Time Will Tell
The Qs have bounced slightly from oversold daily
stochastics this morning and are trying to base north of critical
60-minute support. Time will tell as to whether or not we’ve established an
hourly trend reversal, and the lesser time frames should continue to lead us,
specifically the 13-minute 15-MA which, as many know, also reflects an
approximation of the one-minute 200-period.
Monday December 17, 2001Â
12:15 PM EDT
Many have asked recently why the
time frames and support/resistance criteria referenced in my column seem to work
more times than not. Keeping in mind that any method is merely attempting to
skew probability to one’s favor over a period of time, my response also
reinforces the little-discussed concept that moves from key levels watched by
many often reflect a self-fulfilling prophecy as traders react in tandem and
create the very moves they anticipated.
Good Trading!