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Strategies & Market Trends : Technical Analysis - Beginners

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To: Trader X who wrote (11262)	2/3/2001 11:34:24 AM
From: Michael Watkins	Read Replies (1) of 12039

day at a time is great, but it's good also to create a longer term hypothesis based on the evidence at hand. It's a given there will weakness near-term, the only question is how much. Do we get a new low, or a new uptrend? I greatly enjoy developing medium and even long term thoughts on the direction of various markets, but when it comes to planning and executing a trade, I dismiss all that. I sell failed test of tops and retracements in a trending decline, and buy failed tests of bottoms and retracements in a trending advance. So until a test of bottom occurs in a time frame and market I'm trading in, I can only be short or flat. My sense is that money and market want to go up, but will wait for proof. Personally I think new lows would be much more exciting.

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