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Commentary on S&R from 1/10/99:
The S&P opened at 1473.This was within Level 1 R and would have created a
sell at R1 yielding a profit with a profit target and a close to break-even
if held to the close.
>
>The Nasdaq opened at 3680.This was out of the range for Level 1 trade but a
>break-out for the adventurous.
Usual comments are below.
The S&P closed at 1475 vs. 3770 for the Nasdaq.Numbers for both
appear acceptable given prior range.
S&P
Level 3 R=1492.4.....S=1457.6.....Drop dead Sell and Buy points.
Level 2 R=1484.5....S=1465.5.....Stop loss points or reversal if
strong break
Level 1 R=1479.8....S=1470.2.....Sell and Buy stop points
I believe the ideal opening trading range to be 1470.2 to 1484.5
>
Nasdaq
Level 3 R=3939............S=3601......Same descripton.
Level 2 R=3862............S=3678......Ditto
Level 1 R=3812............S=3724......Ditto
I believe the ideal trading range for opening would be 3724 to
3862.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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