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Thank you, Lenny. I'd missed the fact that points
#2 and #3 were both buried on the MOB centerline. You can be sure I will put it
to use!
Earl
<BLOCKQUOTE dir=ltr
style="PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
rosow@xxxxxxx
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxx
Sent: Saturday, March 24, 2001 11:57
AM
Subject: Re: [RT] SPC MOB Update
<FONT lang=0
face="Arial Rounded MT Bold" size=2 FAMILY="SANSSERIF">Earl,
If this is off topic for the thread then we can take
this private. Just let me know. Here is a description on how I use the MOB
Extension in GET. <FONT lang=0 face=Arial color=#000000 size=3
FAMILY="SANSSERIF"> The MOB Extension comes from Rex
Takasugi who writes a Monthly newsletter called "Technical Disciplines".
As you know, MOB stands for "Make or Break". Everyone knows what to do
when the MOB holds price but many are left scratching their head if price
just busts right on through. The MOB Extension was designed to give future
support & resistance areas. I use it a lot along with my normal Fib
projections. Here are the MOB extension rules: 1) Draw a MOB from a
Primary(P) or a Major(J) pivot only. Normally these are from wave 1 or A
or 3 or C tops & bottoms. If there isn't a P or J nearby go down to a
lower time frame and find one! On the Daily S&P I drew the MOB from
the 12/21/00 (P) pivot low. 2) Set the Fib Extension tool to
0.382, 0.618 & 1.00 3) On the Daily S&P if price closes below
the MOB then: A) Using the Fib Extension Tool measure from the FIRST
SIGNIFICANT pivot (I like to also use (P) or (M) pivots) PRIOR to the
pivot the MOB was drawn from. On the Daily S&P it would be from the
11/06/00 (J) pivot to: B) The center line of the MOB. C) Now extend
the lines (downward in this case) from the center line of the MOB.
You will find many times that price will run right up or down to the
.382 line and stall, go back to the MOB and then run to the .618 level or
more. From there the .382 & .618 levels can become support or
resistance. Play with it. I think you'll like it : >)
Lenny
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