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Glenn
Thought you might like to see this.
After my little trip south yesterday, I should have bought the nearby
support, but didn't. However the sort of third time through attack on
Yesterday's High came about just as the Big Boys came back from lunch and it
was a nice trade to the top. I thought it looked as if it would get to the
Day Before Yesterdays' High, instead it was the High of a big bar back in
September. It always pays to keep 'looking left'. The Boos always reverse
on something, but often retrace on nothing. I like that, a nice ring to
it - must get that into a late proof somewhere!!
That same High was good enough to reverse the market Today, but it is the
J-Hook after the 7.30am Report which was the money earner for a very low
risk entry. The best way to do these things is to have a Limit Order just
under the Target Line. A greedy and unrealistic target would have been R1.
Yesterday's High and Low are always key over the R and S lines - if only
because they are for real, whereas the others are estimates, as it were.
This is why I have them incorporated on the pit pivot system which you will
get on the disk with the manual.
I have waited until the 9.00 o'clock Report to send this off, in case there
was any action. They have just taken a few stops out and gone back to
sleep - not for long of course. The retracement from the Intraday High is
.618, so it may not make or go much further than the Pivot. We'll see and
the market will tell us. Then we will do something about it. But it looks
a range day, which means it probably won't be...
Anon
Bill Eykyn
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