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Strategies & Market Trends : DAYTRADING Fundamentals
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To: Matthew L. Jones who wrote (6210)12/27/1999 9:51:00 PM
From: Richard Estes  Read Replies (1) of 18137
 
1. Depends on time frames you are trading. In a previous post, I gave settings to use in Qcharts for a 5 min chart starting at last hour low to first hour high. In it, I tried to suggest a healthy retracement would only return to the 38% to 50% level normally. Now when it turns around I suggest you wait for morning high to buy back then you should expect 133 - 166% of last hour low as a target. A real move will go to 263% of low. So I don't restart count.

2. You "give it room". It is better than being in the dark. especially when you are in virgin territory. You want to buy when trend is in place. The 38% level might mark a bottom, but like all bottoms you have to have a means of determining when they are.Up to you, how much risk you take. You might use a 3higher highs and lows to convince you trend has turned.

3. Only smart people use them. So not wide spread.

4. Fib extentions can be used for targets. They require a 3 point setup. The better programs give you Fib extentions, retracements and time periods. E-wave is based on Fibonacci ratios.

5. The Gann and Fibonacci tools are the most rewarding ones, they attempt to predict. Most tools just measure.

Suggest you look at some of the books devoted to the use of predictive tools.
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