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Commentary for 1/21/2000:
S&P-Opened at 1462.5 and stayed entirely within Level 1 without touching S1
or R1 therefor no trade.
Nasdaq-Opened at 3902 and hit Level 1 R1 without a stop out thereby selling
at 3905 and exiting at S1 or 3849.
Some consistency has returned within the rules previously posted.
S&P
Level 3 R 1468.4..........S 1440.0
Level 2 R 1462.0..........S 1446.4
Level 1 R 1458.0..........S 1450.4 All Levels seem appropriate to
trade per prior Rules.
Nasdaq
Level 3 R 3962............S 3812
Level 2 R 3927............S 3847
Level 1 R 3907............S 3867
General:
1.Buy at S and sell at R
2.Strong breaks above R and S may be breakouts based upon price action.
3.Limit to 1 trade per day.Round robins do occur but are risky.
4.R3 and S3 have been very good in the past for sells and buys.
5.Confirm with your own indicaters and or S/R calculations.
Sincerely,
John
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