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Strategies & Market Trends : Lizard King's Trading Swamp -- Ignore unavailable to you. Want to Upgrade?

To: Willsgarden who wrote (3297)	12/10/1997 6:23:00 PM
From: TATRADER	Respond to of 7396

Bill, you have to be careful on these chart patterns, because sometimes a double bottom, could be a double top....Look at the chart again on PLSIA....I see a nice rounded double top(or you could argue a rectangle pattern)....Neckline pegged at 9.00 a share....Now look at volume...You went through that neckline on strong volume to the downside with no reversal in sight....Now measure from the neckline to the top of the double top...I get 1.50, 9.00 to 10.50....Now subtract 1.50 from neckline....I would look for a target of 7.50 on this stock and at that price I would cover my short..Personally, I would short it and set a buy stop limit order at 9.00 until I see if my take is correct, namely she moves toward 8.00.....7.50 looks like a place where the stock should see some support...It is the top of a prior rectangle pattern...Further, take your Gann-Retracement indicator out, you will see that it gives 7.50 as a support area as well.....I did not use Speed resistance or Fibonacci angles, but you might want to plug them in too to see if 7.50 makes sense with them as well....Regards, Mark P.S. Right now I am ticked at myself for going long, when I should have stuck with my disciplines and stayed short until December 15th....I need to see a stock counselor...