Bridges.com (T.BIT) Message Board

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Gold/Mining/Energy : Bridges.com (T.BIT)

BIT 13.11

-0.7%

Nov 14 4:00 PM EST

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To: donkeyman who wrote (477)	3/9/1999 10:44:00 PM
From: David Michaud	Read Replies (2) of 1249

Bridges Initiatives Inc. Posted By Subject PostTime (EST) Post ID sadie TA for Tuesday on BIT - Sadie 3/9/99 / 10:13:28 PM 206050 << Previous Thread His the way I see it today. This is quite a stock! Just keeps moving up on very little volume - someone has very good control of the stock and I would not be suprise to find that some shorts are locked in. A few weeks ago, the shorts were hitting everything in the internet stock category. The candle today was a very bullish long opening white candle - very bullish. Yesterday was had a bullish engulfing, which was confirmed nicely today - which all means -- this stock is very bullish and has a lot of power behind it. Recall that I pointed out that if a stock gaps and the gap is not filled in three days, the stock has the power to run 13 or so more days - seems BIT is following this pattern- we are in day 8 since the first up gap - so -- do we have 5 more good days in this run??? Japanese traders also believe that if a stock gaps three times in an uptrend - does not have to be consecutive days, then the stock is a sell on the next bearish candle signal. In the case of BIT , we have had 5 up side gaps in this move and no bearish signals yet. So if you like this method, you will be selling on the next bearish signal. Here is what I would do. You have good profits - so protect them. Place a stoploss at the low of today's candle - at 3.65 - this gives you some upside room to run, and you are gone if the stock trades under this price --- which would be a bearish candle. You could place a stop loss at 3.65 or just have a mental stop -- sell when it dips under 3.65. A correction at this point would likely take the stock back to the 2.90-3.00 level. So there you are - still very bullish, but nearing the end of this run - watch it closely and protect that profit. A break of 3.65 now will also be breaking the steep uptrend line, which would also be bearish. Good luck on this one. Try not to get wrapped up in thinking " I was hoping for $4.00" - it may or may not get there - the stop loss at 3.65 for tomorrow is perfect. Will post tomorrow night around the same time. Sadie

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