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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: Steve Lee who started this subject1/10/2002 3:42:32 PM
From: sylvester80  Read Replies (1) of 99280
 
A nice downtrend channel has formed on EMLX that you guys might like to follow. It worked to a T today (that's T for Timber <gg>).

I wish there was an easy way to draw these things and post them (or maybe upload pictures of them on SI) but since there isn't, here goes:
Draw a trend line from the top today (46.75 or so) to the 46.2 around 2pm. Extend that trend line and it will intersect yesterday's 10:45am high and 12:15pm low. Now copy that line and move it till it intersects the Tuesday's 2pm high (and it will also intersect the 12:45pm low today. There you have it. That downtrend channel could have made you (or saved you) a lot of money today. Good luck.

In edit: I should add, since the channel is quite narrow, that you should watch a possible break of the lower trend line. If broken, move the lower trend line to intersect the 3:15pm low on Tuesday (that should give you a new target). Same on the upside with the high on wed.
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