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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: ynot who wrote (1682)	7/8/1999 2:26:00 PM
From: TraderAlan	Read Replies (2) \| Respond to of 18137

ynot, I've been trading it for the last two weeks profitably and, until you told me, had no idea what the company does or why it's been rising. For me, it's apparent someone was excited about something. That pretty much covers it <s>, as long as liquidity and price movement are relatively smooth. There isn't much logic most times in a company going from 15 to 50 in a week. Mark Seleznov highlighted the impending break above 20 in his Market Call column on Morning Trader the day before it happened. I'm pretty sure he has no idea what they do either. But he sure was right. I don't do trend extensions for the most part. I've been looking for a reversal somewhere in here because the gap above 28 looks very much like a 3rd wave continuation gap. You can use that for a 50% measure of that wave (but best done using percent chg, rather than straight arithmetic). 50 is as good a place as any but I'd first be watching for a major reversal candle or intraday breakdown. Alan