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Strategies & Market Trends : The Market Beacons
SPY 670.97+0.1%Nov 7 4:00 PM EST
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To: JoeinIowa who wrote (618)3/29/2001 5:08:42 PM
From: Magnatizer  Read Replies (1) of 1298
 
Joe

Today's low is irrelevant as far as the sell signal goes. Only the close was relevant.

The support and resistance spreadsheet is now used to track where the next likely bottom will be. It is somewhat subjective. As the bears have sent many warning signals in the past months I am leaning toward the immediate support levels not holding.

If 1558 or 1492 hold and NDX forms a bottoming bar I will tight up stop. Actually, that is when I tighten stop regardless... a support level holding and bottom bar forming. As the dominant trend is down the stop will trail the market by two bars. If I were in a counter trend trade I would trail by only one bar. I have not backtested this trailing stop system but it does seem to work well. I have found trying to perfect entry and exit is beyond my capabilities. In fact, I've yet to see anyone who regularly buy bottoms and sell tops. Of course, every now and then I get lucky. :)

Other planning of targets are more subjective and have been developed through countless hours of tracking magnet charts. I try to outline "lean toward" targets in my commentary. Going into detail as to why the targets are there would take much time. One good example is the current chart for tranys and it's targets relating to a magnet trendline.

ht
Mag
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