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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: Tom Trader who wrote (37714)	10/21/1999 6:59:00 AM
From: Arik T.G.	Respond to of 44573

Tom, Very good idea. I try to do that but sometimes forget. I also try to add a one liner explaining the trade if I have the time. It's good for one's own reference to see what reasoning was behind the good trades and the bad ones. The market- I guess 3-4 points overshoot on my target yesterday was reasonable given the strong surge from 1235 cash. The action from 10/18 low took the shape of a rising wedge and I consider it to be a correction to the down trend from 10/11 high. It also looks like an ABC corrective EW pattern. By the look of Globex I guess we're going to break down from this rising wedge today. There are now three points to watch on the downside. Breaking down from each level reinforces the down trend: SPX 1276 is the continuation of the slowly declining line that was ST resistance from 10/19 high until broken to the upside yesterday afternoon. SPX 1259 is the low of 10/19 and trading under it will prove EW-wise that the recent rise was a correction. SPX 1250 - final support, but insignificant as a real support if 1259 is broken. Maybe good for a bounce. When we break 1259 then it's all the way down to the H&S target of at least 1140. For me the break of 1276 is proof enough, and I will trade the game accordingly. ATG