Lizard King's Trading Swamp Message Board

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Strategies & Market Trends : Lizard King's Trading Swamp

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To: Paul A who wrote (3778)	1/10/1998 2:21:00 PM
From: TATRADER	Read Replies (1) of 7396

Paul A, remember always, a trader is independent of others thinking...He has his own set of disciplines he follows...You must be your own person...Look at how well Lizzard and I get along as we discuss ITEQ....I must say BTW, ITEQ held up amazingly well with all the carnage on Friday...But I am still not ready to call Lizzard uncle yet... FORE-Rectangle Pattern 20 by 15.00...It is good that you bought at the base of a pattern....That is where many traders buy...But they also place a sell stop at a predetermined point beneath the pattern should it be violated...It is true the stock has a weak ADX at 19, which could mean the pattern should hold...But I have concerns...It hammered the 15.00 support area, and was not angrily repelled...It closed right near the low for the day....What that means to me is that attack one failed, and it will try again...Furthermore, the stock did a 50 day expansion pivot I believe..That means the daily range was the highest in the past 9 trading days, and that it moved below its 50 day moving average...Not a good sign...Plus a lower low....I feel that if the pattern breaks, we should see some initial buying at 13.75.....I will not entertain entry on the short side unless 15.00 is broken.... Good luck, and hope you sleep ok.....Mark

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