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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: TREND1 who wrote (17922)	6/14/2001 12:56:09 PM
From: Rashid Garuba	Read Replies (1) \| Respond to of 30051

Larry!.. Trying to get me to draw a line in the sand?<g>.. I am (trying to be!) a 3 to 5 day swing trader, therefore that is the time horizon I care about.. Long trendlines more of a self-fulfilling prophecy, really.. We all draw them and therefore they "tend" to work. Since the operative word is "tend", all I do with trendlines is lighten up/close positions and see if the line works.. Only when there is an intersection (the black and blue lines intersect around the 23rd) do I try to pre-empt the direction change, especially after a prolonged move. Honored to have a line named after me! watch it be meaningless! That line gets to 2000 area tomorrow/Monday where there was that big gap on April 18th so it has a chance.. If you know anyone that has a big ego that needs clipping, get them into trading.. by the time they (IF) learn to lose properly, they will be quite a bit humbler.. Rashid