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Commentary on S&R from 1/4/99:
The S&P opened at 1450 totally out of the opening range thus making it
untradeable per the rules.There may have been numerous opportunities to make
mucho denaro with another method or indicater but in my opinion it was not
an S&R day.
The Nasdaq opened at 3762 and ditto.
>>The S&P closed at 1411.8 vs. 3557 for the Nasdaq.Numbers for both appear
>>acceptable given prior range.
>>S&P
>>Level 3 R=1455.9....S=1370.0.....Drop dead Sell and Buy points.
>>
>>Level 2 R=1435.9....S=1387.7.....Stop loss points or reversal if
>>strong break
>>
>>Level 1 R=1423.8....S=1399.8.....Sell and Buy stop points
>>
>>I believe the ideal opening trading range to be 1399.8 to 1435.9
>>although.All levels seem feasible.
>>
>>Nasdaq
>>
>>Level 3 R=3792............S=3322......Same descripton.
>>
>>Level 2 R=3685............S=3429......Ditto
>>
>>Level 1 R=3621............S=3493......Ditto
I believe the ideal trading range for opening would be 3493 to 3685.
>>
>>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 that range are buy and sell points.If out of the range
>>no trade.
>>
>>John
P.S.
S&R Guidelines are not "Guru" predictions but rather guidelines to be used
to compare with your own method or use as an additional indicater.The use of
the concept is more important than the numbers per se.Comments regarding
proprietary nature due to conflict of interest have previously been stated.
So as not to clutter airways on this topic private comments are suggested if
desired.
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