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

To: fp_scientist who wrote (5732)	10/7/2005 6:33:15 PM
From: chowder	Respond to of 13449

In the case of TS, the 20 day moving average doesn't come into play. In this case, price support has priority. Price support or resistance always has priority over a moving average. TS was in a strong Stage 2 uptrend. After establishing a recent price high, price consolidated down to a price support level which I have noted on the chart. This price support level is considered a major support level since it has come into play on several occasions. There are three low risk, high probability buy strategies in this situation and the choice is determined by the one you feel more comfortable with. 1. If price gaps up 50 cents or more at the open, it's a buy immediately or wait five minutes and buy over the 5 minute high. 2. Let the stock trade for 30 minutes and mark off the high of the day. The entry would then be about 6 cents above the 30 minute high. Both of these strategies would use yesterday's low of the day as the stop. 3. Wait until price trades about 6 cents above yesterday's high. In this case, today's low of the day would serve as the stop point. stockcharts.com[h,a]daclyiay[d20050707,20051007][pb50][vc60][iut][J60437599,Y]&listNum=1 dabum