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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: Patrick Slevin who wrote (42364)12/17/2000 6:19:56 PM
From: SE  Read Replies (1) of 44573
 
Tough day to call. Most likely we bounce from here with a low around 9:50 and a late high around 15:35. One way up. If the first point of the day is a low, it is likely to be a one way up day. However, we must be careful in the 10:00 to 10:40 area for signs of a high point. Should that happen we are likely to end up with an A shaped day with a late day low. So if we can get by that area and keep moving up, the one up day will be intact.

That being said, being the first day of the week, it is hard to call and two of the days I picked out of my weekly pattern comparison were 8/31/98 and 10/27/97. Both were one way down days, and down hard. So if we open and start down within the first half hour or so, we must be cautious of the possibility of a one way down and possibly a hard one way down.

Will have to see how it goes early on in the day to really develop a feel for how the pattern will play out.
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