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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude
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To: TATRADER who wrote (27352)3/14/1999 12:51:00 AM
From: Doug R  Read Replies (1) of 79262
 
Mark,

I get a possible open on CYSP of 18 1/2 to 18 7/8. It's definitely going to make a run at a new high.

There are several volume/price range scenarios that can offer insight as to holding overnight. On the defensive side, I like to see a relatively high volume, hard retest of a major breakout that results in an upturn of the short term techs while the intermediate and long term stuff remains strong. On many stocks in that situation, I'll run a few TAs on different assumed closing numbers to take a decision as far as I can on a pivotal day for a good retest.
Or a good exhaustion bottom (PGDCEB signal) when the market is short term oversold,
On the bullish side, I like to see a relatively high volume move leave enough room for an increase in volume the next day while the stock closes up, and just within a tick or two of the day's high (a close directly on the high is often weak for some reason). Preferably, closing into no more than a 5 or 6% move on 150% or more avg. daily vol.
Then throw in that this stuff (and/or other stuff) all has to be occurring within a framework that is understandable within any system possibly applicable.
More often than not, it's a breakout on good volume that sees daytraders getting out on the initial move without a significant pullback into the close.
Then there's an accelerating 4, 3, 2 coming off a higher xover.

It's the 12 week or more holds that get tough.

Doug R
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