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At 11:15 AM 9/22/97 +0200, Stig Olausson wrote: >5. Studying the last two correction (if Thursday WAS a bottom) we find they >are similar in length. The first one giving back 14.17% from its top level >(180) and the last one giving back15.02% from its top level 196.
Stig, I thought you were still using symmetry wave...great!!! Hope it is working well for you! Without looking at this coffee chart, I just wanted to remind followers of this method of analysis that if they went long now based on this symmetrical support, as compared with the previous decline, you would set your protective stop as follows:
If we know the original wave measured 14.17%, we would simply multiply this number by 20% and get a leeway of +/- 2.83%.
Since we already know that the present decline of 15.02% is slightly greater than the 14.17, we only need to ADD the 2.83 + 14.17 to get 17.00%. Therefore, if coffee declines greater than 17.00% from the high (and I think Stig made reference to a high of 196), we would get stopped out of this coffee (long) position. By my calculations, this would equate to a level of 162.68. Thus I would put my protective stop just below this number. (Please remember, I am NOT currently viewing this chart, I am basing my calculations on the numbers that Stig gave in his post).
Just sharing, John Boggio
For recent commentary and more informations regarding SymWave, please go to:
Commentary: http://www.realtraders.com/boggio/disc7_toc.htm Info regarding SymWave: http://www.realtraders.com/boggio/boggiobio.htm
Thank you.
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