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All,
I opened a long position with ADBE this morning at 36.6875. My
oscillators, using a combination of first and second derivatives (
explained about 6 months earlier) gave a positive signal on 8 July 97.
For those channel traders (and thanks to Jim Greening I am now one),
Adobe reached close to the top of what looks like an intermediate term
uptrend channel during the last week of June 1997. At that time it was
49.0. From them on, it began a steady plunge to 34.0 during the first
week in July. It also was slightly below the bottom of the intermediate
term channel.
But on the same day that it reached it's 34.0 low, it also closed
significantly up for the day and above the channel bottom. It broke out
of its short term downtrend channel on 8 July 97 reaching 38.69. On 11
July, I believed it non-confirmed its 34.0 low and is very close to
establishing a Trader Vic 1-2-3 short term trend change. I checked it
this morning, Adobe seemed to be acting good, so I established a
position.
If Adobe can break 38.69, I may double my position. From then on, it
looks, to me anyway, like it is good to go - - all the way to 50. I
would appreciate any comments, suggestions, or criticisms.
Thanks,
Jim DeWilder
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