Systems, Strategies and Resources for Trading Futures Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: GROUND ZERO™ who wrote (38454)	10/23/1999 2:16:00 PM
From: Patrick Slevin	Read Replies (1) of 44573

There seems to be a similar pattern setting up in DecisionPoint's chart on the SPX. decisionpoint.com <fib retracement from the lows... 1309.08 is the number.> Yeah, that makes sense. It usually overshoots the fib number just a bit. I see it a lot when day trading. When daytrading, it seems the traders know that the logical place to place Stops is around the fib numbers so the market usually just passes the numbers on the retracements, blowing out the majority for the resumption of the trend. Sometimes, though, the effect of taking out the stops is magnified to the degree that the trend changes. So I'm cautiously bearish. I would like to see it spiral down quickly before it gets much higher. From DecisionPoint's chart, it looks as if the upper downsloping trendline is around 1320, which is a bit higher than I thought it would go.....I thought the SP9Z would see it's high around 1320. If the SPX motors to the trendline around 1320, the spoo will be around 1330. I think this would be lending too much psychological power to the Long side. The resulting effect would be a drive to change the dynamics of the trend. We are, after all, traders and so we don't really care which way it ends up.....but it would be better, I think, to have the failure. The resultant selloff would be powerful, I believe (as a result of the psychological effect of the failure to change the trend), and shake a lot of apprehension out. By that I mean, once the market takes a solid blow it can base and provide a more solid foundation for future growth.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next