Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Swingtrading - Tricks of the Trade -- Ignore unavailable to you. Want to Upgrade?

To: Brandon who wrote (30)	10/4/1999 1:20:00 PM
From: Brandon	Read Replies (3) \| Respond to of 551

Due to a fairly strong market, at least in the major indexes, thus far today our UK trade has yet to set up. In fact we have only entered one trade today, actually not such a rare thing. That trade is SLB. I would like to take a brief minute to talk about it. The first thing that actually attracted me to a short in SLB was looking at a chart of oil futures as they appeared to be rounding off and in for some selling. If you look at a chart of SLB ( mtrader.com ) you will notice the stock has been in a minor downtrend since its peak on 9/10. Over the last several trading days the stock has rallied. This rally brought the stock to an area of minor price resistance and to the 100 day simple moving average. The price bar formed on Friday is what is known as a doji in Japanese Candlestick charting. A doji is a bearish single bar pattern in which the open and close are the same. This signals that strong buying interest is drying up. We are short SLB from 62 1/4, having already covered half of our position this morning on the consolidation. Our cover price was 61 3/8. We now have a break even stop on our remaining position. Brandon www.mtrader.com/swingtrade