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Commentary on S&R from 1/7/99:
>>>The S&P opened at 1413.This was above Level 1 R.This is considered either
>>>a buying breakout per the rules or a no trade if one deals with only
>>>Level 1.Had one chosen breakout-awesome.If Level 1 - no damage.
Regarding the "top" cotroversy I do not remember ever seeing one in a
Jan...but my memory may be selectively long.
The Nasdaq opened at 3365.One would have sold at R1 3386 and
stopped at R2 3461.Taking the strong move above 3461 as a breakout one could
have recouped on a reversal...depending upon risk aversion
>>
>>E-minis would have worked best to limit risk.
>
>>Usual comments are below.
>>
>>The S&P closed at 1460.5 vs. 3555 for the Nasdaq.Numbers for both
>>appear acceptable given prior range.
>>>
>S&P
>>>
>Level 3 R=1511.2....S=1399.8.....Drop dead Sell and Buy points.
>>>>>
>Level 2 R=1488.2....S=1432.8.....Stop loss points or reversal if
>strong break
>
>Level 1 R=1474.3....S=1446.7.....Sell and Buy stop points
>>>>>
>I believe the ideal opening trading range to be 1446.7 to 1488.2
>Nasdaq
>>>>>
>Level 3 R=3788............S=3322......Same descripton.
>>>>>
>Level 2 R=3682............S=3428......Ditto
>>>>>
>Level 1 R=3619............S=3419......Ditto
>>>
>>>I believe the ideal trading range for opening would be 3419 to
3682.All levels seem risky to me due to range.
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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