Forum Archive Index - September 2003

["Morgy" <ica.sports@xtra.co.nz>]

Haggis

Loved the Subject line, good one

I am just working through a system for stocks like you are suggesting for
exactly those reasons, Daryl Guppy has some systems based on support and
resistance, volume (a must) , median price and daily range. It is not a high
ROI percentage wise, very low in fact but once mastered it is a way of
producing income alongside a more balanced trading plan. I have been using a
1 - 3 day momentum system for the last week with solid results and I am
searching for those stocks that have a bullish range and viability within my
trading account to provide a couple of candidates for a day trade. I wouldnt
use a order on open but a trigger above the close of yesterday which if you
get the right stock moves into its support and resistance pattern. While XEL
has tracked down it is still following support and resistance levels @ .05
cents.

My only other vital suggestion is using weekly charts to ascertain that the
last week was up, the overall  "weekly" chart trend is bullish and MACD or
whatever you use is showing "up" and not too overbought. This gives a  level
of confidence and also gives a weekly range to work on. I dont use a lot of
indicators but almost exclusively rely on the Guppy MMA system which for XEL
showed the longterm group had crossed the short term group but had not
spread out enough to show sustained investor support and a fully fledged
uptrend in progress.



 I noted XEL was showing overbought signals  (not hugely significant given
the vertical nature of the chart pattern) and volume had dropped off to 70 %
(approx) of the previous week, momentum was leveling off, looked like all
those underwritten shares that the broker got caught with got sold off, they
were probably recommending them through their newsletters or offered to
selected valued clients (yeah right) and then dumped them, Having a 4 to 1
sell order line is a bit of a giveaway, bastards.

Disclosure: Hold no xel.  All comments and ideas related above have been
totally plagarised from information ascertained through research and study
of many peoples origonal thinking. I can honestly say I have not had one
origonal thought in relation to skills involved in TA or trading methodolgy.
This should give people confidence.

Wonderful and marvelous

Regards

Morgy





----- Original Message ----- 
From: "Lazy Haggis" <lazyhaggis@hotmail.com>
To: <sharechat@sharechat.co.nz>
Sent: Thursday, September 11, 2003 5:25 PM
Subject: [sharechat] XEL - Good Selling at 13c


> Sell into strength and buy into weakness, then repeat.
>
> XEL provides good trading SELL points in the 12c to 14c range, then look
for
> retracement to the 9c to 11c range for buying. Good trading for the next
few
> days.
>
> Morgy, love your factual clarity and observation of reality. Keep up the
> good work.
>
> Have a great evening everyone,
>
> Lazy Haggis
> (The Mumbo Jumbo Filter)
>
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