The 56 Point TA; Charts With an Attitude Message Board

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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude

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To: ivan solotaroff who wrote (9929)	1/2/1998 11:47:00 AM
From: Esteban	Read Replies (2) of 79183

Ivan, I think this part of the PGDCEB process is the most difficult in some ways. It's really pretty subjective. One could have drawn an earlier steeper line for OXHP (I had drawn one for SGI not OXHP), but any violations of it occurred without a violation of horizontal support levels (per my previous post about SGI), the most severe test being at 15 1/2 near the end of trading on 12/31. Had 15 1/2 fallen, that would have been a valid sell signal in my mind. I'm much more comfortable with the current line because it's slope, though still quite steep, is sustainable for another day or two if things keep moving. Please expound on sell signal +1. Do you mean sell on the break of a second trendline that's constructed from the low of the first break? If so, I'd be concerned that there might not be a recovery from the first break. Maybe a combination of horizontal and diagonal support is the way to go, regardless of slow or fast burn. I'm just winging it here, trying to develop an exit system on the fly that protects profits and still gives room to continue the run for the short term. The concept as outlined by Doug is simple. The devil is in the details. Esteban

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