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One additional comment, I am not particularly aggressive today in looking
for a long entry here ... this has (so far) been the kind of chop which can
eat a very short term trader alive. Rather, I am waiting for a retracement
in price minimally to my blue 50% trendline (*) or in time (vertical cyan
lines).
* apply a fib retracement tool from the pivot low to the pivot high, then
draw a trendline from the pivot low to the 50% retracement at the same bar
as the pivot high.
Earl
----- Original Message -----
From: "EAdamy" <eadamy@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Tuesday, May 22, 2001 10:02 AM
Subject: Re: [RT] SP Triangle?
> I assume that by triangle you are referring to the intraday price action
> e.g. the small bear triangle forming on attached half hourly chart on
which
> I have not drawn in the bear triangle i.e. flat bottom and declining
highs.
> In a nutshell, one either enters short on the break of the flat trendline
or
> on the retracement to the declining trendline. The reason you don't see
the
> bear triangle drawn in here is that this triangle has formed at the highs
of
> a strong up trend. I'm not particularly adept at range trading ala Tim
Morge
> or I might have entered short at 1317 this morning with an exit just above
> the 30 minute pivot high at 1309.40. I am waiting for price to a) break my
> regression channel and b) reach the red horizontal line at the 1303.50
pivot
> low before I start looking at short trades. In the meantime I am ignoring
> the bear triangle and watching for a possible long entry setup.
>
> Earl
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