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Generally, measurements I think can be broken down like this.
Within the first 10' intraday range (in most futures markets):
1. If market hold the upper 50% of the range and move sideways -- it's going
higher, way higher. Dalies need to be favorable such as pivot bar
2. First point of support = bottom of the 10' range (gap up above hi).
Market should act like it's found support at this point. OSC should not be
overbot (when gapped up).
3. Final point of support - previous day's high if gap is above high. I
love to buy these but only the morning when there's time for a rally. I
want to see a spike down and rebound. Hopefully my limit order a little
above the high is taken out.
I rely on my OSC's to guide me as to what the market's ready to do next.
Hopefully when it does go up after the OSC resests it's substantially in my
favor. If it doesn't rally substantially and OSC go back to OB then I'm
out.
B.
-----Original Message-----
From: Earl Adamy [mailto:eadamy@xxxxxxxxxx]
Sent: Sunday, November 15, 1998 5:15 AM
To: bnm03@xxxxxxx
Subject: Re: Gap Openings -- adding on...
I agree entirely with your sentiments, and generally employ countertrend
entry techniques; however I've found it particularly difficult to estimate
retracements for gap openings. Any suggestions?
Earl
-----Original Message-----
From: Brian Massey <bnm03@xxxxxxx>
To: List, Omega <omega-list@xxxxxxxxxx>
Date: Saturday, November 14, 1998 10:51 PM
Subject: RE: Gap Openings -- adding on...
>I'd say that it's better to get aboard early on the retracement. You'd be
>entering a position closer to truer support. Entering at or near the
>intraday high forces you to risk more.
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