The 56 Point TA; Charts With an Attitude Message Board

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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude

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To: Steve Felix who wrote (37645)	12/2/2000 4:43:36 AM
From: Doug R	Read Replies (7) of 79429

Steve, In this market, guts are hard to come by. CITI is gonna have to bust 4 5/8 to reach a target of 5 7/16. Otherwise a stop along the tightest trendline at 4 3/16 on Mon will have to suffice. Speaking of guts, I had to reach pretty deep down to put that WATR chart on the thread. But ya can't argue with true attitude. As per the WATR chart supply/demand dynamics: Target line...10/8/98 low to 3/2/00 high defines a hard target as well as channel top. That line was hit at 36 7/8. BUT...there's this IL thingee going on with an ACT from 8/22 to 8/23/00. The IL construction from there raises the possible target to over 60. Current IL value is just over 52 and rising 1/4 point per day. Technical profile is still screaming "ATTITUDE!!". It's basically up to the 4,3,2 and 89,3,5 stochastics coupled with the 3 dRSI and SMI scatter and the 13 vs 3 dCCI stuff. Toss in the 13,8,8 sto and the Bollinger Band necessities...and....um...the OBV, PVI, and MA/MLR read. Then go to the definitive uptrend lines for timeframe and stoploss considerations and you got yerself a situation to plan a trading strategy that makes WATR a high visibility profit machine. Also on the IL front...MTON reset its ACT after my exit and then proceeded to violate the newly constructed IL in short order. Now it's in the process of returning to the ACT which is now just over 13. RR for MTON will be approx. 28%. Some more IL/ACT stuff...MTIC jumped over its IL and will hit its ACT around 4 1/4 or 4 3/8 to yield a 50% RR. ADIC set up a good ACT beginning on 10/18 but its price bar on 11/29 fell below that line thus erasing that active IL. It will have to set up another ACT (as MTON did) in order to use the ACT/IL/RR algorithm as a significant trading tool. I'm of the opinion that the 56er scan hits for this Friday's close that adhere to the requisites of proper trendline scrutiny will be quite productive. So...Milesov...Wart...Bdog....Bruce...Magmeister...Woody...Danfan...Mc2MikeC......all of y'all. These are the times that define the time. Doug R

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