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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: Jerry Olson who wrote (16487)	2/24/1999 10:50:00 AM
From: Chip McVickar	Read Replies (1) \| Respond to of 44573

Hello Jerry, I've been slow on the forks this week and not concentrating on trading anything but position trades. Just a few moments of day trading. Lot of other stuff going on 'Like Taxes'.... I like to get them out early. The SPX (and the DJIA) remain contained by similar remote forks for weeks now. SPX is off 1/4 (except for spikes to 1280). Will be sorry to see it go....I've learned a lot and papered my way through this period Quite well thank you >>smile<< Although I did not trade the last set of shorts very well. Upper Tine 1276-77 Middle Tine 1244-45 Lower Tine 1218-19 . iqc.com . This Chart is a fantastic for forking....each major turn in the market has bounced off a midtine. The recent fork was created on the turn just after 2/8 and midline is off Low near 1/25....this tine is sitting on 1284±. The market bounced near that yesterday and today. Breaking 1284 is important to the upper push on the SPX... GZ is positioned to take-out 1284 and looking at upper tine of 1330± It may pause around 1275-1284 for a few days...if it doesn't move through this area....I'll be going Short for a great opportunity, the next midtine is pointing at 1227. Do You See It? Great For Position Trading of 10 to 12 days. This is where I've been concentrating my forking attentions. Tops/Bottoms: Recently I've focussed on Bollinger Bands, MACD, CCI, Momentum, DMI and Stochastics to try and establish Topping or Bottoming activity. Also ADV/DECL and Vol Nothing Conclusive Yet....but which Minute chart you focus on is important. This morning looks stronge and I see 1280 was touched again and a bounce back back to 1272....to many of these attempts and 1245± will be seen again, then 1227....the next middle tine. I've been looking to and shading the short side...Not expecting 1284 to be taken out.... The Top for this cycle of the Markets maybe in place or forming.... I would expect 1166spx to be seen on any realy Bad News. Otherwise, a slow banging attempting to print 10,000. These BIG FORKS and your P&F should be golden Hope This is of Interest Chip