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10.14 Shorted the Open

Posted by beta, Oct 14 2008, 09:41 AM

Got an amazing GTC fill @ open SDS in high 70's !

Looking for a move back to 890-920 in the next couple days.



Comments

  hiker, Oct 14 2008, 09:57 AM

SPX day low today so far is the .25 retrace of the 840 to 1044 advance

  beta, Oct 14 2008, 12:08 PM

QUOTE (hiker @ Oct 14 2008, 06:57 AM)
SPX day low today so far is the .25 retrace of the 840 to 1044 advance


Hi there Hiker,

Ive noticed that you use the .25 retrace alot in your work. Have you found this to be a consistent support level ? Is it also a Fib number ?

Curious, because Ive typically used .38-.62 ranges. For SPX, could be that the retrace only gets to 940-970.

  hiker, Oct 14 2008, 03:39 PM

hi beta,

I use them all for markers, but consider none of them as solid S or R.

Larry Williams, TA guru, has long said his testing reveals that fibs are not better than random nos.

  Jnavin, Oct 14 2008, 09:31 PM

I'm looking for 935/945 for a buy zone.
It's easy for me to use 3/8ths, 1/2 and 5/8ths as retrace areas.
It's close enough to Fib readings and, expanded out logically, allows for 1/4 and 3/4 from time to time.

  beta, Oct 15 2008, 12:23 AM

QUOTE (Jnavin @ Oct 14 2008, 07:31 PM)
I'm looking for 935/945 for a buy zone.
It's easy for me to use 3/8ths, 1/2 and 5/8ths as retrace areas.
It's close enough to Fib readings and, expanded out logically, allows for 1/4 and 3/4 from time to time.


Thanks, guys. Ive got a similar take, Jnavin, although Hiker's analysis of 917-998 triangle (latest blog posting) also makes alot of sense.

Fits very well w/ the ABC down structure of what appears to be the "iv" up we're completing ...


 
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