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Strategies & Market Trends : Chart Formations -- Ignore unavailable to you. Want to Upgrade?

To: belker who wrote (97)	10/22/1998 10:53:00 PM
From: sean sanders	Read Replies (3) \| Respond to of 967

Bob, KLAC (one of the ones you pointed out) - Looks like we have a d bottom with a small asc tri at the top of the up leg. I mean I'd say today we have a break through of the neck-line, but it's all the other investors that need to see that (and of course they may not). If it moves up I'd say it would be good for 3-4 points, lets watch this one and see what it does. Also a 'strange' phenomenom I'd like to point out is ... I've also noticed on a few charts where the stock forms most of the dbl bottom except for the last leg (say it only has had 1-3 days into the last leg up) If it looks like a strong dbl bottom (meaning there isn't much of a difference in height between each leg) it seems like perhaps one could play a dbl bottom even if it only started to form the last leg (meaning play it from the start of the last leg up to the resistance line ... and maybe even higher). Maybe a chart would be useful. I'll see if I can make one up to illustrate (I'll probably get it out tomorrow). talk later, Sean

To: belker who wrote (97)	10/26/1998 11:06:00 PM
From: sean sanders	Read Replies (1) \| Respond to of 967

To All, This was pointed out to me and I thought I'd make a few comments on it and of course invite more comments with that :) I don't have time to throw up a chart, but if you put one up that should work just as good. GSTRF - I have a couple comments ... this is using the most recent data btw monday's included - It looks like we have a double bottom, but the second bottom is slightly lower then the first (I'm a little more wary of this, I like to see them even or the second one a little higher). Now the tricky part. I see 2 scenarios 1. If you draw a horizontal line from the top of 9/23 I see a support area there. If it falls below that I'd look for it to go down to at least ~9. 2. The second scenario is draw a horizontal trend line from the top of yesterday. See the big black candle on 8/31 (or a down day persay if your not into candels) ... This horizontal line bisects the middle of that day (Nison's book beyond candlesticks talked about strong resistance/support lines with large candle days like that and he stated the line usually was in the middle or at the ends). - also note that you could draw trendlines extending down (from 5/4 and 7/16 dates) ~120 degrees down that is. I mean you could draw multiple ones seeing how all the peaks dont necessarily line up. Seeing this we may have some resistance from that also. Let's say I was going to play this one tomorrow. This is what I'd look for: An open that doesn't fall below 14 if it rises nicely I'd buy in and either put a sell stop at ~13 or check it manually thoughout the day and decide from there. But if it closed beneath say 13.75 I'd most definately sell and look for another stock :) BUT if I bought now it may bounce nicely off yesterday's low and go higher. let me know what you think Sean Sanders