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Recap: As pointed out,the S&P and Nasdaq opened out of the trading
range for initial trading.Going to the second level would have been a
buy at 1286.1 and a profit to 1294.On the Nasdaq there would have been
a buy at 2410 and a stop at third level 2380 or a hold and exit at
2435 for a profit.I held.
I am satisfied after watching and trading this that a viable day
trading sytem exists.I am now going to work on an always in the market
system using this methodology of Support/Resistance.
S&P Numbers for 10/4/99:
Close on 10/1/99 was 1294
Level 3 Resistance = 1313.0.........Support = 1275.0
Level 2 Resistance = 1303.5.........Support = 1284.5
Level 1 Resistance = 1298.8.........Support = 1289.2
Hopefully the ranges and stop losses are more obvious this way.One
buys at support and sells at resistance.
Nasdaq Numbers for 10/4/99:
Close on 10/1/99 was 2435
Level 3 Resistance = 2492...........Support = 2478
Level 2 Resistance = 2464...........Support = 2406
Level 1 Resistance = 2449...........Support = 2421
Good trading,
John
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