Bonds, Currencies, Commodities and Index Futures Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Bonds, Currencies, Commodities and Index Futures

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Jay Baca who wrote (622)	12/23/2000 10:47:29 AM
From: Chip McVickar	Read Replies (3) of 12410

Jay, "resistance level" where the Fed announced on Thursday at 2:15pm. Can it break through or will it become strong resistance? IMO..., nobody knows the answer to that question until the market gets there..., and this is one of the keys to trading any market. One has to learn how to read the market at those areas one targets as important. Lots of traders are lô¿ôking at the same thing. The individual bars are the key to all these traders psyches....! As an example: Pull up q.charts nq01h open a 15min chart and look at Dec 21st. #1-Notice the spike reversal bar in the morning low. See how it opens and closes, and closes leaving a long tail. Also notice the next 2 bars, they are a very important pattern. It's called a Lindahl Wiggle. #2-Look at the spike reversal bar at the top in that same morning, plus the 2 bars after it. Whenever ones see's a spike reversal bar, that closes and opens together leaving a long tail, you've got an 80% chance of a market or trend reversal, within the next 5 bars. True for any chart and period, bar or candle. There are numerous examples of reversal patterns, and learning what they look like and how they fail is valuable. No one knew what was going to happen, yet the bars telegraphed 'all the traders' activity and strengths. So my answer is yes 2:15 is effectively a very important chart area and we won't know where the traders will take it... until the market gets there....! You have to be ready for both, if your an in and out trader. Chip

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next