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Strategies & Market Trends : Strictly Buy and Sell Set Ups -- Ignore unavailable to you. Want to Upgrade?

To: chowder who wrote (12323)	4/27/2007 2:10:09 AM
From: Tapcon	Read Replies (1) \| Respond to of 13449

Dabum, I'm trying to understand how the peach-colored base areas are defined. In looking at the JCG setup chart you presented here, I would have thought the upper limit would connect the high pivot points at 39.0 that occurred at end of Dec/Jan 1 and the other, just a titch short of 39 that occurred on March 14. Your support area, however called for an upper limit of 38.5, where you made your entry. I see on March 13 it looked to be a climactic sell-off with a wide-range bar and a large bottoming tail. The following day was a wide-range bullish bar, but it did not close above the previous day's pivot point of almost 39. Looking at the rest of the chart for April, it certainly appears that you identified 38.50 as the correct pivot point, because it twice provided support in April! Defining these support, congestion and overhead supply areas just seems very unclear to me.