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Strategies & Market Trends : Technical Analysis With Charts -- Ignore unavailable to you. Want to Upgrade?

To: lakeoffice1 who wrote (4504)	3/22/2007 12:33:43 PM
From: MACD X	Read Replies (2) \| Respond to of 6865

Lakeoffice, today is exactly the day to short QQQQ as was yesterday. stockcharts.com Yesterday I posted it was about time to short the QQQQ and I stand by my previous post, I am in this trade in real time. Good investors take trades near the end of the day on longer term swing trades as is what I do. And I paid the price for entering early as the last hour of yesterday went against my trade. But I had previous engagements that required me to be away from the computer after the call to short. But nothing has change from yesterday as I was looking for an entry near the upper channel line and close to the center of the fib zones, at the time of the call we were at a retracement of 50%, we are now at 62%. So today is a better entry than yesterday. RSI has broken out above the resistance area of 50, but it is now at the maximum allowable above this key 50 area, so again today is a better entry than yesterday. The reason I say better is that there is a clear area very close ahead were I will have to say the down trend has broken out of the down channel and will have to become bullish. This is very close ahead. Thus a low risk entry is available NOW. I my opinion we are at the line in the sand. This is where trend followers will pile in and dry up any buying that has occurred lately. So far I have pick almost the exact bottom and we will see how lucky I can be to pick the exact top or very close any way. Declines, corrections , or any market movements come in two flavors, that is ABC or 12345, so far all I am seeing in AB, so I am expecting C down at the minimum. I could possible be that we are in 1,2 of the down trend. So I am not bullish. A very good friend and associate of ours name Flack from the Dr. Bobs board taught me one thing from our meetings with him and that is look for the large candles before reversals. My ears were wide open when he was talking and I have watched many times as this has been the case. Yesterday we got the large white candlestick. You have only to look at the chart above and previous tops to see the large white candlesticks near previous tops. Look at the last downtrend on the chart above that started last year in May thru July, There were many tops associated with large candlestick near the reversal. So I stand by my trade and my prediction and reserve the right to be wrong and out of the trade if proven wrong, which is very close at hand.