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

To: profile_14 who wrote (454)	11/19/2004 4:49:53 PM
From: chowder	Respond to of 13449

Profile, It's hard to say if it was a blow off top or did it just follow along with the market today? The candlestick pattern today is the type that suggests this could be a turning point but, it's also the type of candlestick that requires confirmation. The trend indicator (MACD) is suggesting the trend is weakening and is only confirmed by sideways price action. AAPL has a huge amount of interest as confirmed by the Chaikin Money Flow indicator. And, don't forget you've got a rising 20 day moving average which wants to provide some support. You went short and got stopped out. The play would have been to buy the break out and then you would have got stopped out there too, because one of our rules is to sell if you turn negative on the day you buy, since we're trying to capture momentum to present a trade which is profitable immediately, giving you room to maneuver. The best play today was to let the stops do their job. AAPL told both sides to settle down and be patient. stockcharts.com[h,a]daclyiay[d20040619,20041119][pb20!b50!f][vc60][iut!Lah10,30,5!Lc20]&pref=G dabum