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Pastimes : Techride -- Ignore unavailable to you. Want to Upgrade?

To: Carolyn who wrote (3479)8/18/1999 11:37:00 AM
From: faqsnlojiks   Read Replies (3) | Respond to of 7442
 
Carolyn, try to remember that P&F is like art, and like art, it is based on a
series of patterns (and many times, repeating patterns). Now look at the chart
below of WPNE. Do you see the section I labeled (A)? A series of lower tops
but higher bottoms. And after the double bottom break in May, the stock dropped
significantly. Now look at the section I labeled (B). Looks alot like (A) does.
What I would be afraid of is a repeat of history here. Of course, nothing says
that it definitely will happen, but if I were to buy-in here, I would definitely
have a firm stop at 4.25…and maybe 4.75, as that's the BSL for the next column.
Now if I was jumping in at 6, I would pay attention to that 7 area. If it breaks
7, that's great, it's broken the previous pattern (A), but if it can't break 7,
I might have to take profits then.

11.5 | | 11.5
11.0 --| ------------| --------------------------------------------------------11.0
10.5 | | |---A---| this is history 10.5
10.0 --| ------------| ----------X --------------------------------------------10.0
9.5 | | X O Top9.5
9.0 --| ------------| ----------X O ------------------------------------------9.0
8.5 | | X O |---B---| this is now8.5
8.0 --| ------------| ----------X O X ----------------------------------------8.0
7.5 | | X O X O X 7.5
7.0 --| ------------| ----------X O X O --------------------X O ---------- Med7.0
6.5 | | X X O X O X X O 6.5
6.0 --| ------------| ------X O X O X O X O ----------------X O X ------------6.0
5.5 | | X O X O 5 X O X 8 X 5.5
5.0 --| ------------| ------X O X ----O --O ----X --X --X --X O X ------------5.0
4.75 * | | X O O X O X O X O X O X 4.75
4.50 --* ------------| ------X ------------O X --X O X O X O X O * ------------4.50
4.25 X | * | X X O X O X O * O * O X * 4.25
4.00 X O --* --------| --X O 4 ------------O X O X * --* --7 * ----------------4.00
3.75 C O * | X O X O X 6 * * 3.75
3.50 X O ----X * ----| --X O X ------------O * * ------------------------------3.50
3.25 X O X 4 O * | 3 O * * 3.25
3.00 --O X O X O --* X --2 ------------* ---------------------------------- Bot3.00
2.75 O 3 O X O X O X * 2.75
2.50 --O X O --O ----1 O X --------* ------------------------------------------2.50
2.25 1 X 5 7 X O * 2.25
2.00 --O ------6 X O X --------* ----------------------------------------------2.00
1.75 | O X O X * 1.75
1.50 --| ------O --8 B ----* --------------------------------------------------1.50
1.25 | O X * 1.25
1.00 --+-----------O X * ------------------------------------------------------1.00
0.75 | A * 0.75
0.50 9 +-9 --------* +-9 ------------------------------------------------------0.50
0.25 7 | 8 8 | 9 0.25

And Carolyn, please try to remember that I'm still somewhat of a "rookie" at
this myself, and my advice is only as good as that. The people on the P&F thread are
much better than myself at this stuff, and they would be happy to help you too.
909's,
-Joe


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