Stock Attack -- A Complete Analysis Message Board

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Strategies & Market Trends : Stock Attack -- A Complete Analysis

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To: Robert Graham who wrote (22928)	4/26/2000 10:33:00 AM
From: Robert Graham	Read Replies (1) of 42787

As a market update, looks like some profit taking came into the picture. I was positioned for a trade to the long side just before the open. Then price action changed to indicate a move down. Move down it did. On the very small time frames it attempted to put in a bottom unsuccessfully. It tried to put in a bottom again which caused some buying to enter the picture that time. Then a larger bear flag showed up and after an additional whipsaw resolved back in a downward direction. On the 5-min chart, there was a bull flag that sent price up for a test of top which then sold off to the 5 and 7 min 20 EMAs, so far forming a type of congestion pattern. So from what I have been seeing so far, either we are going to remain in congestion for a period of time longer and perhaps to the end of the day, or we may continue selling off from here. I am right now thinking continued congestion trading. Now price is testing the 7-min and 5-min 20 EMA where there should be buyers. If none show up here, then I think the low of today will be tested. What price does there at today's low which coincide with the Globex low will be interesting. Bob Graham

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