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Strategies & Market Trends : Z Best Place to Talk Stocks
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To: chartseer who wrote (20352)7/27/1999 8:21:00 AM
From: DanZ  Read Replies (3) of 53068
 
PLXT.

This is a good one to keep on one's watch list. The stock broke above what had been resistance on the weekly chart between 20 and 20 1/2 on June 10 and ran all the way to a high of 50 on June 30. The stock has retraced back to 22 3/4 with yesterday's low at 22. Support for the stock should come in as it approaches the previous breakout point near 20. This is the inversion of what Chartseer noted on ECLP (previous support becomes resistance).

I will be away from the computer this week and unable to post so I'd like to place a limit order to buy 2000 shares of PLXT at 20 3/4 with a stop at 18 3/4. Target if filled is between 29 and 30.

Chartseer: If you have time, can you see how PLXT looks on the P&F chart? Would the P&F chart wait for a reversal before entering a long position? Thanks.

On the P&F discussion: More than one strategy can work. Some prefer day trading; some prefer position trading; some prefer fundamentals; some prefer technical analysis; some prefer P&F charts; some prefer bollinger bands and moving averages <g>. The most important thing is to develop A strategy that works for you. If you don't have a plan, the market will eat you up. It makes sense to be open-minded to new ideas but what's good for one person might not be good for another. It doesn't mean that the suggestion is a bad idea; it's just contrary to one's strategy and would understandably make them uncomfortable.

Nemer: My thoughts are with you and your family. Take care, pal.
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