL to the pivot point. This means you may have missed a runaway
market and it is too risky to enter.
Exit on Uptrend
1. Find the most recent price bar with the highest high. Day 1.
2. From the low of Day 1, draw a line to the left until it hits a price
bar with a lower low. This is Day 2.
3. From the low of Day 2, draw a line to the left again until it hits a
price bar with a lower low. This is Day 3.
4. Draw a horizontal line from the bottom of Day 3 to the right. This is
the Countback Line. It marks temporary/short term support. If
the price closes lower than the CBL, this triggers the stop sell. As
long as the close is above this line, the uptrend is intact.
5. As a final check, always eyeball the P&F chart and trend line for
confirmation of a break in trend.
Example Attached:
Wooglinx@xxxxxxx wrote:
>
> Ian,
>
> I'd like to see the CBL rules and examples. Thanks in advance.
>
> Jim Barone
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