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Strategies & Market Trends : Stock Attack II - A Complete Analysis
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To: Compadre who wrote (49308)5/12/2004 3:59:49 PM
From: Michael Watkins  Read Replies (1) of 52237
 
Thanks. An observation to share - after a successful test of a bottom like that, if price does get into serious rally mode, its very common for it to pause and then push through the 20EMA in larger intraday time frame charts and up to the next time frame's moving average.

So I look at the 15 or 45M chart for the most obvious point of resistance, usually a prior day high - and see if anything is lined up there and sure enough, the 50EMA45 was waiting.

A little overshoot is not uncommon either, thanks to strategically placed stops - owners of which I am sure did not expect them to be triggered.

The big question is.... what of tomorrow. I don't have stats at the ready but big outside days are not always followed by direct continuation...
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