|
PureBytes Links
Trading Reference Links
|
I had a bit of trouble matching the 13 minute chart to what I have here,
ND100 cash seemed to come the closest but not sure. However, an opportune
time to ask the question because I suspect that there was some important
information provided at today's lows. This morning I mentioned the return to
the heavy red line on the 30 minute spoo and being short. That chart
included a horizontal blue line from the left pivot lows at 1258 and that's
where I expected price to go so I put in an order to cover at 1259 with a
plan to sell the retracement back toward the left pivot high at 127750.
Price moved quickly to the 126050 area and then stalled. Rather than risk a
nice profit to pick up a few more ticks, I covered. While price did finally
manage to get to 125900, it did not manage to get to 125800 and that is
IMPORTANT. It means that the market was strong enough not to decline where
it "should" have gone (aside from missing the 125800 pivot low, it also
failed to reach the 162% expansion typical of a w.3 which I believed the
decline to be). Similar situation in the NASDAQ cash where price failed to
reach the 2146.81 left pivot low.
Symmetry often works nicely, but it does not work in a move forever so we
need to be alert for a possible change in trend or psychology when symmetry,
channels or fibonnacci projections fail to work as anticipated. In this
case, the 125800 was not hit and something seemed to change so I won't short
the retracement back to 127750 until something else sets up. The 5 minute
spoo seems to be setting up some bullish symmetry which runs counter to my
30 minute trend so I'm going to wait. My suspicion is that we might now get
a sloppy move up which could last until my late time clusters kick in on the
15th. I don't expect new highs, and I do expect a good move south.
Earl
----- Original Message -----
From: "ChasWaring" <cwwaring@xxxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Monday, June 11, 2001 2:52 PM
Subject: [RT] Re: EA's_Symmetry - Nasdaq
> Earl,
>
> So, If I read your previous gif's right...we now have a strong move down,
> pausing at the 1940 level, which now becomes resitance. We have today
> blasted thru the "rim"? at the 1900-1905 levels, which also become strong
> resistance in conjunction with the .62 Fib.
>
> Do I have it right here at the bottom? the 1870 resistance has been
broken
> on the upside and now should act as support, also the is .38 retracement.
> So, expect to hold here, but encounter resisitnace all the way to 1900
> ...and the 1880 CL_andrews line. At 1900 should be looking for a shorting
> opportunity.
>
> If 1870 fails as support, the downtrend resumes, testing the 1850 and the
> low.
>
> ??
>
> Thanks, Charlie
> I've attached a gif of the 13 minute NQ
>
> ----- Original Message -----
> From: "EAdamy" <eadamy@xxxxxxxxxx>
> To: "Realtraders" <realtraders@xxxxxxxxxxxxxxx>
> Sent: Friday, May 25, 2001 7:12 AM
> Subject: [RT] Re: Symmetry - Nasdaq
>
>
> > One more observation regarding this chart - remember my comment that
long
> > moves which are unbroken with significant pivots represent strong
> > support/resistance when evaluating symmetry. Look at the left side of
the
> > chart I posted on the NASDAQ composite and you will note a long run
which
> is
> > not interrupted with pivots - this is the kind of support which is not
> > easily broken and quite likely explains why the decline met only the
> minimum
> > 62% objective rather than the 200% objective. The "ideal" chart provides
> > regular series of relatively evenly spaced pivots up and down, however
the
> > world of trading is seldom ideal.
> >
> > Earl
>
>
> To unsubscribe from this group, send an email to:
> realtraders-unsubscribe@xxxxxxxxxxxxxxx
>
>
>
> Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
>
>
To unsubscribe from this group, send an email to:
realtraders-unsubscribe@xxxxxxxxxxxxxxx
Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
Attachment:
Description: "NqComposite30.gif"
Attachment:
Description: "Sp30.gif"
|