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perry



Joined: 13 Dec 2004
Posts: 7
Location: Florida

PostPosted: Thu Dec 30, 2004 9:33 pm    Post subject: question. Reply with quote

tab 321 are you out there? i am currently looking at IPIX and what i think i see is the Rising Three Method. is that correct? so that means the trend should be upward.
Also looking at SFLK. seems to me it posted a hanging man with a doji following. i want in. do i wait and see what the following day brings. it is said that a hanging man is the sign of reversal, is that true.
Thats all for now. thanks, perry.
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tab321
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PostPosted: Thu Dec 30, 2004 11:05 pm    Post subject: Your Questions Reply with quote

Perry - Hope you have a Happy New Year's Day

First - I am not that schooled up on the Rising Star Method so I cannot comment on that pattern. I usually focus on the 12 Major Signals. No doubt, I need to get around to learning the rest but I am really still trying to perfect my knowledge and use of the major twelve signals.

If IPIX can get above its 50 Day MA, it would probably make a good effort to run for the 8.50 area. And, the recent bullish action sure builds a case for doing that. So - see what it can do with the 50 Day MA. If it goes through it to the upside - stay in. If it fails to go through it - get out and watch for the next buy signal.

As for SFLK, you are correct on the Hanging Man pattern and Hanging Man Candles do need confirmation but the problem is that Hanging Man patterns work best when the Stochastics are in oversold conditions. This stock is not in an oversold condition. And it may have a lot of upside juice left in those inverted hammers that appeared a few days ago - especially since they appeared in an oversold condition with the stochastics below 20. Moreover, with the market in such a bullish mood, it is going to be hard to make money on the short side.

Hope my thoughts help. Happy New Year

TBeard
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perry



Joined: 13 Dec 2004
Posts: 7
Location: Florida

PostPosted: Sat Jan 01, 2005 11:15 pm    Post subject: reply Reply with quote

thanks for you thoughts on SFLK AND IPIX. HOPE you have a great new year, i hope we all have a great and profitable new year. talk to you soon. Perry
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