{"product_id":"v81457ourmys","title":"V. 8:14 (575-575): Our Mystery Charts? Too simple? by John Sweeney","description":"Our Mystery Charts? Too simple?\nby John Sweeney\u003cbr\u003e\u003cbr\u003eAnswers to April's Mystery Chart contest (\"No chumps and Mystery Charts,\" Stocks \u0026amp; Commodities,\nApril 1990) were pretty terse, although contestants had no trouble identifying the weekly heating oil price\nchart. The brevity may have been from the simplicity of the situation: a breakaway gap to the upside and\nthe approach to support on the downside. The question was: What next?\u003cbr\u003e\u003cbr\u003eOur winner, Willis Brewer of Metairie, LA (Figure 1), barely beat out Bob Bronson of Morrison, CO.\nHe would have shorted the breakthrough of the old support line (A) and covered at the uptrend line (B).\nThis is simple and effective, as the succeeding action shows (see Figure 2).\u003cbr\u003e\u003cbr\u003eJust because Bob wasn't immediately right (Figure 3) doesn't mean he might not be right in the future.\nHis expectation of a 50% retracement coming off a spike to such a level has been rare in my experience,\nbut oscillations between 58 and 70 before punching lower wouldn't surprise me. I also thought his\ncurvilinear trend lines more accurately caught the thrust of the price movement than straight lines would\nhave done.\u003cbr\u003e\u003cbr\u003eBemused thanks, too, go to Steven Bayern of Laurel Hollow, NY, who aptly traded the upside gap but\nprovided no hints on how to handle the downside of the spike! Joseph Barics of Farmingville, NY, sent\nin an analysis well worth reading. However, he couldn't identify the contract and therefore couldn't get\nthe data into his machine for analysis. Showing the spunk of a true trader, he approximated the numbers\nfrom our chart and typed them into his machine before applying a neat piece of regression analysis. Look\nfor this in a future issue.","brand":"store-traders-com","offers":[{"title":"Default Title","offer_id":52133930500465,"sku":"\\V08\\C14\\M8.PDF","price":2.95,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0900\/3843\/6209\/files\/unnamed_c89c5bd6-ce8a-4bc9-b167-f6c10abd89dc.jpg?v=1739657911","url":"https:\/\/shop.traders.com\/products\/v81457ourmys","provider":"Stocks \u0026 Commodities","version":"1.0","type":"link"}