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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude -- Ignore unavailable to you. Want to Upgrade?

To: sjemmeri who wrote (36334)	8/8/2000 2:54:50 AM
From: Doug R	Respond to of 79384

Steve, That rounded "top" formation on LVEL starting in mid-June has reached the point where a strong "surprise" move to the upside is possible. Now that it has gapped down (on 8/3), a gap up from here would produce a nice little island bottom. It's not a buy until it gaps up and moves up on heavy volume without closing the gap. Initial buy on volume after the gap with a stop at the opening price. If it opens up and goes a bit soft but still doesn't close the gap, use the opening price as a buy stop on a move back through it on volume....then proceed with use of the low as a stop. Doug R PS; I very rarely use hard stops since I can watch things during trading.