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Hi,
Was it really all that bad? There were clear
indications for anyone who CARED to look CLOSELY that
a low will be put in place for a move to 1200(move
indicated by some VERY KNOWLEDGEABLE people here).
Just look at the evidence:
1. In the chart attached you will see that price
tanked on 10/18 courtesy of the black medianline. This
median line has caused price to halt in it's track on
3 occasions i.e. 9/22,10/3 and finally on 10/13. The
reliability of depending on this medianline was hence
fairly high, subject to other safeguards that you may
be using.This chart was first posted by me on 9/27
with the very same medianline.Just imagine the
accuracy of people who are proficient with the
technique using intra-day data would have achieved.
Personally for me MedianLines have been one of the
most worthwhile things I have learned and I cannot
thank Tim Morge enough for this.
2. Once the medianline in question had been paid due
respect then the lower bollinger of shorter period
bollinger drawn on the chart was pierced. This is the
bit thats interesting and which I am not able to
understand completely and hence unable to explain.
When price pierces a lower bollinger band and a lower
bollinger band of a longer length is below the shorter
period lower bollinger, QUITE OFTEN this acts as a low
being put in place.
3. Look at the relationship between the stochastics of
different lengths(same as the bollingers used). This
time around it was positive. Shorter period Stoch
above those of longer periods. It was the reverse on
9/27.
All of the above observations are based on EOD data.
Leave alone all of what I have written above and just
focus on the Bline method/system that Judy aka Buffy
uses. That gave CLEAR indications on an EOD basis that
things were turning, on an intra day basis one of the
big days for sure.
As to this being a prelude to a trend change, that is
not indicated as yet by the chart. Most probably we
will end up seeing the 1150 range as has been
indicated on the forum(not by me)after a visit to the
1200-1205 range.
Regards
Rakesh
--- Deosaran Bisnath <deobisnath@xxxxxxxxx> wrote:
> Just a few observations, all of us have bad days,
> and good days.
> Am simply stating my take on the disillusioned mood
> of a few traders
> I know, and a few trading sites. Daytraders may have
> escaped unscathed, I
> barely made it into positive zone, mainly because I
> was not a believer for most
> of the day, even though the market was warning us in
> no uncertain manner. But,
> when NASDAQ futures relaunched above 1560, I was
> convinced this was headed much
> higher. Huge amounts of stops were hit, new shorts
> entered, all the way up,
> especially the rally from 1182 to close. Massive
> daily candle, a KEY reversal
> day, is it? Pre-Option Expiration Wednesdays are
> usually wildly volatile, but
> this one was about the most volatile for some time.
>
> As usual, it was the big guys who initiated this
> move and they were the big
> winners.
>
>
>
>
>
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