Re: [CANSLIM] HITK

From: "Pete" <peten123@nc.rr.com>
Subject: Re: [CANSLIM] HITK
Date: Mon, 28 Jul 2003 15:23:53 -0400

Next Article (by Author): [CANSLIM] CCMP BRKS "Pete"
Previous Article (by Author): Re: [CANSLIM] HITK -- member observation "Gene Ricci"
Top of Thread: Re: [CANSLIM] HITK "DMC197807"
Articles sorted by: [Date] [Author] [Subject]

Message>>I'm always curious when someone mentions a pivot point.  Where is
the pivot point you are referring to?

I'm actually referring to the top of the base formed in Feb with two
attempts at 20 then in late March it passed thru 20 on high volume and
succeeded the pivot point might be a little less so to me the chart appears
to be falling like a knife towards the top of this base where I have seen
support form, (I've also seen it fail which is what stops are for).  Then on
7/16 you had a high volume day take you down with a low of 25, 7/17 less
volume tigher range, 7/18, less up slightly, wedging up here, 7/19 down on
less volume, 7/20 down big on bigger volume but about 60% of 7/16's volume,
7/21 inside day on less volume, 7/22 tail (open/close high end of daily
range) on less volume.  Today it gaps up inside the low of 7/16 which sets
up an aggressive intermediate trade or a daytrade which sounds like Gene
took, wish I'd seen it.  The daytrade is probably your best risk/reward
buying at 25.75 and risking .25 to .50 and taking 2-1 profits of .50 or
still holding for the $1 profit.  And, actually, I guess you could take an
intermediate trade at 25.75 with a stop at 25.25 taking half off for $1
profit  letting the rest ride with a trailing stop.  Unforunately, in my
case this hindsight and a good example of why planning a trade is important.

Pete


- -
- -To subscribe/unsubscribe, email "majordomo@xmission.com"
- -In the email body, write "subscribe canslim" or
- -"unsubscribe canslim".  Do not use quotes in your email.

Go to Jeff Salisbury LWGate Home Page.