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Strategies & Market Trends : Chart Formations
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To: belker who wrote (128)1/14/1999 11:22:00 AM
From: sean sanders  Read Replies (1) of 967
 
Bob and Russ,

In regards to ATEC:
that was an interesting day yesterday; here's a few things that I noticed:
1. volume has decreased
2. we still closed above the previous days close
3. we came '' that close to hitting a sell stop - it has been suggested in a few books that I've read that a good way to implement a safty stop when buying in a triangle is to put a sell stop (or buy stop), which-ever way you're going, one quarter point below the support level. I included that in my trade of the asc. triangle here, but when looking at the chart last nite I noticed that I was 1/8 of a point from being stopped out. Seems quite close. Obviously all rules are subject to change; if I find something better to use.

I feel like today will be the telling day with reguards to how much time I will have to exit the trade. Now it is suggested that one move your stop up with each move the stock moves up ... I don't quite remember the rules off hand (that doesn't help much); although from my memory I think it was after 3 trading days and if the stock jogs down one. ie ... 2 up days then one day it doesn't move up , but decreases some. So until I find those exact rules to test them, I'm going to go with looking at the candle formation and increasing the sell stop accordingly. And as stated above, the candle that today forms I bet will help determine how many days I have left before I need to exit.

With regards to an asc. triangle I simple want to ride it up till we hit the MM (measured move) ~10.625 which, if we have a decent day we should hit it today; (or get close enough that it will warrent an immediate exit). I won't bother moving my sell stop up if we get close to that MM (I'm not sure if that's a wise move right now), but when it comes to fast moving prices and asc. triangles. Many times it will hit the measured move and then not do much or go back down and take a small bounce off the new support. What I mean by not moving my sell stop up is that I will plan to put a sell limit order in or market order depending on how close we get to that measured move.

So basically the sell stop is still in place at 7.75 and after today we should be able to tell what the best course of action should be.

any comments? suggestions with regards to tackling this stock?

Sean

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