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fellow RT's
Once again let me stress that I am posting these charts not to "prove"
anything but just to give an insight into how these indicators are best used
for analysis purposes.
in my original post on saturday I indicated:
So Thursday/Friday together would have been interpreted as a critical days for
trend identification.
A plot within the channel on Friday would have confirmed the turning pivot,
anything else would have said the down trend was still intact.
A Breakout Position Trader would have gone long on a move above Thursday's
high/ Short on a Trend line failure.
IF there is no significant change to the Price pattern then based on Fridays
price action and that the lower trend line was broken, I'll be typically
shorting rallies during the next few weeks. My first price target for the
OEX is 545(not that far away at this point) and then 535.
Little did I know I would hit the 535 target so quickly.
In fact I had mentioned to a fellow RT that I thought we might get a bounce
after hitting the 545 target. just proves this is not an exact science.
This up to date chart shows trend lines drawn on the Linslope2 indicators.
the trend is still down and my next downside target is 520-522 on the oex.
I would like to see a break in the indicator trendlines to help identify a
turn possibility, but I woud continue to use any rally as a shorting
opportunity until the price and it's relationship with the x-bar indicator
improved.
Is this helpful to other RT'S or should I use my insomnia to participate in
other endeavors.
Terry Quinn
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