To: thebeach who wrote (20424 ) 9/14/1998 3:12:00 AM From: IQBAL LATIF Read Replies (5) | Respond to
Thanks Beach- I don't know anything about these waves and other stuff- I just don't know it well enough to feel comfortable with this kind of stuff- markets are about steps for simple person like me and I trade them accordingly, 1027 the level referred in this letter was picked up by me due to one simple reason there was a huge buy order to close shorts on that particular at break of 1023-24 area, once that would be taken out nothng stops SP moving up to 1027 , last Friday I called for going long above 1009 we closed higher and we were filled but the reason was very simple 1007 the break of that support on Wednesday led us to decline of nearly 50 points, we bounced from those lows on Friday and took out 1007, I could see that coming. Today I would assume that we will see some good consolidation in Energy and Technology, my target is my old 1035 resistance and 1052 which I nailed on Tuesday move-- 1724-29 area on composite, for me if we stay above 1018 today I wouod think we will see a move up to 1052 without any fail-- my 1070 grid is the gird where we will see most of the consolidation and 990 as support which will probably evolve as a good support-- I was reading a report of these technicians on Tuesday, it was suppose to be a big down day than next day we good that break due to black vans of Starr and they started saying ''we told you so''- nothing in their-- Thursday they got every one shorted now we are seeing 1028 fwiw-- just follow big potential stumbling blocks- the only people a fool like me follow on SI as far as TA goes are people who keeps things simple- one is James Strauss and I can see what he is talking about other is a man called Monsieur Gonzo- he is a Parisian the one I told him about sterling mark trade - his name is Steve- he writes on INTEL trader- great view of the world-- we are very different kind of people at one given time we are trading a lot of positions as such we see apparent anmolies in the chart pattern- visible to naked eye, we than try to see the impact of the world on these events, for theoritcal maturbation volumes can be written , for me it has to be a trading band I need to trade, I need to know my levels for trading ot intellectualising, as such I look for people who give me those parameters which I can trade- I have for myself presently this 1052 parameter, I am seller of puts at 960 I will cover them below 1002 and buyer of calls above 1009-- I will cover them on second inability to break 1035-- that is it very simple vey foolish but I will be able to ride a trend both ways- I pinned that 7500 support for my self I traded every fall to that level- I sold puts when we were at 955 getting the maximum premium- --
