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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: Robert Graham who wrote (24603)6/27/2000 3:39:00 PM
From: Robert Graham  Read Replies (3) of 42787
 
**Update** 15:38 PM EST

Price has continued to resolve down in this congestion trading range that now has been extended from 1478 at its previous top to 1479 at its new current top. I want to note that price has reversed right at the apex of that triangle that I mentioned earlier.

First price target is 1474 which it has now reached. The second is today's low. See why I never pass up a small setup coincidental with a larger setup, or a well formed solo setup? I usually get a good scalp out of it unless the market is *strongly* trending in the opposite direction.

**Update** 15:43 PM EST

Now if I had two contracts, I would take the first off now at 1473 for an initial four point profit. Now if price continues, the large bear flag is still operative on the 45-min chart that contineud after a pullback to important resistance. Remember I said price can whipsaw om setups that show up in those larger time frames? This is one reason why I do not trade those larger time frames of the SPOO.

**Update** 15:47 PM EST

Point of truth for price now having put in a new intraday low. Stop loss now at 1473.25.

**Update** 15:51 PM EST

Getting ready to take profits on the remaining contract. Hmm...now that I am looking at the drop on the 3-min for perspective, I will hold off to see what happens to price at the 20 EMA on the 1-min time frame.

Bob Graham
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