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Hi George,
Thanks for your interest. I hope the answers inserted below help. Please
excuse my brevity, I seem to have a lot of RTs sending me questions right
now!!
Good trading
Simon
-----Original Message-----
From: George Tate <gtate@xxxxxxxxxxx>
To: UKTrading@xxxxxxxxxxxxx <UKTrading@xxxxxxxxxxxxx>
Date: 16 August 1998 18:09
Subject: Re: Enter on Stops ?
>Mr. Townshend,
>Thank you for the cordial and literate post to the Real Traders list.
>It is refreshing to see such a thoughtful and informative reply.
>If possible however, could you please spare a moment to reflect upon a few
>short questions that your post brought to mind?
>I would be most appreciative.
>My trading is with individual equities Interday off 5 and 1 minute charts
using
>Fib retracement and channel trading strategies.
>
>Simon Townshend wrote:
>
>> 1. You never know that a retracement is a retracement and not a trend
>> reversal until after the event.
>
>When you speak of breakouts are you referring to horizontal areas of
>support/resistence
YES
or trend line. Both?
NO
Do you only trade retracements from a
>confirmed breakout point? Or will you also take retacements from possible
>lows/highs?
YES
>When you speak of retracements are you referring to Fib. retracement.
NO
>If so, from what point do you calculate the Fib highs and lows?
>I.E.. From the point of the break out or from the point of the initial
move.
>(High/Low.)
FIB IS BEYOND ME!!!!!!
>
>> 3. If you enter on a stop the market is going your way as you enter.
>
>How do you calculate your entry. A percentage from the retracement
objective
>perhaps?
NO
Do you filter the trade in any manner? Oscillator, volume, etc.
NO, PRICE ACTION ONLY
>
>Again, please accept my thanks for any consideration you might give these
>questions.
>George Tate
>
>
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