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"Blue Ice Failure" - Defined

 
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PostPosted: Wed Nov 24, 2004 10:48 am    Post subject: "Blue Ice Failure" - Defined Reply with quote

Blue Ice Failure is a term used by David Elliot. It refers to a trend coming down through a major moving average such as the 50 Day or 200 Day MA. The price then retreats back up to test recovery but fails to recover or hold the area. Next, the price continues its downward movement. A Candle Sell Signal such as a Bearish Harami can reveal the price is not going to make it back through the major Moving Average.....so SHORT the stock at the signal.

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What is the pure definition of a "Blue Ice Failure" - looked in the Candlestick book and did not find it. Sounds like it has something to do with not being able to recover above the 50 Day MA but a strict definition would be appreciated. Is it failure to recover the 50 Day MA or is it failure after a doji and/or hanging man or is it stochastics turning down at the 50 Day MA?? Please elaborate a bit - thanks.

The term was used on the 16th of November in the Picks Comments:

Comments posted on November 16th for Trading Day - November 17th:

Short ABGX. After it came up to the 50-day moving average, it formed a Hanging Man and a Doji, and then confirmed with a selling day on Tuesday. Short this one on weakness. The stochastics are turning down. This is what you call a "Blue Ice Failure". It came back up to test the 50-day moving average and failed to do so, which means they will probably take it down below the recent low of around $7.60.
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