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5/17/2001
Today NASDAQ continue to go up, honestly I expected
To go higher than that so I asked my self why it did not perform as
expected, below is the answer:
By looking back on daily bar chart, I find
important resistance level around the high of today although today bar give
confirmation by penetrating the high of yesterday I will not feel fully
confident in the move up until this resistance level is penetrated. Here is my
strategy for tomorrow:
I would not care how the market will act until
10:30 am :-)
If NASDAQ goes up breaking the resistance level
then we will have the final confirmation for the trend to go
higher.
If NASDAQ goes down failing to brake the resistance
level, I will exit my long position(hopefully with minimal profit)
Anyway 5/18/2001 appear to be crucial day for final
confirmation for trend up or reversal down.
Happy trading,
Haytham
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