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Question - Blue Ice Failure ??

 
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tab321
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PostPosted: Sun Nov 21, 2004 4:57 pm    Post subject: Question - Blue Ice Failure ?? Reply with quote

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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