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Strategies & Market Trends : Trend Setters and Range Riders -- Ignore unavailable to you. Want to Upgrade?

To: Challo Jeregy who wrote (21039)	7/22/2002 10:14:21 PM
From: Susan G	Read Replies (1) \| Respond to of 26752

It makes total sense <g> It's an additional total height move down from the top of the flag - so that would be the 40 points. They don't always follow the rules though <g> they have been known to break out the upside in a short squeeze, (especially after 3 flags in a row, the 4th usually breaks to the upside). The one on the 30 and 60 min NQs did that this afternoon. Broke through the top, everyone watching the pattern form covered, and then it immediately reversed down and the breakout failed - because it spiked right to the 20 EMA where a ton of shorts were waiting (myself included <g>), as that was the first grail sale setup (test of the 20EMA from below) since the open. Went right back into the flag and then broke to the downside like they usually do...that was that tank into the close. you can see it on this chart, but it's really obvious on a 60 min bar chart of the NQs or NDX today. mywebpages.comcast.net