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Registered User
Joined: 10/7/2004
Posts: 2,126
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This is biotech so watch your step. Nevertheless it looks very nice. I just realize than the chart had note on 4-13. It has been in my system 8 days.
Nice price, nice volume, nice uptrend.
good luck
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Registered User
Joined: 11/14/2005
Posts: 7
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Not behaving too well so far... unless you posted it as a short, Bigblock..??!
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 Gold Customer
Joined: 4/10/2006
Posts: 954
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This looks like another case of the DOUBLE...In a short time frame. I think it will bounce off of 1.65-1.75. And if this stock does indeed have a story it will recover to 2.10 -2.20
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Gold Customer
Joined: 4/10/2006
Posts: 954
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I have not position.
Break out was at 1.19...2.20-2.40 was approching the double...I think I will call this the "DoublePlay" DP.
Is there news or anything else in the works.
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Registered User
Joined: 12/8/2004
Posts: 1,301
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I show the stock is beginning its wave 4 downtrend. The range for this downtrend is pretty wide from 1.44 to 1.89. We already hit 1.89, but I have not seen a reversal candle yet so there is probably more downside, but it still will have a wave 5 uptrend that should take the stock higher.
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Gold Customer
Joined: 4/10/2006
Posts: 954
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1.80-1.84 Revise bounce area, at least for today.
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Registered User
Joined: 11/14/2005
Posts: 7
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Thanks for your responses.
John
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Registered User
Joined: 10/7/2004
Posts: 2,126
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Not sure what is going on here folks. I have checked news sources and there is nothing in the way. Obviously some folks know something I or we don't. It is a biotech as I originally mentioned in my post and that always brings added volatility, but in this case I am not sure what is triggering.
Stochastics showed overbought conditions and this may be just a normal correction. I have to agree it looks ugly.
My system brought up this equity back on 4/6/06 at an entry point of 1.89, so at this point it is just loosing -0.53%.
A 10% trail stop which is what I recommend for longer time frame traders should have gotten you out at 2.37 for a 0.48 profit on the trade in just 8 trading days.
all indicators are still in positive territory, MA's lining properly and it is perhaps too early to tell what is going on here. If you don't want to ride the correction, or are afraid to short, I recomend you get out and wait for better conditions to position yourself long again. There is some stronget suppor at about 1.69.
good luck
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