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question to last newsletter example

 
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KarlaF



Joined: 27 Oct 2004
Posts: 25

PostPosted: Fri May 18, 2007 1:45 am    Post subject: question to last newsletter example Reply with quote

hi all,

i have a question to the last candlestick newsletter from 05.18.

it's the example of PALM.
i'm always struggling when it comes to a signal like this.
a bullish engulfing on a major moving average and a close above the tee line.
BUT very tight below the next major moving average ma(20).
so what has more meaning and why?
a) the bullish signal in a downtrend (because price is below ma20 and ma50)
or b) the possibility that it is only the pullback to a major moving average.
does an entry makes sense even if the resistance of a moving average is very near?
and volume wasn't very high.
how do you play this?

many thanks for some seriuos opinions
karla
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zeno



Joined: 28 Jul 2006
Posts: 2

PostPosted: Sun May 20, 2007 5:22 am    Post subject: PALM Reply with quote

I don't think anyone can give you a definite answer.

It depends on your BELIEVE about these EMA's or SMA's.

PALM is obviously in a downtrend, so going long near an obvious overhead resistance level (17 $) is a risky play, imho.

Why fight the trend? I have given up this sort of bottom fishing quite a while ago. It didn't work for me.

Gruss
Erich
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KarlaF



Joined: 27 Oct 2004
Posts: 25

PostPosted: Mon May 21, 2007 12:47 pm    Post subject: Reply with quote

danke Erich

yes i find it also difficult to decide which support will hold in a downtrend.
that is always the difference between text book examples and real trading <g>.

thanks karla
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