The 56 Point TA; Charts With an Attitude Message Board

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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude

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To: qu168 who wrote (31021)	7/16/1999 1:42:00 AM
From: milesofstyles	Read Replies (2) of 79230

q in that post i warned of locking in some profit on weakness. my trading style would have seen me taking some profits today at some point. in reviewing today's activity, it appears to have sold off hard early in the morning . the recovery of which used yesterday's support/high as a resistance. i like to use a blend of fifteen minute and sixty minute charts in relation to a short term trade. looking at it, i can see resistance setting up around 4.12, today's low has also set up a sort of horizontal support. on the end of day reading, nearly all of the short term indicators are topping out or are heading down. again as a trader i would have taken some off the table on what looks like weakness today. as a position trade, i would expect it to most likely set up a higher low from here based on the initial move from 2.87 and progress of the intermediate term indications. i think 3.25 is as low as i would care to see it go in setting up that higher low/anchor for the next round. milesov

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