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I have had a few inquires about the Gann Square and will respond
later today. Jim White uses a variation of this technique so if you have followed him you know where I am going.
I would like to trade today but will stand aside in keeping with my UP, DOWN, UP pattern. The weekly indicators are still DOWN. However, if I was going Long today, I would closely watch HLIT,VRTS,KIDE, SGI for strong follow thru to yesterdays move.
Steve
>>> Steve Walker <Steve@xxxxxxxxxxxx> 08/05/99 03:00PM >>>
Well the question for today has been answered. The IIX, NDX, OEX all bounced off support.
The bounce was not enough to make my short term indicators trip. Even if they had, I would not likely go Long with the weekly indicators so weak.
Will there be any follow thru? Comments?
Steve
>>> Steve Walker <Steve@xxxxxxxxxxxx> 08/05 5:23 AM >>>
Is buying going to come back into the market soon?
I analyze three indexes in multiple time frames to guide my trade entrance and exits. Those indexes are the IIX, NDX, OEX. My theory is that the IIX and NDX lead the broader market. The OEX is pretty much in lockstep with the SPX and I often trade options on this index (mostly I trade stocks). As for time frames, I focus on hourly, daily and weekly data. For a Long entry, I look for the hourly indicators to be UP, the daily indicators DOWN, and the weekly indicators UP. My indicators are simple, a mixture of moving averages and oscillators.
Right now my indicators are: DOWN, DOWN, DOWN and have been since the close of 7/29/99. However,by my calculation, we are at support levels as of Wedneday's close . Also, Friday is a Gann Square Date. So, looks to me as if we are at a juncture here. Will be interesting.
Steve
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