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Strategies & Market Trends : Chart Formations -- Ignore unavailable to you. Want to Upgrade?

To: Casaubon who wrote (261)	9/18/1999 7:49:00 PM
From: sean sanders	Respond to of 967

Casaubon, Actually from checking my acct. I see I actually bought in on 8/9 and I think my reasoning back then was this: 1. I did not give much credence to that channel line I drew there ie connect points ... 8/4 5/20 4/5 2. What I did give credence to was the decending triangle that I saw ie the upper trendline coming down on lower highs and the horizontal trendline making the base/support of the triangle -note- I might have not even drew the lower channel line in ... I might have only drawn it in on 8/11 after it cancelled the desc. triangle (referring to #1) 3. I saw it break through the triangle; but I was thinking that we would have some people taking profits and or reaching back for the new resistance hence why I waited to buy in at 8/9 and the candles looked like it may just do that. ie I bought in on a hanging man day and the day before was a longer upper wick day. 4. I also saw the volume decreasing in 8/8 and 8/9 so I figured that we may be just doing that reaching to touch the support as a few people take profits (ie a flag). I admit that the way my portfolio is doing with thse options I will need to change how much premium I play these with. Lately I have been buying some with 2 months out. I am thinking of including that in my plays as I use options; think about what the max amount of time it would take to compleate a pattern then add more time to compensate for the market; to allow for things like AKS (ie end up going down after awhile; if I had more time I may not have jumped out before the gun. yes I do agree it is a great way to lean what do you think? Sean