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steve:
thanks.
also, worth noting is that yesterday's spx high was close-enough-to
a 38 % retrace of the total decline from 3/19/02. in addition, if you draw
fibo trendlines off of the 3/19/02 high, i think you will see a very
possible time and price nexus, again not exact but close enough.
the big plus on this one is that the 38% fibo retrace is right into the
gap area.
there has been much discussion here about the usefulness of fibo. i mean
no offense bythis, but i have to agree with another poster who opined that
few here seem to be actually trading. i am not a systems man myself,
because i have limited brainpower and don't care to become immersed in
computerworld. *and* i don't see how a trader can both listen to the
market and do all that at the same time. plus and finally, i do not
believe a purely mechanical system for trading is a good idea. i don't
mean to start a debate about this. each to his own !
anyway, for those of you who have decided to work on the usefulness of
fibo, i suggest you look at those instances when gaps appear and then
project from them to a fibo completion date and so forth.
dw/h1
On Wed, 17 Apr 2002, Steve Karnish wrote:
> List,
>
> During the last three years, I have posted nightly, buy and sell signals at my site (for about four dozen equity issues). The mechanical signals are generated by a momentum oscillator, bouncing above and below "triggers". Usually, when a cluster of buy or sell signals occurs, within a reasonable time, the market reacts.
>
> I've decided to "warn" the list that I have NEVER recorded fifteen sell signals on a single day...NEVER (three years running). Tomorrow morning, I will be covering positions in: ADBE, ALTR, AMAT, BEAS, CHIR, CMVT, CTAS, ERTS, KLAC, LLTC, MERQ, NBR, NSM, NVLS, & TER.
>
> Hey, don't want to scare anybody...but, maybe someone is interested in market direction "factoid". It is what it is.
>
> Take care,
>
> Steve
> www.cedarcreektrading.com
>
>
>
>
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