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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: John Madarasz who wrote (22476)	11/26/2001 7:17:19 PM
From: JRI	Read Replies (1) \| Respond to of 209892

OT Well, my set-up was as follows: We broke some major wedges, channels last week when we headed to COMP 1852...many individual charts were rolling over, and even as we edged up on low volume last Wednesday, and then the traditional post-T'giving day pop, many leaders (including Soxx) were not close to last weeks highs. It looked very much like a standard retrace back to the break (to me), setting up more down...and the outside shot of the start of a bigger move. Soxx, in particular, looked real vulnerable to me (trying to climb back in wedge). We had been hovering in overbought for quite a while now, and in the different stochastics I follow- even the near-term stuff was overbought going into the morning. Finally, in Elliott terms, a real possibility was "b" up, since Fri.'s low volume pump (J6P buying) is not the stuff impulsive waves are made of ( in retrospect, the wave count did look good...but for a while, could have been a 3), so I was waiting, at a minimum, for one more down leg-even if this was only corrective. We have unfinished business to COMPX 1840 (gap to fill). Also, most of the cycle guys I follow saw a small turn, Monday at latest. We were pressing against major resistence today in the morning (and failed) There's more, but you get picture.. I was very patient this past month, but I felt certain this was a tradeable, playable retrace. Mistake was writing off Friday as bogus T'giving rally stuff, and relying on historical tendency for those Fridays to get sold following week...well, we got 1/2 history. And that means I got it 1/2 right- which is trader death. So, I really did play my set-up, just got it wrong. Thanks for the thoughts though....I'll always be the 1st to admit I'm still learning. Still think this is a pig, but I'll be damned if the pig ain't flappin' hard here...