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In a message dated 11/4/00 10:56:15 AM Eastern Standard Time,
harelsdb@xxxxxxxxxxx writes:
<< I have gotten pretty good at trading short term swings in big stocks for
two
or three points but, I would like to get better at trading bigger picture
patterns. A couple of patterns that seem to be developing are a desending
triangle with JNJ and a double top with NTAP. Both have broken their trend
line. Do these look as promising as I think or am I missing something? How
would anybody trade these on the short side?
Thanks, >>
Lessee...
Looking a daily charts...
NTAP did break the channel, stochastics look oversold though, so I'm looking
for a fib retracement to 121.40 (or in the vicinity) for a selling
opportunity, maybe next week sometime.
JNJ hasn't really broken out yet (morning star candle pattern even, so I'm
expect at least a short term up move), so I just might buy on Monday for a
few ticks intraday (I'd want to look at an hourly chart to find an entry if I
was trading it for real), but by and large my inclination here is to just
wait for the daily chart break, if I'm end-of-day trading. Certainly not a
clear breakout yet.
Just my $.02.
Rgrds.
Jonathan
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