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Saturday, May 3, 2008

Hope Not

Hope not for easy success in one’s work, because without difficulties and failures, one tends to undervalue others and become overly proud.

Everyone has a niche. Before, my niche was trading STP. Now, I believe my niche is TWM and IWM. I wrote that if IWM breaks 72 then the next resistance is 74. No one believed me and said that it was impossible for IWM to go above 72. IWM went as high as 73.50 before coming back down.

Beating a dead horse again, but use the 200sma.
103% x 200sma for the upside (resistance)
97% x 200sma for the downside (support)

I use both P&F and the above method.

Do you see that even as the stock is dropping, On Balance Volume has not dropped?

200ma = 73.22 x .97 = 71.0234 (on the close)

It's a buy until it closes below 71 for 2 consective days.

And if it cannot break 200ma = 73.22 x 1.03 = 75.4166, it won't go higher.