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With an exciting day ahead of us I thought you might want to see how the day
performs on a probability basis. The attached .gif shows one way to look at
price action. This particular chart is similar to the popular pivots except
these cones use implied volatility and various standard deviations to find
statistical support and resistance. I.E. they can be used to determine at
what levels to enter and take profits. Future posts may explain in more
detail how the cones work from this approach. The OEX is a good index to use
because it has so much participation. Since today is expected to be a
"strong" day the expectation is for the OEX to reach between 687 - 691 or to
699 on if we have a "crash up" day. The Projection Oscillator at the bottom
of the chart is used along with probability to determine direction and
targets.
Happy trading
BobRoeske
Attachment Converted: "c:\eudora\attach\CONE3.gif"
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