Friday, January 11, 2008

Nasdaq Measured Move Achieved


upsidetrader said...

hey stewie
i caught a winner among the wreckage with SEED but boy was it an ugly day
good luck on monday

upside trader

Stewie said...

nice catch with SEED. i am expecting some type of corrective move up to test higher resistance levels next 1-2 weeks. SEED could pop again on monday easily. i'll put it on my radar. Thanks!

Woodshedder said...

Nice chart. I'm wondering why you are using 2331 as the low for your Fibs.

Stewie said...

hi Woodshedder.
On this fib grid I used 2872 as my high and 2403 as my low. I kinda rushed thru making this chart by i might be off by a couple of points but the idea is the same. I am assuming that a flag is usually the half way point of a move. I almost never trade based on measured moves but it would something to watch in the coming days. I am expecting some type of a reflexive move up, but make no doubts that i will be looking to short this move. I do not think we are out of the woods by any means. good trading!

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