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EWZuber
1,373 posts
msg #31822
Ignore EWZuber
4/21/2004 3:41:38 PM

Txtrapper
There were two buy points with my method. One at support at $1.02 where several stochastic timings were oversold and one at the break of TL. Res. at $1.06. Since it gapped up then the second entry would have to be made at the open. So you be the judge for yourself.

travir, I am completely content posting and responding to unhostile responses. It seems though that there are those that feel the need to respond in a hostile manner.
Txtrapper responded to my post about ANCC saying that the Weekly chart full stochastics indicated that ANCC was a sell. When I challenged that assertion and asked for an explanation he changed the support for his assertion to the status of the 30 WK. WMA. Having detected hostilities from him before this inconsistency made it appear that he was searching for a way to discredit my statement.
These hostilities seem to have begun when I pointed out to him that one of his trades was overbought and testing a resistance trendline which is usually where a top is put in. Thats all I can come up with, because I don't think I initiated any hostilities.
Maybe this can be aired and resolved because this sort of exchange can be done in a respectful and constructive manner and everyone is better off.


TheRumpledOne
6,358 posts
msg #31851
Ignore TheRumpledOne
4/23/2004 4:31:58 PM

"Different strategies work well for different traders. There's no useful purpose of crying that your shovel digs any faster. Instead, I personally suppport and respect, intelegent opinion and supposition."

I support spell check!


EWZuber
1,373 posts
msg #31870
Ignore EWZuber
4/26/2004 3:39:07 AM

GIGM looks about ready to move higher. Closed the gap near the end of Fridays session. Stochastics look good.

ONT might be ready also. Supporting TL @ $1 needs to hold to keep the short term uptrend intact.
JMHO


EWZuber
1,373 posts
msg #31879
Ignore EWZuber
4/26/2004 12:56:54 PM

NASDAQ bounced down from a 3 Month Resistance TL this morning signaling the possible start of a rather significant drop over the next few weeks as mentioned earlier. With the index being oversold on the Hourly chart we may see another attempt at breaking this resistance during this accumulation cycle on the daily chart.
With the daily chart overbought in the 90s it seems unlikely that this resistance, if broken, would hold if tested as support.

SOX bounced down hard from the 25 DMA as resistance. This Daily chart accumulation phase is being muted by the Weekly Chart which has just begun a Distribution phase. Looks very weak right now.
JMHO


EWZuber
1,373 posts
msg #31894
Ignore EWZuber
4/27/2004 6:27:04 PM

NASDAQ tested TL Resistance again today, bouncing down on heavier volume. Testing simulated put positions entered yesterday for May 35 & 36.
Watching for a test of the 25 DMA at ~ 2020 as support. Seems unlikely it will hold.

SOX closed below a 1 month TL today with stochastics in distribution indicating more downside.

With a new 80G hard drive & XP PRO OS allows the use of DMI(2) again on my streaming charts. Looking at a filter that looks for stocks closing the session on the Hourly Chart with rising but not overbought stochastics and rising DMI+(2), SSPI & possibly EDAP.

OCTBB, WLSF.
JMHO


EWZuber
1,373 posts
msg #31907
Ignore EWZuber
4/28/2004 3:23:52 PM

If NASDAQ closes above 1992 today, watch for a bounce tomorrow morning. I suspect it may attempt to bounce up off of Trendline support. JMHO


EWZuber
1,373 posts
msg #31913
Ignore EWZuber
4/28/2004 5:19:58 PM

Sim puts on the QQQs closed up +80% and +66% today after only 2 days. With NASDAQ closing below TL Support at 1992 it looks like more downside is likely in the near term.
Notice that when the .COMP hit 1991.72 on the 5 minute chart, it actually gapped down to 1989.71. A gap down during the regular session is rare in an index, since it is composed of hundreds of stocks. This indicates that traders ( and computer automated trading systems ) were also watching this Trend Line. The index ran up to close the gap, tested it as resistance, confirmed it as resistance.
Two possibilities in the near term, there will be an attempt to regain the Trendline as support which would result in a bit of a retracement to allow retail traders to bid the market up a bit so the institutions can clean the table again, or the drop will intensify as they often do when a Trendline is broken.
Below this support is a 14 Month TL at about 1958, the 200 DMA at 1940, 10 Month MA. at 1938 and the 50 WK.MA at about 1900.
Primary Trendline support that defines the Market as bullish is at ~ 1650.
JMHO


travlr
80 posts
msg #31920
Ignore travlr
4/28/2004 10:16:17 PM

Hey Zuber,

I have noticed that you place most (all?) of your support/resistance emphasis on TL's and MA's. I don't remember (with out reviewing) you ever mentioning price zone support/resistance levels, which struck me this evening.

I have noticed that a lot analytical traders, such as your self, who pay attention to more of a Wykoff style of analysis, seem to place more of an emphasis on these "price zones" and volume there in. Although they do, naturally, pay attention to the TL's and MA's as well, they seem to prioritize the zones. Having respect for your methods of analysis, I wonder if you might comment on your experience with these price levels of support and resistance.

Thanks.

Have fun with your new piece of hardware.

travlr



EWZuber
1,373 posts
msg #31924
Ignore EWZuber
4/29/2004 4:49:45 AM

travlr
Good point. Price does play an important role in chart analysis. Its important to look at the price at cycle tops and bottoms in all time frames as support and resistance. You may have noticed that the stochastic cycle top on the long term Monthly Charts has coincided with resistance at the highs NASDAQ made back in Jan. of 2002.


We'll see this come into play more often now that the market has made a Long term Monthly Chart cycle top and dropped below that cycle high. When the next long term accumulation phase begins we will be seeing stocks rising into this resistance. There is an area of congestion, near term, at between about 2075 and 2154.
I think this TL support we are testing now is very important because this trendline on the .COMP Daily Chart is part of an inverted Head and Shoulders pattern. Its a basing pattern that is forming after testing long term price resistance. If the Trendline holds it will confirm the H&S pattern as bullish.
JMHO


EWZuber
1,373 posts
msg #31925
Ignore EWZuber
4/29/2004 11:42:48 AM

NASDAQ rose to test the trendline as resistance this morning now at 1993. So far it has broken above it but failed to confirm on a test of support. Still a few hours left within this Hourly chart accumulation phase.
5 Min. chart is oversold now and about to move higher to test todays intraday high at 1998.
Market is trying to establish a short term uptrend on the 5 min chart.
JMHO


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