[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index]

[RT] Re: Fibonacci & Nasdaq.



PureBytes Links

Trading Reference Links

Follow-up to prior posts...

Nasdaq is retracing nicely, see the attached QQQ Nazdaq 100 fund
60-minute chart...

Daily trend is up, so intraday scalpers are looking for a place
to go long. Weekly trend is down, so longer-term swing traders 
looking for a place to go short.

See attached pic for support levels on the 60-minute chart.

Short-term support levels are 
88.11, this support did not hold
86.92, this is where QQQ is trading right now
86.02, it may get this low
84.08, a stop below this level is the standard DiNapoli way to play this..

Because the daily trend is not in agreement with the weekly trend,
going long is more dangerous than usual, so be careful..

THIS IS NOT A TRADE RECOMMENDATION. FOR EDUCATION PURPOSES ONLY.
See attached image for how the calculations are done.

Best wishes,
-Neal.



Attachment Converted: "f:\eudora\attach\qqq_sup.gif"

 From ???@??? Thu May 18 12:25:47 2000
Return-Path: <listmanager@xxxxxxxxxxxxxxx>
Received: from mail.pajo.com (mail.pajo.com [216.116.96.4])
	by purebytes.com (8.9.3/8.9.3) with ESMTP id MAA11285
	for <neal@xxxxxxxxxxxxx>; Thu, 18 May 2000 12:09:18 -0700
Received: from REALTRADERS.COM ([208.179.56.198])
	by mail.pajo.com (8.9.1a/8.9.0) with ESMTP id MAA12921;
	Thu, 18 May 2000 12:09:50 -0700
Received: from mta01-svc.server.ntlworld.com by realtraders.com
	with SMTP (MDaemon.v3.0.3.R)
	for <realtraders@xxxxxxxxxxxxxxx>; Thu, 18 May 2000 11:59:48 -0700
Received: from cccc ([62.253.84.67]) by mta01-svc.server.ntlworld.com
          (InterMail vM.4.01.02.27 201-229-119-110) with SMTP
          id <20000518190454.WZWP381.mta01-svc.server.ntlworld.com@xxxx>
          for <realtraders@xxxxxxxxxxxxxxx>;
          Thu, 18 May 2000 20:04:54 +0100
Message-ID: <003d01bfc0fb$331fa760$7e54fd3e@xxxx>
Reply-To: "t-bondtrader" <t-bondtrader@xxxxxxxxxxxx>
From: "t-bondtrader" <t-bondtrader@xxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Subject: [RT] Bear Flag Breakout
Date: Thu, 18 May 2000 19:58:17 +0100
MIME-Version: 1.0
Content-Type: multipart/mixed;
	boundary="----=_NextPart_000_0039_01BFC103.68BAD2C0"
X-Priority: 3
X-MSMail-Priority: Normal
X-Mailer: Microsoft Outlook Express 5.00.2919.6600
X-MimeOLE: Produced By Microsoft MimeOLE V5.00.2919.6600
X-MDaemon-Deliver-To: realtraders@xxxxxxxxxxxxxxx
X-Return-Path: t-bondtrader@xxxxxxxxxxxx
X-MDRcpt-To: realtraders@xxxxxxxxxxxxxxx
Sender: listmanager@xxxxxxxxxxxxxxx
Precedence: bulk
X-MDMailing-List: realtraders@xxxxxxxxxxxxxxx
X-MDSend-Notifications-To: listmanager@xxxxxxxxxxxxxxx
Status:   

<x-html><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML><HEAD>
<META content="text/html; charset=windows-1252" http-equiv=Content-Type>
<META content="MSHTML 5.00.2919.6307" name=GENERATOR>
<STYLE></STYLE>
</HEAD>
<BODY bgColor=#ffffff>
<DIV><FONT face=Arial size=2>Well we broke out the Bear Flag, but (although the 
market is not quite closed as I write) it looks as if we are not taking out the 
pivot retracement point.&nbsp; So whether it goes lower immediately or into a 
period of conventional sideways movement or not, remains to be 
seen.</FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV><FONT face=Arial size=2>Because of not taking out the pivot (and in true 
day trader fashion!), I cashed in my options which had doubled nicely, but it 
has to be said that the main money was to be made on the two day trades:&nbsp; 
the early move down and the trade from the mid morning retracement, as it went 
through&nbsp;the bottom line of the flag.&nbsp; (Incidentally, the exit was a 
longedly-leggedly doji sandwich on the 13 minute chart at 12.45 
Chicago!)</FONT></DIV>
<DIV><FONT face=Arial size=2></FONT>&nbsp;</DIV>
<DIV><FONT face=Arial size=2>All good readable stuff - hope some of you guys 
made loot on it as well,</FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV><FONT face=Arial size=2>Bill Eykyn<BR><A 
href="http://www.t-bondtrader.com";>www.t-bondtrader.com</A><BR>"Learn to read 
the tape"</FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV><FONT face=Arial size=2></FONT>&nbsp;</DIV></BODY></HTML>
</x-html>
Attachment Converted: "f:\eudora\attach\Bear Flag.gif"