To: IQBAL LATIF who wrote (21193 ) 11/3/1998 5:51:00 AM From: IQBAL LATIF Respond to
One important lesson market is about tradeable levels and about support and resistances, the only thing is one's bias if one is more bearish he would tend to think that supports will taken out where as if one is more bullish he would tend to trade with supports in tact and resistances being taken out... those who accuse me of long trades should know what I wrote as soon 1198 on SPY broke-- or 1967 on composite is taken out ofcourse one would have never imagined a test of 1320 but I was trading all along from that break of 1198 to 945 area, a continuity of posts and the most important the prediction of 1498 break on composite to take us to Oct lows we did not go there on DOW and S&P but we were there defacto- as 1320 on composite corresponded to 6300 on DOW and 77 on S&P--- the story of a co-relational targets holds-- from 1198 to 845 a continous stream of posts suggestive of supports and resitance of-course undoubtedly always with a bias of a break of reisitance than a support, but that is how market forecasting is done, achieving your objective of making tradeable goals making money on your way down and than picking up a bottom as history shows you 1320 from 1996, and going long their to double your performance, this continuity and tradeable positions ticketed are hall mark of my style of trading, just don't shoot that market goes to 6900 if it is at 9000, in all liklihood the macro economic environment was clearly indicative of a move up-- I go back as I have something to relate too..that is always onc test I would like to be able to continue, I should see my mistakes and my directions if they don't add up I will morally feel unqualified to comment, for right thinking even mistakes like COMS and other languishing stocks become a winner..
