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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures

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To: Jerry Olson who wrote (8076)	11/9/1998 8:26:00 AM
From: GROUND ZERO™	Read Replies (1) of 44573

Morning OJ, Sure. Keeping in mind that the fork measures support and resistance and possible turning points and not trends, last week prices fell off the center median line, which I therefore believe is suspect for continued strength. The previous week, prices were right on that line. Today, the line is up around 69 and contiguous with the previous top made in September. The way I would use the fork here is to attempt a short up at that line. Prices have been hugging that center line and moving higher for weeks. Personally, I wouldn't touch it here because the stock is in the middle of a move. The fork is ideal for taking positions at extreme points. You can see that line if you draw it from the August low and running right through the closing prices of the week before last. You can see one day two weeks ago where the price traded above that line then fell back below it to put in a reversal type day, but then resumed its rally. My own strategy would be to attempt another short when it hits that line each time. I don't know if this was helpful at all, let me know what you do. The very best on your trade. GZ

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