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Bill:
Here's a pullback view of that same chart. The up sloping bright blue MLs
are drawn off of:
1211.00 gap top on 4/18/01
1262.50 on 4/19/01
1212.75 on 4/25/01
The magenta upsloping ML set is a modified schiff ML set, which means it
uses a 50 pct pt of the A-B as the pivot, instead of the normal A as pivot
low, B as pivot high and C as pivot low.
That is drawn off of:
1098.5 Low on 4/5/01
1161.25 High on 4/5/01
1127.75 low on 4/6/01
Also note that I drew in a 2.38X parallel warning line of this magenta
schiff ML set and it bisected the outer up sloping bright blue outer
ML--which adds some frequency validity to me.
My apologies to anyone that becomes vision impaired after viewing these charts.
If that didn't answer the question, ask me again. I"ll do my best.
Tim
At 03:25 PM 4/30/01 -0400, you wrote:
>Tim,
>What are your ABC points for the longer term (magenta) upsloping lines for
>your 39 minute chart?
>
>Thanks
>
>Bill
>-----Original Message-----
>From: Timothy Morge [mailto:tmorge@xxxxxxxxxxxxxxx]
>Sent: Monday, April 30, 2001 2:11 PM
>To: realtraders@xxxxxxxxxxxxxxx
>Subject: [RT] E*Mini S&P update
>
>Good afternoon, RealTraders!
>
>With the strength both the Nasdaq and S&Ps were showing on the opening, I
>remained flat--I was leery of this upmove and was not bullish. Obviously,
>they have both shown more strength than I thought they would this morning.
>
>But once prices tested 1275 in the S&Ps, I began running a stop sell entry
>at 1269 1/2. I am now short at 1269 1/2 with stops at 1275 3/4 and first
>logical target at 1262 1/2, second LPO at 1260.
>
>Best,
>
>Tim Morge
>
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