Monthly Archives: January 2007

Trendlines provide support and resistance when approached from either side. Like horizontal S/R levels, when a trendline is broken, a pullback is often a trading opportunity. Unless you caught the early action today, there weren’t many good entry points for … Continue reading →

Often the market will exceed a pivot just enough to trigger resting stops. That’s why the 127% Fibonacci retracement level is so important. We began the day with a drop to that level and then reversed to the upside. There … Continue reading →

Today was filled with one of my favorite Fibonacci sequences; what I call the A-B-C pattern. It’s an Elliott corrective pattern, but you certainly don’t have to understand any wave counts to use it. Just call it an Up-Down-Up or … Continue reading →

What started with a reasonable setup turned into a do-nothing session, with the narrowest range in about ten days. We began with a small gap below yesterday’s low, and almost exactly to a 127% external retracement of the rally from … Continue reading →

Should be able to start posting again tomorrow. Lowell

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I’m not sure whether to call today an inside day or not. It waited until the last three minute bar to poke its head above yesterday’s high, but I can certainly call it an uneventful day. Which makes it a … Continue reading →