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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: Investor2 who wrote (8954)11/24/1998 6:57:00 AM
From: GROUND ZERO™  Read Replies (2) of 44573
 
I2,

That chart tells me that we're about to enter into a period of consolidation both above and below that upper line, a possible trading range. If the fork were more horizontal and not pointing upward, then touching the upper line might be a great place to attempt a short, but more likely that it's not a place to be buying.

I think the way to use the fork here is to calculate the level of pull back to add to long positions provided that internals remain positive.

I would expect some kind of sell off at that line, how much? I've no idea, although the fork can give you an indication of where buying would come into the market. The internals are still positive and give no sign of weakening yet.

If yesterday's high holds as the high for this rally, then just eyeballing the chart with a fork would give initial support around 1160 or so.

GZ
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