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Watching a couple of other patterns here now. First, the rally has still
failed to reach the 38% retracement indicating that the bear flag is
still intact. The rally failed to reach the minimum price objective at
97-00 indicating lack of momentum. The horizontal red line (in 30 minute
view) shows a possible Wyckoff thrust reversal. Now we are watching the
retracement of this rally to see if the 38% level at 96-24 holds. If it
does, we'll have a possible cup and handle long pattern. If it fails,
probabilities are increased that the bear flag will break to south so we
will be looking for short entry setups. All of which is to say that when
trading, one must set personal opinions aside and trade the patterns in
the market as they evolve.
This will likely be the last post on bonds today.
Earl
----- Original Message -----
From: "Earl Adamy" <eadamy@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Monday, June 05, 2000 9:19 AM
Subject: [RT] Re: Bonds (Bull Wedge)
> As long as we started this, we'll continue a bit. Bonds have now
traced
> a bull wedge within the bear flag. The green line has more slope than
> the red line suggesting lack of strength. Further, Curtis Arnold's
rule
> for trading wedges is that the 40 period ma must be flat or trending
in
> direction of trade and 18 period ma must be trending in direction of
> trade - conditions which are not met here so we won't take the long
> trade using this pattern. Note that Arnold's PPS trading rules can be
> traded in many markets in many time frames: Curtis Arnold, PPS Trading
> System, Irwin.
>
> Earl
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