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Strategies & Market Trends : Strictly Buy and Sell Set Ups -- Ignore unavailable to you. Want to Upgrade?

To: tonywyatt who wrote (221)	11/2/2004 11:27:43 AM
From: chowder	Respond to of 13449

Welcome aboard Tony. Whether you are a short or long term trader, the principles are the same. You have support and resistance, money flows matter as does volume. You ignore the daily chart if you are looking at the long term but you still look at support or resistance. The importance of the weekly chart is that more people will be motivated to act at support or resistance because both short and long term players are motivated to act. In fact, if you'll look at a monthly chart, you'll see that CRED has bounced off a 20 month support level. If it closes below the 20 month moving average, your uptrend will have changed from bullish to bearish so it'll be important to monitor that level of support. The ADX is indicating that the long term trend is weakening so don't ignore any drop below support, especially since it is a long term indicator. Long term resistance is at $19 should the trend continue. stockcharts.com[h,a]maclyiay[pb20!f][vc60][iut!Ll9!Lc20]&pref=G dabum