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Strategies & Market Trends : LastShadow's Position Trading
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To: Susan Saline who wrote (19009)8/8/1999 12:24:00 PM
From: Dave Shares  Read Replies (3) of 43080
 
TSFW

Sue,

In P&F charting, there are the buy and sell signals, then there is support and resistance.

TSFW still on the sell signal. What was interesting is that it went down to 17 3/4, where a print of 17 1/2 would have been a break of support and a real bad signal. The fact that support was held and there was a reversal is a good sign, but I would not be a buyer here, because the sell signal was a particularly bearish one (called a bearish catapult).

One low risk strategy to try would be to wait for a pullback to 17 3/4- 18, and set a stop at 17 1/2. There would be virtually no risk to this, and in the event of a reversal back up from this level, a new buy signal would be generated at 21.

I don't know if this is helpful or more confusing, but wanted to try and give an updated read.

Best wishes always,

David
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