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To: Teresa Lo who wrote (5696)2/13/2001 4:20:15 PM
From: Michael Watkins  Read Replies (1) | Respond to of 8925
 
I guess to me its not that important that this wedge is different than prior wedges. I never expect any pattern to play out exactly the same.

Expecting the unexpected and having a plan to deal with it is what its all about.

Frequently my plan is to have a sandwich.



To: Teresa Lo who wrote (5696)2/22/2001 1:27:39 PM
From: Teresa Lo  Respond to of 8925
 
Yes, it WAS!

I have been receiving congratulatory email on "calling" the rising wedge seen on the daily chart of the Nasdaq 100 Index.

ottographs.com

From my perspective, while is it nice to "be right", in fact, it doesn't matter at all whether I was right or wrong. The bottom line is that this whole episode should serve as a reminder that in the end, traders should strive to be unbiased observers of price and volume and do what the market tells us to do. Construct those IF > THEN scenarios, and trade accordingly, using professional risk and money management techniques.

Regardless of the name of the pattern, in principle, it was simply a bear market bounce and consolidation pattern. Perhaps we should give it a new name: the reverse horn of plenty!

Teresa