Lizard King's Trading Swamp Message Board

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Strategies & Market Trends : Lizard King's Trading Swamp

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To: Ruth Macellari who wrote (1346)	9/17/1997 7:21:00 PM
From: TATRADER	of 7396

Ruth, nice pick...This is what you call a rectangle pattern, and it is my favorite trading pattern, other than double bottom...(safest too) If you ever see a rectangle pattern like this with an ADX reading of 30 or higher on an IPO, please let me know...(the pattern is from 8.50 to 9.50, do you see it??) I will probably not chase this one since I have a target on it of 11.12....Let's see how close I come on my target before the pros take their profits....Sometimes they may take it back to 9.50 or a bit lower to make you think the pattern won't hold(sometimes the pattern doesn't hold, but usually only when there is a lot of overhead and I don't see it with this stock)...If the pros do take it back to the top of the pattern tomorrow, I may open a position....They did this recently on VSAT...I made, I believe 3 points on the initial breakout of VSAT from the rectangle, and could have re-entered when they took it back just below 20.00, but didn't...(Was pre-occupied with IRIDF at the time)The top of the rectangle on VSAT was 19.00... Regards, Mark P.S. This has been a fantastic week.... Regards, Mark

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