Zeev's Turnips - No Politics Message Board

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Strategies & Market Trends : Zeev's Turnips - No Politics

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To: Steve Lee who started this subject	4/23/2002 6:03:58 PM
From: Jeff	Read Replies (3) of 99280

just some observations..... a few years ago while i was looking at many charts to learn the indicators i use today....i noticed something very interesting..... and i call it the " pierce and sucker " play..... thats when a major support or resistance area is just slightly "pierced"....but still closes above that area.....the next run after that turns out to be short lived and when that area is revisited again....it breaks through it.... example..... when an upper resistance is pierced....you get a sucker sell off....the next move up goes higher..... when a lower support is pierced....you get a sucker rally up....the next down move goes lower.... nothing is 100% in this market....but i found this to be a "high" probability play..... i mention this because nasdaq "pierced" its 1724 to 1723.....and spx "pierced" its 1099 to 1098.....qqq "pierced" its old bottom 32.74...to 32.70.... looks innocent right? wrong.... CSCO made a new years low....NDX...made a lower low.... making a lower low is always bad news....because they often lead to even lower lows..... so if we happen to run....it will be a sucker run......and lower lows are coming.... the " pierce and sucker" play is set up....and the lower lows on major players NDX, CSCO....is set up.... knowing these simple things can help you make wiser decisions.... being just a " bull" or just a " bear" can get you killed.... but being open minded and looking for just the subtle signs on the charts....can make a big difference in this type market....

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