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Strategies & Market Trends : Chart Formations
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To: Casaubon who wrote (285)9/22/1999 11:09:00 AM
From: sean sanders  Read Replies (1) of 967
 
Casaubon,

One thing I have done since I learned about T.A. was to concentrate on one form of T.A. and learn about it, watch it in action, possiably even trade it; although this is probably not the time to trade it ie when leanring about it.

One thing we were talking about awhile back was the Spring formation ie hit a support, large volume, maybe a hammer formation or nice white reversal. I still like that formation; I've just been bearish forawhile and so I havn't looked for many springs of late.

The recent formation that I have been studying is the 2b formation as talked about by Victor Sperandeo. I thought that playing this formation could lead to real nice returns; although I still need to test it and learn more about it.

One stock I was testing with this formation was CSCO. I should have spent more time looking at the chart to see what this one may not be a good candidate. ie there is a upward slope in the stock and the stock seems to be quite strong.
As I look at it now this would be a wrong play to use the 2b rules to play it on. I think I bought in on 8/31 (sold short). I was playing the candles for the sell placement. But still when looking at the whole picture it looks like a bad play. I mean when looking at the longterm trend the trendline is not that far below where it is at; hence a bad play; hence I will be looking to exit my position as soon as I can.

Sean
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