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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: Teresa Lo who wrote (368)7/16/1999 6:31:00 PM
From: Matthew L. Jones  Read Replies (1) of 19219
 
Teresa,

Thanks for the email. I'm still wading through the info. This is kind of "new paradigm" for me. I don't really understand the theory behind the divisible by 3 time frames. In fact, Dr. Alexander Elder in his classic "Trading For a Living" talks about a rule of 5. Specifically that there are roughly 5 hours in a trading day, 5 days in a week, 5 weeks in a month and relates that in terms of using hour, day, and week charts. Using the basic chart that has the cycle length you are wanting to trade, (e.g., using an hour chart you may trade for 2-3 days swings, and day charts would give you signals for 2-3 week swings) and using the next larger time frame (e.g., day chart for 2-3 days swings or week chart for 2-3 week swings to check the direction of the "overall tide" and to only enter into trades in the direction determined by the "tide" (which can be readily ascertained using the last two ticks of the MACD histogram on the larger timeframe chart).

As for support and resistance, I currently use +-2std dev Bollinger bands on a 10 EMA for timing entry and exit points in conjunction with RSI and/or Stochastics for leading indicators of imminent market direction changes (over bought or over sold conditions). I am always looking for ways to build a better mouse trap so I am intrigued by your approach to support and resistance. I am also interested in how to find out what the herd uses for signals so I can use that info in refining my strategies.

Thanks again for your detailed response.

Matthew L. Jones
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