PAIR:
im getting a weekly buy signal just now for this week... now, as you know, that doesn't mean it will take off right now.. it just means it's bottoming..
daily scale: looks like we have 50 day ema as resistance.. but i think with the weekly scale on it's side, it will take out the 50 ma..
strategy: well, depends on what you want. for long-term buy, you can buy some right now on any dips..i wouldn't be surprised to see a dip to 17 ... this is because every attack on 50 ma requires energy.. to gain that energy, a stock will dip down to a support and reattack again..
a retrace as technicians call it..
look at early jan 1998... pair had trouble to break the 21 day ema. it did break it, but failed to stay above it.. with the energy spent, it went down to 15 to gain energy back..
please note that i would have "called it", b/c my WEEKLY CHARTS were not ready yet.. so, as you can see, with my 2 view system, i can tell the chances whether it will break out (and remain above) or not..
now, with the weekly buy signal now, look at PAIR break that pesky 21 day ema with EASE!! now, we have the 50 ma to contend with.. but with weekly buy signal, you got power behind this move..
i love this daily/weekly approach.. i think more and more people will start using this technique as this is a PERFECT ANSWER to this question:
"is there power behind this move?"
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