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

To: hubris33 who wrote (8244)	3/12/2006 5:37:24 PM
From: chowder	Read Replies (4) \| Respond to of 13449

Re: NBR ... Thanks for the kind words. >>> So you would conclude that the inverted hammer formation, piercing of the pivot area, confirmed by 3x volume is a sure sign of the impending trend change? <<< I wouldn't say a sure sign, sometimes blow off volume is a good thing. You have to take it step further. Let's try to understand the psychology behind that price move. When the price exploded to the downside on tremendous volume back on 2/6, it insured that nearly every single person that bought NBR in the previous 6 weeks was now holding a losing trade. That's 6 weeks of bulls expecting price to head higher and here we now have them losing money. The 2/6 chart was a picture of pain! It was a picture that suggested the odds were high that pain would turn into fear and maybe even panic. Fear is a greater motivator than greed. The odds favor fear selling before greed starts buying. NBR needed to get rid of those who felt the pain. stockcharts.com[h,a]daclyiay[d20051112,20060207][pb20!b50][vc60][J70583437,Y]&pref=G dabum

To: hubris33 who wrote (8244)	3/13/2006 8:31:10 AM
From: sixty2nds	Read Replies (1) \| Respond to of 13449

G'morning dabum3. I just wondered in. I trust you found San Diego pleasant. I'm a TC2000 user. I love the multiple time frames. I've been looking for a definition of what my style is evolved to. Thank you for the extensive resource list. I am working my way through it. I was struck by the following..."The difference between a novice trader and a professional trader is that a novice trader will try to capture the price low while the professional trader will try to capture the price point where the character of the trend changes".... How true. Been there done that. I really try to avoid those Knives. As you might know CMGI popped up on TC2000 Worden notes a few months ago. I didn't play it. I like my own setups. I did play CMGI on Thursday entering long at $1.46. I had caught on to "the news" of the insider buy early in the day on Briefing.com InPlay and watched it simmer. Now I will let it work. Stops +/-$1.30. Upside Target...unknown. Reaction this week to the $1.50 area should render useful clues. I may have entered early. It happens. Thoughts?