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Strategies & Market Trends : Ask Vendit Off-Topic Questions

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To: Vendit™ who wrote (4605)	2/4/2005 8:11:10 AM
From: Walkingshadow	Read Replies (1) of 8752

This one will be interesting to watch. I am not going to short LMIA because I am already short the market, and I prefer to short stocks that have heavier daily volume so I can get clues from the volume patterns and stochastic. Thinking about it, I would use the intraday support criteria only as an entry signal (rather than requiring that it trade below the previous day low). The initial stop would be if LMIA rallies above the intraday support, then subsequently confirms that with a higher peak and preferably also a higher low. Profit targets would be the 20 ema ($4.73), then chart support at $4.25, then the lower BB rail at $3.87. So I would plan to take partial profits at each of these points, probably with a final exit at $3.87, unless I saw signs of buying pressure building. If the first profit target is hit, initial stop should be moved to no worse than break-even (or 4% away, whichever is closest). If the second profit target is hit, the stop should be adjusted to no worse than 4% away. Let's see how this one works out. T

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