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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.
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Subject: [RT] Bear Flag Breakout
Date: Thu, 18 May 2000 19:58:17 +0100
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<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. So whether it goes lower immediately or into a
period of conventional sideways movement or not, remains to be
seen.</FONT></DIV>
<DIV> </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:
the early move down and the trade from the mid morning retracement, as it went
through the bottom line of the flag. (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> </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> </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> </DIV>
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