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

To: VALUESPEC who wrote (3589)	12/29/1997 11:13:00 PM
From: TATRADER	Read Replies (2) \| Respond to of 7396

Valuespec....SKYC is stuck in a trading range from 7.25 to 8.37 on the upside...My ADX reading is at 13 which does not show a strongly trending stock...In other words you are going to slowly bounce around inside this rectangle pattern...You can try to trade it, and make some money, but IMHO, there are better plays both long and short elsewhere....Example: Take a look at XLTC as a short...... Traders always should be learning on every stock they trade..... Even the ones they lose money on...Let's take a look at CREE tonight... You have a gorgeous Head and Shoulder Top on this stock....The Head goes up to the 29.00 area and the neckline is pegged at 21....That leaves a difference of 8.00....In the next 2 months I will predict that CREE will touch 13.00 a share....If the stock manages to close above 21.00 in the next few weeks, all bets are off....However, many times a stock breaks a neckline, it will move back up again to test the neckline...That would be the ideal time to short if you missed the downward slide originally through the neckline at 21.00....My mistake is that I grabbed it at 17.30 on its way back to the neckline...I should have waited, but old eager beaver grabbed it early....LESSON LEARNED.....If you want to see a similar story check out the charts on ISSI.......You see what is so hard as a trader is following your disciplines, or following your emotions....Note how my emotions temporarily dismantled me on this stock....Regards, Mark