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Let's take another look now that a few hours have passed. Note that
Monday's open was within Friday's box or value area. That by definition of
the MP fans is a no trend day potential. Had it opened above or below
Fridays 1 std box, then the odds would have been different. So the first
clue was where did price open relative to the control point on Friday
(longest cell row). Then the first hour range was established and its
remained pretty much the same with a bit of a shift downward. Note the
1190+ has been support most of the day. So far Monday is not a double
distribution day as it has only one distribution peak. Going back to
Friday, some MP fans would say that was a "P" formation characterised by
short covering. So far on Monday its still been a "high" level
consolidation, but a break of the lower side of the box will bring in the
sellers perhaps down to the low of the day and then maybe to 1185.
bobr
----- Original Message -----
From: "Michael Ferguson" <wl7bdn@xxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Monday, August 13, 2001 9:25 AM
Subject: Re: [RT] Mkt - ESU1
> YaBut,
>
> based on 15m chart and strong resistance at 50% , this also has the
makings
> of a double distribution down day. You see any tendency thataway?
>
>
> ----- Original Message -----
> From: "BobR" <bobrabcd@xxxxxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Cc: <MedianLine@xxxxxxxxxxxxxxx>
> Sent: Monday, August 13, 2001 09:19
> Subject: [RT] Mkt - ESU1
>
>
> > Let's see if this works out today. If the ES can move above 1197.50 it
> will
> > move into the value area of Wednesdays "box. Then it should shoot for
> 1205
> > and if that becomes support, then 1210 is the next target. So far the
> first
> > hour range is within Friday's upper half. Between the bottom of this
hour
> > and the following 30 minutes we should have a good clue of what today
will
> > bring.
> >
> > bobr
> > http://www.oextrader.com
> >
> > 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:
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>
>
>
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>
>
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