Trading the SPOOs with Patrick Slevin! Message Board

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Strategies & Market Trends : Trading the SPOOs with Patrick Slevin!

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To: Jack of All Trades who wrote (5012)	6/6/2000 1:32:00 PM
From: Patrick Slevin	Read Replies (1) of 7434

It wasn't the idea of 1471.60 being a critical level, it was just that we had to continue higher than the early high to maintain the concept of the pattern being somewhat Bullish. It could still drop into the other pattern, the A Shape. I was just trying to explain how the pattern "looks". It's easiest to describe it as A shaped, or V shaped in the reverse pattern. At this point in the game(day) it's still making higher highs so it has a tendancy to be the straight up pattern. But the other patterns are out. It can't be straight down, it can't be V shaped. Basically, the theory looks for 3 main patterns with subsets of each. If you looked at 5/23 for example, that is a fair representation of a straight down day. It tried to become a V Shape but failed. 5/22, 5/24 would be the V-Shape. Basically, it's just a manner of trying to visualize the overall look to the pattern and then coupling in the projected Buy/Sell times to aid in Exit/Entry strategy. Still, when the actual trade is placed, the logic is to look at "normal" indicators to get a feel. All in all, it's not much more esoteric than reading in H&S Tops and the like.

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