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Still not unsubscribed, in fact my email activity is hitting record levels.
Several have expressed interest privately - trying to keep the responses to
a minimum so here's the collected works so far... :-)
rgds phil
From: <ROSOW@xxxxxxx>
To: <patterntrader@xxxxxxxxxx>
Cc: <realtraders@xxxxxxxxxxxxxxx>
Sent: Friday, July 14, 2000 7:26 AM
Subject: NASDAQ
> Phil,
> When you get into a trade such as the NASDAQ how are you setting your
> targets and exiting. Is it purely mechanical from your pattern based
> indicators? Thanks in advance - Lenny
>
>I'm playing for the big runs - those beautiful uptrends that happen several
>times a year. No target. If the Nasdaq gests back up to it's high there's a
>chance it could reverse - remains to be seen. I'm on the lookout for
>"churning" action near a high. Several days of this can lead to a top,
>especially if the leading stocks start to get whacked. Also some basic
rules
>like don't give back more than 50% once you get a substantial profit....
> here's a look at my daily report such as it is. Also some comments I sent
to
> another guy regarding what I do and how etc. You might find it
> interesting...
>
> Best rgds
> Phil
>
> Stock Market Indicators:
> http://www.patterntrader.com/PTindicators/PTindic.htm
>
> username: 9458721
> password: 4679757
>
> >Hi Mike,
> > I use the stock index charts to get the timing for both stocks and
> futures.
> > They all move together. For example, look at the Nasdaq back on 5/25.
This
> > is what I live for. A reversal off a multi-day low on an increase in
> volume.
> > It happened also in the other major averages, and also in tons if
> individual
> > stocks. This was your signal to go out and buy stocks and/or futures,
it's
> > all the same!
> >
> > This signal usually marks the absolute low but the market doesn't have
to
> go
> > up right away. Sometimes it will spend the next few days re-testing the
> low.
> > Notice how the it spent a few days hovering after the 25th before it
took
> > off. Sometimes it will even take out the low intraday and then close
> higher.
> > But sometimes it takes off and never looks back. I just jump on them,
and
> > then grit my teeth in case it pulls back. Wouldn't want to miss one that
> > takes off. But you have to give it some room - this means trading quite
a
> > bit smaller than you would with a daytrade, I think. That's ok, you're
> going
> > for the big move! Personally I like the nd futures the best.
> >
> > Another excellent signal happened a few days later when the market
> > followed-through to the upside on an increase in volume. This is
described
> > in Wm. O'Neil's book "how to make money in stocks". I got a couple more
nd
> > contracts. Rolled them over, then got a couple more over the past few
> weeks
> > when we had a mini-lows and key reversals on volume increases on 6/13
and
> > 7/6. Now I'm loaded! Expecting a rally back up to the highs where it
might
> > possibly fizzle. Watch for days were the volume increases near a high
but
> > the price progress is inadequate or reverses down. If this happens
several
> > times in a week or two and stocks start getting nailed it could be a
top.
> >
> > Regarding stocks, when you get a signal on the market, you want to look
> and
> > see which stocks have held up the best during the correction and are
> making
> > new highs. These are the ones that will lead the new trend. Stay away
from
> > stuff that hasn't recovered. Beyond that it doesn't matter much.
> >
> > Note that these signals only happen several times a year. Of course. How
> > many days does the market actually hit a bottom or start a new trend?
Not
> > too many. But just think how well you could do if you bought futures and
> > held them for a 3 month rally. Nice going!
> >
>
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