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Strategies & Market Trends : Technical Analysis - Beginners -- Ignore unavailable to you. Want to Upgrade?

To: Trader X who wrote (11270)	2/3/2001 12:28:54 PM
From: Michael Watkins	Respond to of 12039

maybe more exciting, but I think the health of the Naz depends on it holding support at 2600 next week or two. I don't really care one way or the other if it holds support. Uneducated musing of mine figures it will be broken, sometime. There is a gap on the Naz chart at 2600, and hold of support there would be both encouraging and healthy as it would bolster confidence in the market. I agree that gaps are interesting areas to watch since so many do. But I think its more important to pick an intraday time frame - say 65 minutes for the COMPX or NDX or 45 minutes for the ND futures - and watch the development of swing highs and lows. We have lower swing high and low on the COMPX at this point and have broken down through the upper most trading range in the 65 minute time frame. Not into 'prediction' at all, but certainly can imagine a number of different scenarios, one pictured: intelligentspeculator.com In other words, you need to know what to expect in order to know what a failure or success is. We may be saying or thinking similar thoughts, I'm not sure. I am very much against 'forecasting' or 'prediction', but certainly aware that patterns tend to form as they always have (although can fail anytime), so we can make some guesses about expected direction. But the recent past (a test, a retracement) factors into what I do far more than any guesses I have.