Hi Shaw,
I've been doing okay using Wilders stuff (ADX & DM1's).
Now if I only could execute my discipline better, I would be doing much, much better. <ng>
Off the daily chart, (if I were short) remember as I said to S.G. once I have never shorted anything (at least not intentionally in my life <g> so FWIW, I gotta luv the last candle, -D1 turned up & of course the +D1 turned down(they are inverse to each other), & most importantly; the ADX turned down @ 18, nullifying the bull's case. Since the ADX is below 20 & appears to be either flatlining or turning down, Stochastics or some other oscillating indicator must be analysed to determine buy or sell signals. Of course slo stochastics is screaming go short...go short! (is that an "M" that I see)
As I mentioned earlier, price has closed below the 5 day ema & is barely holding above the 21 day ema. 5 day cross-over below the 21 day ema is very, very positive for shorts.
Another interesting confimation is the lower low by the RSI & the imminent crossover of the MACd (@ 2) & the MACd histogram @ zero.
stockcharts.com
On the Pnf chart, the thing that makes me salivate as a short would be the appearance possibly, of a triangle. In my experience (limited as it is), the thought of possible triangles appearing on a Pnf chart would make me jump for joy as a wannabe shorter. They always seem to breakdown on the PnF charts for some reason. On the 1 box reversal PnF indicated a double-bottom breakdown (good news for shorts!), the 3 box reversal which is longer term is inconclusive. The short-term target is $41.00 Cdn & longer term $28.00. Interesting to note that RIM.to is trading below it's trendline from Feb 15/01 & is way below its Oct 24/00 BRL (Bearish Resistance Line) Also note however it is above it's April 4/01 trendline. The target that was established then was for $56.00. Of course that target was exceeded by $6.00 Cdn. Therefore I am looking toward a target of $28.00 with an ultimate target of $18.00.
FWIW...Only time will tell. I wish that I go short... if only my brokers will let me <sign>
edit... almost forgot, if I were short, I would place a buy stop just above the last column of "O's" ie: $61.10, $61.50 etc. of course it is dependant on your risk/reward. If you are very conservative I may place @ $58.00 or so. My reasoning is this...$62.00 was the most recent high ( I doubt if it will be exceeded...however if I am wrong---> no problem I cover) $58.00 is sitting just above the recent downtrend line from Feb 15/01. Looks like RIM.to is setting lower highs & possibly again lower lows.
Perhaps you could educate me on what if any patterns that appear on the chart.
TIA
Regards,
Peter |
