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

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To: Terry Whitman who wrote (28917)	9/2/2000 11:04:41 AM
From: Casaubon	Read Replies (2) of 42787

Dow has failed to break thru resistance for the 3rd time in two days. How do we handicap that? I've heard it said that the more times it tries and fails, the less likely it is to push thru. I've also heard the opposite- the more times it tests resistance the more likely it is to finally break thru. I have also heard these kind of analyses/comments. Here is my interpretation based on the many forms of TA which I have read, and a compilation of my (short) experience. I try not to attach any significance to the number of times a support or resistance line is tested. Rather, I place more significance to the penetration of said support/resistance once breached. Thus, if a resistance level was tested twice and breached to the upside, it has less significance than if a resistance level was tested thrice and breached. This is probably a vestage of my P&F studies. The basis of the argument lay in a statistical analysis of double, triple and quadruple tops mentioned in Tom Dorseys book on point and figure charting.

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