Larry, I'd like to see close up today and tomorrow because if does, it looks like it's setting up for a pattern it's fell into three times fairly recently.
If you throw a 20-day Bollinger Band on a daily candle and use 9-day RSI and MFI, it looks like somewhat of a pattern that seems useful (sometimes) in terms of the candles and the oscilators.
Generally, a white candle (or two) that breaks the upperband, followed by a red candle, then within 2-3 sessions another white candle breaking the band. The RSI and MFI on the 5-6th day make lower tops or are flat relative to the last price peak. 6-7th day begins a red candle run that usually ends up falling back to 20SMA.
On MU, seemed to occur on the moves around 7/9, 7/31, and 9/21.
Where it got you killed was back in the beginning of the year where it just rode the space between the upper band and the 20SMA until the first week of Feb. before it peaked around 39.
If it can complete the set-up into the close tomorrow, might fight the trend and risk the possiblity of people rushing in on a breakout (which is a distinct possibility, however ridiculous I think it maybe be from a fumblementalist POV <g>).
Good trading,
Tom |
