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Strategies & Market Trends : Market Gems-Trading Strong Earnings Growth and Momentum
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To: Jim Cash who wrote (5586)3/1/2001 7:55:31 AM
From: Jenna  Read Replies (2) of 6445
 
Jim, I feel the transition coming however I think its a temporary release and not a permanent reversal of the downtrend. Perhaps another bear flag rally.

Intraday it is easy relatively easy to short, taking home is harder and puts on a few companies with expensive valuations is the answer at least for a while. The same transition is on the long side but its much harder. During the session LONG plays turn aggressively to the downside and its even more scary to take those home so if you think of this in CANDLESTICK imagery. The long side intraday is like a hammer appearing on a downtrend, namely every day has the potential of a reversal, but instead of getting a confirmation the next day with a white candlestick whose body opens above the close of the previous candlestick we get either another hammer or worse a black candlestick and so it goes on until we have a congestion band on the long side and no one is willing to get long in a market that is 'congesting'.

The short side is tenuous if you get a large black candlestick with hardly a shadow coming AT THE BOTTOM of an extended downtrend, especially on high volume, you are afraid it is the capitulation sell everyone is waiting for so you have a problem here as well. So even if you do well with this wide bodied black candlestick the fact that its appearing at the bottom of an extended downtrend, makes every session having the 'characteristics' of a bottom that never comes.
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