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.

Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: buckbldr who wrote (39091)	2/11/2005 6:00:01 PM
From: chowder	Respond to of 206334

>>> I can recall your advice to wait for that beakout to be confirmed by the second advance before buying a long position...however you may have been practicing a longer term trade with that rule. <<< Buck, that is my rule for short term trading too. My most successful chart pattern is a 3-5 bar drop off a recent high. Message 20919678 >>> This "manipulation" absolutely confounds me...I fail to comprehend how these manuevers can be executed with any degree of success, without several of the "big ones" acting in collusion with each other.... <<< If you are trading for a large financial institution and you want to buy a large number of shares at a lower price, you simply have to put a couple of 5K sell orders in and the price will start to gain momentum to the downside. There's nothing illegal about that. Then you start buying back a larger number of shares when the price drops. Professional traders will sacrifice 5K shares to buy back 15-20K. Wouldn't you? This is just one of the ways professional traders can move price. -or buying off of the 20 day moving average,- >>>Would you clarify this tactic? I can't seem to understand how it's carried out, especially on your PTEN chart accompanying your post. <<< Here is a chart of PTEN following a recent price high. The chart is end of day on 2/8. My favorite chart pattern is a 3-5 bar drop off a recent price high. In this case PTEN had 3 down days and was just above support at the 20 day moving average. I would have preferred to see another down day into that moving average but sometimes the price doesn't come down and touch it, sometimes it just comes close. My strategy is to place a buy limit order 6 to 12 cents "above" the third down day candle. If we get a fourth down day, I place the buy limit order 6 to 12 cents above the fourth down day candle. In this chart, we see 3 down days. The high of the day was $20.45 so the order is placed at $20.51 to $20.57. stockcharts.com[h,a]daclyiay[d20041111,20050208][pb20!f][vc60][iut!Lah10,30,5!Lc20]&pref=G Here is the up to date chart. This is why I said the second attempt at a new high would have provided a better reward to risk trade, one that had a higher probability of success. stockcharts.com[h,a]daclyiay[d20041111,20050211][pb20!f][vc60][iut!Lah10,30,5!Lc20]&pref=G dabum