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I do, at times trade off extremes and those are often my most profitable
trades. I had a sitting order to short 1247.50 with additional orders at
higher price levels. The order at 1247.50 was filled Thursday afternoon and
took 3 ticks of heat before it reversed in my favor. SPX put in a
thrust reversal today and I am carrying for the weekend. Initial target is
1230+-. I believe that the correction has started and will re-evaluate the
remaining standing orders and downside targets this weekend.
Earl
----- Original Message -----
Sent: Friday, July 29, 2005 8:38 AM
Subject: Re: [RT] market outlook
This is where we differ and our trading styles
show our conflicting approach. It appears that you are trading off of
extremes that are produced by your charts and I would trade when price has hit
my entry price. We seem to both come up with similar answers. You
scale in and I would trade the max that my money management would
allow. Both have stops. My stop tells me I am wrong. I
have no idea how you create your stop.
Right now I would be short with an entry price of
10694 with support at 10685 and a target at 10670. Stop at
10725. All specific numbers, these are rounded, with indicator
confirmation.
do these numbers fit your scenario?
Ira.
----- Original Message -----
Sent: Friday, July 29, 2005 6:37
AM
Subject: Re: [RT] market outlook
Hello Ira
this is why i put only 25% of the
position and always has an exit point which is a stop loss
Ben
----- Original Message -----
Sent: Friday, July 29, 2005 1:17
AM
Subject: Re: [RT] market
outlook
So far so good. Ben you are a couple of
days early for a real short I believe. We are at that
10,725 resistance area and a retracement of sorts should occur.
Once again one mans opinion, Ira.
----- Original Message -----
Sent: Sunday, June 19, 2005 11:22
AM
Subject: Re: [RT] market
outlook
Congratulations on a great set of
charts. The interesting thing is that different people look at the
same chart and see different things. Using the daily chart
only it would take a drop of over 250 points in the Dow to start a
retracement with a magnitude of over 1000 points. That leaves a
huge stop. For it to even begin 10,400 would have to be taken out
and there would be support at 10,000, that would make for part of
the move, 600 points +/-.
ON the up side I have a very high price
target of just over 13,000, with shorter term targets at 11,025 and
11,280.
There are resistance levels at 10,650,
10,725 and 10,960. These resistance levels are interim price
objectives and retracements should occur from these levels. It is
the magnitude of the retracement that will make the difference as to
whether price continues up or goes down to test previous levels as
support.
Like your work Ben.
Just a little different input using
different data. Ira.
----- Original Message -----
Sent: Sunday, June 19, 2005 10:31
AM
Subject: [RT] market
outlook
The Dow Industrial Average has
broken out of the intermediate consolidation pattern, closing above
resistance at [3], then drawing into a narrow range at [4], before
further gains at [5]. Volumes were light until Friday [5] which
experienced increased selling (signaled by the weak close). Expect a
test of resistance at 10900/11000. A pull-back that respects 10550
would add confirmation; while a retreat below 10550 would signal
further hesitancy.
The last year has established strong support at 10000/9750. There
is also strong resistance at 11000/11500, shown by price action from
1999 to 2001 and by recent highs in 2005. I expect to see a lot more
price action between these levels before there is a clear
breakout. Twiggs
Money Flow (21-day) signals accumulation, with a strong rise above
the zero line. If the indicator rises above the recent high, without
crossing below zero, that would be a further bull
signal.
Transport indicators have failed to follow through on recent bear
signals. Watch for a rally that could take out the recent highs:
Fedex above 90.00 and UPS, similarly, above its May
high.
The Nasdaq Composite is
testing resistance at 2100. A close above this level (the high of the
January to March consolidation) would signal resumption of the primary
up-trend. Friday showed increased resistance with strong volume and a
red candle (weak close); so a fall below 2050 should not be
discounted, signaling a test of support at 1900.
The market
appears to have more confidence in the (Dow) heavyweights.
The S&P 500 shows even greater confidence than the Dow
and is close to testing resistance at the March high of 1225. A close
above 1225 would signal resumption of the primary up-trend.
Twiggs
Money Flow (21-day) displays a strong bull signal: a pull-back
that held above the zero line. A rise to a new 6-month high would
confirm.
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