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<DIV> </DIV>
<DIV><FONT face="Century Schoolbook">What a timely post! I had just written
almost exactly your phrase:</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face="Century Schoolbook"><EM>"but of more importance, at least to
a day trader, is being able to identify the difference between a change of
trend or a retracement of an existing trend."<SPAN
style="mso-spacerun: yes"> </SPAN></EM></FONT></DIV>
<DIV><FONT face="Century Schoolbook"><SPAN
style="mso-spacerun: yes"></SPAN></FONT> </DIV>
<DIV><FONT face="Century Schoolbook"><SPAN style="mso-spacerun: yes">In
reading and re-reading your post I did not find your answer to this
puzzle. Could you be more specific?</SPAN></FONT></DIV>
<DIV><FONT face="Century Schoolbook"><SPAN
style="mso-spacerun: yes"></SPAN></FONT> </DIV>
<DIV><FONT face="Century Schoolbook"><SPAN
style="mso-spacerun: yes"></SPAN></FONT> </DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>It all relates to measuring the amount or the
size of the retracement. Much also depends on where the retracement has
taken place viz a viz the current move and what resistance or support the
market is offering at that time. If you have marked your charts
accurately with this information, then you will be able to measure
accurately.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>With chart I sent with the last post of
yesterday's action, you will notice that once we had a double top situation,
you sold on the resistance, but still measured the 'retracement' of the
original trend, in case it was just that. In that instance, you
were able to sell the market, but revert back to the trend when the
measurement indicated it was a bullish retracement, rather than a
reversal. (On many markets, like the S&P, you simply would not
have the time to do this sort of move - well certainly not safely, with your
stop in the right place.) After that you were looking for the market to
make further attack on the high - which it did, but far too late in the day,
and the move failed. Exit with ticks and thank you very
much!</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>I am afraid this sounds probably more complicated
than it is, but once you have got the hang of measuring correctly, against the
run of the market, it becomes quite simple. </FONT></DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV><FONT face=Arial size=2> As I have often said before, none of the
techniques for assessing the market and where it is and what it is doing can
be taken in isolation. It is always a question of relating what you are
looking at to the other parts of your 'map' for the day. A price action
pattern, for example, might be meaningless in one situation, but of great
significance in an area of resistance or support. Thus any change
of direction resulting must always be measured 'in both directions' to assess
the strength of the move and where you are in relation to it. You cannot
do this in a market that is all over place, putting you under constant
pressure, not to mention the question of slippage, when you have to change
direction.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>On yesterday's chart you can see the number of 5
min bars you had to make your assessment and decision. You can see the
amount of time you had to read the market. As each retracement
'flattened' you had at least a quarter of an hour to assess the situation and
come to your decision - which with the measuring tool was pretty simple to
take.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>A few pictures and a lot of practice and you
would be away - I am talking bonds, of course!</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>Hope this helps</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>Bill Eykyn</FONT></DIV>
<DIV><FONT face=Arial size=2><A
href="http://www.t-bondtrader.com";>www.t-bondtrader.com</A></FONT></DIV></BLOCKQUOTE></BODY></HTML>
</x-html>From ???@??? Wed Feb 23 10:51:41 2000
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Date: Wed, 23 Feb 2000 10:38:55 -0800
From: Norman Phair <ericrogers@xxxxxxxxxxxxx>
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Status:
Correction to market update from :www.healthbulletin.org
Buy signal was at the close on Tuesday.
If today the S & P cash closes up less than 6 points or
down, add to long position.
Norman E.Received: from localhost (localhost)
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Market update from: www. healthbulletin.org
Buy signal
Norman E.
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