Trend Setters and Range Riders Message Board

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Strategies & Market Trends : Trend Setters and Range Riders

MSFT 465.93

+3.3%

Jan 23 9:30 AM EST

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To: lee kramer who wrote (7805)	1/10/2002 4:38:52 PM
From: Susan G	Read Replies (1) of 26752

The tight trading range between 1650ish and 1660ish for most of the day Was great to trade! Buying at the bottom of the range worked well, and selling and going short over 1660. That double pop over 1670 that turned into a double top was great too, you could see the sellers pile on as soon as the short covering spiked it and down it went. Overhead emas were resistance most of the day, and the shorts were hitting them there every time. I do think there was a lot of strength around the 1650 level, I had to put buy stops in to catch the lows as it bounced fast each time. I'll look at the chart tonight, and list some support levels to watch. 1650 may be a tough level to crack!! 1650.33 is major pivot point support right now that all the futures traders are very aware of. So a break of that level (more than a slam like this am) could tank them fast. But with so much ecomomic news out in the morning, that could sure do it! I'll be standing aside until the reports are out and the direction makes itself clear. I had two fabulous days in a row and I don't want to blow it going the wrong way on an eco report <G> There's a very clear bearflag on the 15 min chart... The top of it is currently around 1675 and the bottom right above 1650. So a print above today's high could cause a flurry of short covering, and being the top of the flag, could quickly move right back down to the 1650 area. The top of that bearflag is right up against the 20 ema on the 60 min, pretty tough resistance there. We need a decisive break of 1675 and then another (SUCCESSFUL) attack on the 1700 level before they will look good long....

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