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MSCC - Chart Formation

 
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tab321
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PostPosted: Fri Nov 19, 2004 2:08 pm    Post subject: MSCC - Chart Formation Reply with quote

The potential downside of MSCC is easy to see with the evening star set up in the daily chart. For sure, it looks like weakness has set in.

On the longer term view, one this weakness plays out.......MSCC has formed a beautiful double bottom base over the past year and all of that is easy to see on the weekly chart.

When this weakness has bottomed out, hopefully - we can catch the Candle Signal to get us back in because this stock should resume its trend and go up for a while when the signals and the market condition gets right.

Thanks for the alert on weakness that is brewing.
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TheBolts



Joined: 05 Nov 2004
Posts: 7
Location: Des Moines, Iowa

PostPosted: Wed Nov 24, 2004 10:15 am    Post subject: MSCC recommendation Reply with quote

11/19 Shorted MSCC on weakness and continue position as reccomended, by Steve. Does anyone else feel that MSCC going down soon is a pipe dream?
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tab321
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PostPosted: Wed Nov 24, 2004 12:29 pm    Post subject: Also Shorted MSCC - 6.5% Loss Right Now Reply with quote

I also shorted MSCC since it had formed an Evening Star but that pretty much got negated when it formed a morning star this week. I am at a loss of 6.5% and am hoping the low volume for the holiday will bring it down some and make for a better exit.

Since it formed such a solid double bottom.....on the weekly chart....and has broken out.....the up-run may be a very nice one when the weight and indecision of the market changes.

I was hoping for a nice pullback - good place to enter - then....take advantage of its 12 month consolidation via the double bottom. The pullback wanted to happen but it may not come our way.

TBeard
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tab321
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PostPosted: Wed Nov 24, 2004 12:33 pm    Post subject: MSCC - Forming Hanging Man right now Reply with quote

This Hanging Man forming right now on MSCC gives me some confidence that it could go down. I am still short. It sure could work out to be a nice trade. But - I plan to watch the previous/recent support area which is where the Double Bottom broke out. When it hits that....it will penetrate or bounce. If it bounces, I want to be out.

TBeard
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candlestick1
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Joined: 27 Jun 2004
Posts: 503
Location: Houston, Texas

PostPosted: Mon Nov 29, 2004 9:56 am    Post subject: MSCC Reply with quote

The positive open today puts the price above where the sell signals occurred, this should tell us that the buyers are still in control, close out the short positions.
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TheBolts



Joined: 05 Nov 2004
Posts: 7
Location: Des Moines, Iowa

PostPosted: Mon Nov 29, 2004 10:52 am    Post subject: MSCC Reply with quote

I got stung pretty badly on MSCC. Shorted according to recomendations at 16.60 on 11/19 and ended up getting out at 18.09 today. Not my idea of how to make money. Crying or Very sad
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candlestick1
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Joined: 27 Jun 2004
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PostPosted: Mon Nov 29, 2004 11:12 am    Post subject: what do the signals do for you Reply with quote

Keep in mind what the candlestick signals do for you. When the signal formed, and the markets in general appeared to be rolling over, the proper trade was the short MSCC. Do all trades to work? Definitely not, but the purpose of investing is to have your money in the highest probability trades. At that time, MSCC was forming a sell signal.
Was it a reversal or a pullback? At that point we did not know.

Having a portfolio of longs and shorts means that each position is placed based upon what the signals are telling you. Last week the prudent strategy was to have some longs and add some shorts. There was no indication whether this market would had a further or pullback. The best strategy at that point was to add some short positions. The MSCC chart indicated that it was a good possible short. Since that time, the buyers stepped back in. Today's trading above the recent high was confirmation
that the buyers were in control. If the short hadn't been covered last week, then it definitely should be covered on the strength today.

Remember, there will be positions that don't work. The candlestick signals showed you high probability trades. When those trades don't work,
close the position and find another high probability trade. Over time, you will make very good money by being in more good trades than bad trades, and the bad trades will have been closed out relatively quickly.
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dtdtrader



Joined: 15 Sep 2004
Posts: 24

PostPosted: Mon Nov 29, 2004 8:12 pm    Post subject: MSCC Reply with quote

Wouldn't it have been prudent to close the position on the 22nd since it closed more than halfway up the candle that created the signal? If not then, definitely on the 23rd when it closed above the gravestone doji?
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candlestick1
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PostPosted: Mon Nov 29, 2004 9:27 pm    Post subject: MSCC Reply with quote

yes, that is why I want everybody to able to make that evaluation on their own. Unfortunately, not being able to get a connection from chicago, the chart of MSCC showed buying coming in over the past few days. Use the signals to make the evaluations.
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