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As you will note below I am doing all I can to make sure these Guidelines
for trading S&R are within protocol.They are not "Guru" predictions but ways
to trade much like a graph.I am under a private obligation not to go into
detail re. the method but the concept is the important issue regardless how
you or I do it.Likewise they take about a half hour to calculate and post
and it is a labor of love.Also I have noted back calculations to produce
these and I have no way of knowing their accuracy since I do not have the
time to backcheck them.
Recap of S&R for 12/31/99 whether yours or mine.The technique is the
issue and once again responses will be handled privately so as not to
clutter the airways..How to use a method is oft times more important than
the specific method of which there are many varaibles.
S&P opened at 1482.0 leaving choice of selling at R1 of 1483.3 or waiting
for level 2 1486.5.In either case the market closed at 1482.0 while
hitting a low of 1476.Definitely a judgment call and needing confirming
indicaters.
Nasdaq opened at 3755 only a whisker above level 1 R, hitting
level 2 R of 3769 making it once again qualified short for the gutsy.Nasdaq
closed at 3745 but went as low as 3705 only a bit away from S1.
The following are my opinions and do your own due diligence.Further
posts on Stock research,Mechanical Trading Systems and Monthly mechanical
stock trading along with options on stocks and commodities are planned for
this new year.Those with no interest in any of these areas may delete or
block.
The S&P closed at 1485 vs. 3754 for the Nasdaq.Numbers for both appear
acceptable given prior range.
S&P
Level 3 R=1497.8....S=1472.2.....Drop dead Sell and Buy points.
Level 2 R=1492.6....S=1478.0.....Stop loss points or reversal if
strong break
Level 1 R=1488.5....S=1481.5.....Sell and Buy stop points
I believe the ideal opening trading range to be 1481.5 to 1492.6 although
level 1 appears a bit narrow and I would be watching 2 and 3 closely.
Nasdaq
Level 3 R=3821............S=3687......Same descripton.
Level 2 R=3790............S=3720......Ditto
Level 1 R=3772............S=3736......Ditto
DESCRIPTION:Level 3 are points if reached have a high probabiltity
for profit if sold at R or Bought at S. Level 2 are stop loss points
if you enter at level 1.They are also breakout points if penetrated.Level 1
assuming we open in the range are buy and sell points.If out of the range no
trade.
John
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