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Strategies & Market Trends : Stock Attack -- A Complete Analysis

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To: Chris who wrote (24677)	6/28/2000 4:05:00 PM
From: Robert Graham	Read Replies (1) of 42787

Interesting. The SPOO stopped at a previous swing point and also an important Fib point (50%). It is attempting to bounce now. Price is now testing the 20 EMA on the 1-min time frame and looks to have formed a type of bear flag. Either price will continue congesting upward, or this flag will resolve downward for a test of bottom. I do see a form of price contraction beginning to take place. Looks like preparing for a push up for a small test of top. I would of had a sell stop at 1472.50 where price now has come within one tick of it before reversing back up. Quite often price tests support before making a move of significance. Minor cognestion now between 1473.75 and 1472.75. I would lift my sell stop now and wait to see what happens. It is the end of the trading day. So no more trading for me today. :-) Bob Graham PS: Note how the yuk-yuks stay in their futures trade, same as yesterday, well past the closing bell of the market. What are they waiting...I mean HOPING for? Are they this desparate to make money by trading well into the close? Once volume thins out and price goes nowhere like it did on me, I call it a day. A person of any size can cause problems for these traders and with significant slippage. As it turns out, price is not moving up for a test of top. Volume picked up a bit, but once these players realize the game is over, they will start exiting their positions and volume will then dry up the rest of the way. Now I see price quickly reversed and went the other way. The move indicates that players were trapped and had to abandon ship and therefore exaggerated the move in this thining market. Now price is putting in a test of a larger bottom on the 1-min chart. This was the move I was anticipating to trade if it were not for the way the price was behaving as a consequence of the close of the market day that told me something was up that I needed to check for. PPS: It probably would be a good idea to get a software alarm clock for trading. Instead of waiting for price to tell me something, I can have the alarm clock warn me ahead of time and then manage my trade accordingly.

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