Strictly Buy and Sell Set Ups Message Board

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Strategies & Market Trends : Strictly Buy and Sell Set Ups

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From: ridingycurve	5/5/2005 1:05:50 PM
	Read Replies (1) of 13449

Master Bum – First I want to thank you for the generous contribution of your time educating and helping others. I first began reading you on the RIG board a couple of years ago; but was totally clueless as what you were talking about. Actually, I really wasn’t really interested in learning. What I did find was that you were the go-to guy for TA. A few months ago I finally started taking a mild interest in TA, and this has intensified to a fever pitch more recently. I now read (and study) all of your explanatory posts here and on the Dog’s board (and save them off line), as well as the links above. I have also been reading up on TA at StockCharts. Today I finally had enough confidence to place a token trade in XLE for practice. I did so because an apparent piercing formation developed yesterday, and that has almost always signaled a gap up for XLE the following day (I came close to buying on the close yesterday). I entered at 41.26 with a buy stop using the 30-minute rule, and immediately placed a stop at the day’s low of 40.89. The trade looked good for awhile, but XLE is very much in a downtrend now. Additionally, five-minute charts show that it is under selling pressure; and MACD and RSI are decidedly negative. Finally, volume is fairly high for this time of day. I would appreciate any comments on what I should do now, and would also appreciate comments on what I could have done differently at the outset. Edit: Just got stopped out; and, as usual, got a bad execution from Waterhouse. Regards, ridin

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