Hello Mav, Here's one I haven't seen yet. From my Mav list of 47 stocks, my monthly A up for P is 29.00 (and itâs very rare that any A levels donât have some amount of change). Yesterdayâs low was 29! When the daily low is dead on the level like this, do you consider it an A up or do you need at least $.01 above? Thanks
OK, stop what you are doing and take 100 steps back. LOL. Forest....trees...forest...trees. You guys are getting way too granular on these levels.
OK, let me just for safe keeping mention this one more time as I feel every 100 pages or so I should remind you guys. There are no "correct" levels. What you are trying to ascertain is how is price "acting" around these levels. This is about PRICE ACTION. Look, back in the day I use to handicap college football. I collected data up the wazoo. I had it all, I had professional bookies from Vegas sending me every piece of valuable and non valuable data you could imagine. Nebraska is 65-1 against the spread coming off a loss at home. FL is 12-0 against the spread on nationally televised night games when they are favored. Team XYZ is 3-15 when playing in games below 30 degrees, etc. I use to look at QB ratings, avg yards per carry between this back vs that back. At first I was drowning in the numbers. Looking for stuff that was there or not there. Finally, I took a step back and asked myself simple questions. Are they hot? Is this QB hot? Instead of looking at a running back who averages 5.6 yards per carry, I looked at which defenses he struggled against. If all those yards came against Sister Mary's School for the blind it meant less to me then if they came against LSU. Once I started focus on the "action" and the "quality" of the action, it was much easier to find lines that were off. You need to do that with the market. Stop worrying if something spent 35 minutes above the A up or 45 minutes. Did something get within 3 cents of an A level or 30 cents. Instead look at the price action. You will drown in the data if you don't do this.
Ha - got me. Even though I'm a city manager my degree is in bean counting. And, most bean counters can't never see the forest? : ) I'll make it equal to or greater for a confirmed. It's part of a scan I created and it's my nature. Thanks for the valued input in the post that followed.
Mav, do you reset your weekly levels on the first of the month or just let them go from Monday to Friday? Thank you sir.
CL - like HO & RB - is going down today Still needs more work to do to overcome overhead resistance This could be a big move - not in the way longs expect - down big! Would hate to see all the sell covering from trapped longs Edit: Seems Ok, formed base at around 93.60