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Strategies & Market Trends : NetCurrents NTCS -- Ignore unavailable to you. Want to Upgrade?

To: Ally who wrote (5330)	1/11/2001 11:21:22 AM
From: Michael Watkins	Read Replies (1) \| Respond to of 8925

CPQ Quickie: After moving up out of the range there was a pull back on the 15 min chart that allowed one to buy above safely. I myself can't buy when its still going up, I wait for a retracement and place buy stops above the down bars. The second I am filled, my stop loss is placed at a price just below the bar that took me in. The logic is simple, if it is a retracement, and done going down, price will not move down to my stop. If price does move there, the retracement is not over and I don't want to be in a trade and take my small loss willingly. At this point, I'd have to imagine that it will pull back, perhaps as far as the top of the range or even 18. Caution warranted if price moves back within the range. There is also prior resistance mid 18's from 11/30 to early Dec 2000, so the pull back scenario may well play out soon. Certainly a stronger looking chart than SUNW. Dell doesn't look bad either. Re the FA, you are on your own. All I can say is that my company has spent its load on computers in 2000 and we aren't buying any new ones in 2001.