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: chowder	1/10/2006 6:42:20 AM
	Read Replies (4) of 13449

1/10 SET UP ... MVK ... Intermediate to long term ........... MVK is showing a 1-2-3 bullish continuation move. Here is the definition of a bullish 1-2-3 pattern: 123 Continuation Buy Set-up Look for stocks with the following 2-bar setup on their daily charts. Bar 1 is a very bullish daily up bar which suggests more upside to come. Bar 1 is immediately followed by Bar 2 which is a relatively small narrow range bar that has traded in the top 1/2 of Bar 1, without trading above Bar 1’s high. This 2-bar set-up establishes a mini double top that if traded above could lead to higher prices. However, if the low of Bar 2 is violated, a tradable downside move could materialize. MVK has been in a Stage 2 uptrend, setting a series of higher highs and higher lows. After setting a recent price high, price has consolidated over the last few trading sessions. The last 2 candlesticks, or price ranges, qualify for the bullish 1-2-3 continuation pattern explained above. The trade triggers if price can trade above the high of the last two trading sessions. stockcharts.com[h,a]daclyiay[d20051010,20060110][pb50!b20!f][vc60][iut]&pref=G Entry above $42.40. Initial stop loss below $41.04. Price or profit target, $2.00 to $3.50. dabum

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