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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: Jenna who wrote (113798)9/13/2000 6:09:15 PM
From: Jenna  Read Replies (3) of 120523
 
TLGD....Buying immediately or at the second 5 minute bar.. No one likes to advise on buying a stock before the 15 minutes of the morning session is over. True, most stocks do reverse off their open. But an aggressive, not without risk, but usually high profit trade is one in which a strong stock corrects for 3 large range sessions with lower highs and lower lows. THen it shows signs early on that it was a climax gap down and probably the end of the downtrend. Stochastics or any oscillator and/or trending indicator like the DMI will usually move up from an oversold position to confirm that move. TLGD was just such a play.

TLGD opened at 91 1/2... a gap down from yesterday which I expected was an exhaustion gap down, a climax. One indication was a news article I read yesterday in the evening about TLGD's ceo saying it would handily beat estimates. Another was the huge reversal into the end of the first 5 minute bar and the range expansion second bar.. TLGD was already a trigger above the first bar high. Stochastics were very oversold as we've mentioned before and it too confirmed a buy trigger. TLGD did retreat after a sound move, but it was advised to put in another buy stop not at the high of the day, but above a probable 'doldrums consolidation'..It was placed at 101 5/16 but it could have been placed at 103 9/16 near the High of the Day before the pullback. I prefer the consolidation level BEFORE the return to the previous HOD. Anyhow TLGD continued to soar to 110 5/16 making 2 trades for the day. If you held the entire day, you didn't fare too badly but its best to incrementally sell the position toward the doldrums. You are almost assured of a second breakout. For TLGD, restless to move up alread, it broke out a little early and rose both the 2:00 and 3:00 and the 3:30 reversal period. Strong stocks usually make up for lost ground and when they finally reverse, their reversal is very convincing.
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