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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude
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To: Michael L. who wrote (17741)5/28/1998 11:19:00 PM
From: Ocote  Read Replies (1) of 79250
 
Michael--

Sorry to be late to answer. I've been busy today, and sitting glued to the computer has to come last at my house today :->.

Thanks for asking about CTYA. I'm glad to see its little upturn on low volume to give some confidence for an entry point. If it were just going down and becoming very oversold, I'd be worried about a bounce. The volume on this upturn is safely low. One aid to interpreting this volume I've been experimenting with is running 5 day moving average of volume against other MA's--I've chosen 21, 55 and 144 to give a decent spread of periods. The 5 day MA is well below all the rest of the MA's. So as you watch this peak develop over the next day or two you can watch for stagnation of price and volume and then pick your point. If you can't watch, short in 2 or three portions on subsequent days as long as the picture looks good. Then wait. I don't mean to sound like a know-it all, just telling you what worked for me a couple of times.

Also, I've been using a 21 day MA/MLR crossover as a supplement when shorting. That indicator is about to cross. It seems that the 89 day is a bit slow to signal in this kind of situation. Try it if you like and let me know.

Ungreedily,

Ocote
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