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Strategies & Market Trends : John Pitera's Market Laboratory
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To: Hawkmoon who wrote (12881)10/19/2011 1:42:20 AM
From: John Pitera  Read Replies (1) of 33421
 
Hi Hawk,

my analysis of FAS is that it's in a congestion zone .... and the cornerstone of our talk was not to use the PSAR for entries ....ever . There are many approaches and systems for entering into positions, the PSAR was designed to working the super directional bull markets of 1974-75 and 1979-1980, as well as 2007- July 2008............ In well trending dynamic markets it can be done.

FAS has big overhead until it closes north of 16 and then it will move swiftly up to 22. right now you have overhead resistance at 14.48 and 15.95

However, under my models it will not close above 16 and hence it's not a buy here unless one is talking day trading. The Euro Meeting this weekend is looking very grim and I would council that if you can get a short position established as we approach 16. That's the risk/reward trade...... understanding that you have a stop loss on the short at 16.27 or so.ri

to focus on the bull side they will be giving money away in this when it closes over 16.00-27 as it should then rock up to 22.

what I would personally do is to look to short this up towards that top band of resistance below 16 with a stop loss at 16.27 and look to ride the trend down as the Euro searches for lifelines.

John
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