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Gold/Mining/Energy : Daytrading Canadian stocks in Realtime -- Ignore unavailable to you. Want to Upgrade?

To: keith massey who wrote (11025)	5/4/1999 3:24:00 PM
From: New Economy	Read Replies (1) \| Respond to of 62348

Keith Thanks for input 'cause I am sitting on some large cash and have had enough of these penny stocks holding my portfolio down. Can u share with me some blue chips 'cause I got burned on GLE because of my own stupidity. I have passed the first stage in day trading nail some tripple bagers and then invest your money for some stable day trades in blue chips. Regards. NE

To: keith massey who wrote (11025)	5/4/1999 3:28:00 PM
From: The Devil Dog	Read Replies (1) \| Respond to of 62348

Couldn't have said it better myself! EOM WB

To: keith massey who wrote (11025)	5/4/1999 5:40:00 PM
From: keith massey	Read Replies (1) \| Respond to of 62348

Got a PP but thought I would respond to it on the thread. Earlier today in posts #10933 and #10943 on the Day-Trading thread you discussed support levels for GLE.T and suggested looking at a 10-day chart. I am trying to learn some basic T/A and have been using the 10-day java charts (with 1 minute intervals) at Canada StockWatch to try and identify changes in momentum. I am using 400 minute and 2000 minute EMAs to chart the moving averages and looking for crossovers. I am looking at the 10-day chart for GLE and would like to know what it is you saw that suggested the support levels you referred to. Actually you would need to look at a 14 day chart to see the support level. I was looking at another chart when I mentioned the support. However on the 10 day chart (15 minute candles) you could see how downward momentum was accelerating fast right before the bounce and that all indicators were in a huge oversold position. I usually don't use basic indicators because they lag the market and am normally a pattern guy (coiled springs, wedges, etc.) but I know everyone else is watching these indicators so when they turn they can become a self fulfilling prophecy. Now there was no way to know that it was going to bounce...it could have blown right through the support...however the odds were with you that it would bounce of the large support level. The two strategies would be to wait for confirmation on the bounce or buy at the support level is momentum slowed and put in a tight stop. If you go back and look at other large bounces off support you will notice a similar pattern of increasing downward momentum and huge oversold indicators. Best Regards KEITH