The Surf Report

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Quote from ProfLogic 11-28-06 10:47 AM :

. . . We violated 12280 on the 26th and with each subsequent Resistance failure we headed further down. The current Trend Support bottom is 12094. The current Trading Resistance top is 12166. When price creates an oscillation back to challenge 12094 it will either violate it or not. If it creates an oscillation there that fails to violate 12094, price will oscillate back up to test 12166, 12168 & 12209. If those oscillation points are violated then 12339, 12361 & 12384 are in line to be challenged after that.
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volente, here is the completion to your question.

I posted this immediately after 12166 was created and charted. Since then Price has oscillated back to challenge 12094, subsequentially failing to violate that price target by creating an oscillation at 12116. After that failure was created, price has moved up to violate 12166, 12168 and is currently about 30 points from taking out 12209.

The chart below shows what the confirmation looks like on a trading chart. I will post a second chart to show you what it looks like on a Trend chart.
 

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SURF ALERT


closing out the DJIA shorts here. heres the plan---long @ 12227 short @ 12193--flat in the middle. remember each of these levels needs to be broken by the time paramter of 3 minutes to verify entry. i strongly suggest staying flat in this channel, anything can happen!


it seems time to bring back the channel system for a bit to see what happens.


regards,

surfer
 
Quote from volente_00:

Surf, just curious how much heat will you tolerate on this current short ? Are you using a trailing stop ?
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i dont use hard stops.

there are too many fluid factors that go into the decision to close a trade-- hard stops dont allow for the ever changing environment prior to the fact--i wish it was that easy!

regards,

surfer
 
Quote from marketsurfer:

SURF ALERT


closing out the DJIA shorts here. heres the plan---long @ 12227 short @ 12193--flat in the middle. remember each of these levels needs to be broken by the time paramter of 3 minutes to verify entry. i strongly suggest staying flat in this channel, anything can happen!


it seems time to bring back the channel system for a bit to see what happens.


regards,

surfer
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I could be missing something, but aren't YOU doing exactly what you accused proflogig of doing? (This has nothing to do with you being correct about him or not):

You wrote (about HIS methdod): "if it goes up past a certain number and breaks it, its going up. if it does not make it past a certain number its going down. this is classic double speak and allows for substantial wiggle room in making calls. " . Compare that statement to your call above...? :confused: :confused:
 
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