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Interesting, thanks. My initial cut was that the SP's stubborn refusal to
break late yesterday was a bullish sign and the upside breakout confirmed
this. I expected resistance at the 1232 area for the same reason you
mention, however I expected more of a flag than a full blown retracement ...
the overall setup appeared conducive to thinking in terms of a position
trade and adding to position during consolidation. Fortunately, the price
action convinced me otherwise. I sat out the final rally ... these spike
rallies from deep (78%) retracements are dangerous.
Earl
----- Original Message -----
From: "Don Thompson" <detomps@xxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Thursday, July 19, 2001 1:48 PM
Subject: Re: [RT] Intra-day market activity
> Oh, Boy Earl,
> I guess the issue as I saw it was.
> On a 13 min chart look over at 7/5/01 in the afternoon, see that little
> congestion, that was the do or die area for the
> drop the next day.
> The 1231.50 is .3 under that high,
> The 1231.50 is a .786 retracement.
> A double top at 1231.50 always sell a double top.
> An then your own observation is there is no pivot work done between
1218.50
> and about 1212. or so.
> Think of the pain involved if you bought into this thing. between the
open
> and 1231.
>
> After re-reading that, it almost seems it was an intuitive statement.
> Lastly, an Inside day 4, With a HH, No LL and a higher close
> has a range of 1.60 of the prevous day. Thus when I wrote that the range
of
> the day was no way near that average. So it almost
> begs to be sold just on a probability basis..
>
> Don
>
>
> ----- Original Message -----
> From: "Earl Adamy" <eadamy@xxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Thursday, July 19, 2001 3:07 PM
> Subject: Re: [RT] Intra-day market activity
>
>
> > What made you think that it "had" to fill the gap ... good gaps don't
get
> > filled right away and bad gaps do. From here, that first move down to
> 1225,
> > rally and break of the 1225 low was the first clue that the rally was
not
> > likely to consolidate and hold at high levels ... I had a daily channel
> buy
> > signal and was planning on holding for the first position trade I've
done
> in
> > a while but bailed on the weakness and then went short at 1221. Not sure
> > where we are going from here but looks like the sellers are still in
> > control.
> >
> > Earl
> >
> > ----- Original Message -----
> > From: "Don Thompson" <detomps@xxxxxxxxxxx>
> > To: <realtraders@xxxxxxxxxxxxxxx>
> > Sent: Thursday, July 19, 2001 10:36 AM
> > Subject: Re: [RT] Intra-day market activity
> >
> >
> > > Personally, It has to fill the gap. All the longs at the open are
under
> > wa
> > > wa.. oh that is painful ....
> > > next pivot or R level is 1219.xx. Thats where it should go..
> > > Don
> >
> >
> > To unsubscribe from this group, send an email to:
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> >
> >
> >
> > Your use of Yahoo! Groups is subject to
http://docs.yahoo.com/info/terms/
> >
> >
>
>
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>
>
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