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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 (41060)	4/18/2000 9:52:00 AM
From: Patrick Slevin	Respond to of 44573

No, I think I mentioned to Jerry that I don't have an idea about whether or not we re-test the Lows yet, but I think today the best early trade is a Sell. But the first serious Support is 1348 however. At least that's what I think. Anyway, in concert with this I already Sold 1414 on the SP and was stopped with a couple of points gain, and I'm Short the ES from 1413 for a more macro trade with a current Mental Stop in the low 20s. < I think that we rally from here before we go back to test the lows.> Maybe. I'm more prone to look for it to drop from here. Whether to new lows or not I don't know. This all depends on our relative points of view of course. As a position trader you may think that a drop to 1392 or whatever then a rise is the same as moving higher and I as a daytrader think of the move to 1392 as as moving lower first. But new lows? Well, I do sort of expect new lows before I expect it to fill that gap from Friday to be honest.

To: Tom Trader who wrote (41060)	4/18/2000 12:03:00 PM
From: Patrick Slevin	Read Replies (1) \| Respond to of 44573

< cycle gurus say that there are some macro cycle lows later in May > Fits in with TW's line of thought that there is a 4th Wave around here somewhere....I don't understand E-Wave but I get the idea that a 4th Wave is erratic and difficult to trade. I suppose if it continues like this into May the volatility will indeed blow up a lot more people like those you mentioned at Schwab. What Carpino says makes sense, but that infers that the lows aren't in yet. Isn't that what you get out of it?