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MRX - Hammer/Double Bottom

 
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tab321
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PostPosted: Sun Jan 02, 2005 8:39 am    Post subject: MRX - Hammer/Double Bottom Reply with quote

Guys - if you like watching for a bottom, MRX could be making a double bottom with this hammer which is a repeat of the hammer during the first week of December. Here is the photo:



Kamada is no idiot - this is his chart....he would say:
Quote:
Long MRX if it trades above 35.29. The initial target is 36.20-36.55. Place a stop just below today's low (34.64).


This is not a buy rec - just a good chart and signal for you to watch and learn something.

TBeard
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n7kon



Joined: 09 Oct 2004
Posts: 52

PostPosted: Sun Jan 02, 2005 6:55 pm    Post subject: MRX Reply with quote

Good chart I hope Steve comments on this one. Looking at the chart if you were to draw a trend line from the high in late Oct down to the last bounce up just before the hammer you point out, that should be strong resistance. I know Steve likes the weekly charts, but the weekly and monthly are high showing signs of a down trend. I think we will see a short term bounce to about $36 then either a triple bottom or a lower low. That is unless there is something that drives it up above the trend line. Just a rookies opinion any ways.
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JimSpeer



Joined: 03 Dec 2004
Posts: 136
Location: Milwaukee WI

PostPosted: Mon Jan 03, 2005 11:14 am    Post subject: How to chart Reply with quote

TBeard,

2 questions (maybe 3)

How did you put the chart into the message?

So...how would you translate this into Candlestick trading?
Is the buy signal some type of confirmation of the harami?
Is the exit at 36ish a candle signal or something else?

Jim
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tab321
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PostPosted: Mon Jan 03, 2005 10:33 pm    Post subject: Questions Reply with quote

Jim

To put the chart into the message.....it has to be a chart or image that exists on the internet somewhere. In the case of the image above, it does reside at http//images.tradingmarkets.com/2004/Kamada/tk123004-06.gif SO - while typing your message, click on IMG which is located in the menu items under the SUBJECT line above - paste in the link - then click on IMG again to close it. Your image will show up unless the website moves the image. Putting in images from your hard drive is something that cannot be done. As I say, the image must reside somewhere on the internet to use the IMG Feature.

Is the buy signal some type of confirmation of the harami? YES - trading above the price mentioned is confirmation of the buy signal generated by the Harami.
Is the exit at 36ish a candle signal or something else? The exit is a price determined by Kamada and he usually uses support areas to name the exit. I am not exactly sure how he chooses his exits each time but it is usually a support line

Hope this helps
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KauaiDave



Joined: 04 Jan 2005
Posts: 2
Location: Newporsche Beach

PostPosted: Tue Jan 04, 2005 12:19 am    Post subject: stocks to watch Reply with quote

I spent the whole weekend reading Steve's book and looking ct charts.
My computer went down, and I lost my best chart/pick however I remember
I liked EVOL which had a kicker on the daily, but it got slammed by todays deadfall, another stock I picked that actually went UP today afterall is CYBX.

Actually it went down with everything else, but recovered with strength and formed a huge white candle, it is only the wick that goes above yesterday, but I think it will take off from here, IF the market recovers a bit.

Cheers, KD
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