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

To: Tapcon who wrote (12327)	4/27/2007 2:19:32 AM
From: chowder	Respond to of 13449

Paul, technically speaking, you are correct about $39 being the top of the overhead supply. I didn't use this because I focused on the majority of the base, which I highlighted in peach. That 50 cents of overhead supply was insignificant when you look at the amount of volume that traded those days, so I ignored them. The bottoming tails on the two candles on 3/14 and 3/15 helped to influence my buy decision. Additionally, those same two candles formed a Bullish Harami chart pattern. This is a reversal pattern, so I set my buy just above the second candle in the bullish reversal pattern. Bullish Harami ... Identification: A long black day is followed by a white day which gaps opposite the trend and is completely engulfed by the real body of the first day. The Psychology: In a downtrend or within a pullback of an uptrend, a long black day occurs. The next day’s gap up comes as a surprise to the shorts who thought they were sitting on a great position the previous day. Reliability of the bullish Harami is low, so a strong following day is needed for confirmation. leavittbrothers.com