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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: ColtonGang who wrote (113796)9/13/2000 5:48:29 PM
From: Jenna  Read Replies (1) of 120523
 
MVSN... Buy when it takes out yesterday's high... another old wives tale when it comes to our high flying earnings driven stocks. On Tuesday MVSN had a high of 101 3/4. Wednesday MVSN opened at 95 1/2.. so according to the 'rules' MVSN is a non-valid trade. Not in your life. MVSN moved beautifully on the 10 minute chart triggering a buy signal at 97 right at the break to the upside of the ascending triangle formation. You could have used the strategy of the High of the Day.. at that time or the break above intraday resistance level of 96. That range expansion bar during the 12:30 doldrums was very eloquent no matter what used to find it. Every following "High of the Day" was called as MVSN broke even more resistance. MVSN finally exploded right into the close reaching as high as 104 1/2 before retreating a bit to close at 103 3/16.

You would probably not even have noticed if you waited for the 'taking out of yesterday's high. You also might never have noticed it had it not be on every watch list in the past few weeks and a swing trade after trouncing estimates. It was an 'anticipation play' based on expecting to continue its uptrend after a bullish flag reversal on 11th. It was a swing trade with a price target of the year high of 108, but many of us might have chosen to exit the trade at the end of the day to avoid any possible pitfalls the following session.

The point here is there can really be no 'price entry targets' that are steadfast and not resilient according to the intraday charts. If the stock barely moves from one day to the next, you can enter a previous day's high but most of our stocks are not that conciliatory nor do we want them to be. We like them just the way they are, volatile and giving wide intraday price ranges and profits.
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