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5/20/2001Monday plan:
5/18/2001 was very important day for me we were at the juncture either to go
higher or reverse down, I waited the whole day Friday to see some evidence of
direction, it came around the close and I explained yesterday why I am favoring
continuation of the trend up.
I know some traders has taken short positions on the close last Friday.
In fact, the way NASDAQ behaved around the close tells me that Monday they
will squeeze the shorts and force them to cover the short and that will add more
fuel to the trend to continue up.(2 day NASDAQ stall at the resistance level and
never reverse, I think a lot accumulated short positions it was so obvious a
resistance level and turning point) maybe it is a trap for the trader who took
short position and the surprise on Monday when the start forcing them to cover.
There is a cup with pattern formation for NASDAQ on 60 min and daily bar.
Below is taken from my personal summery file for this particular pattern.
Tomorrow if you see break of the resistance “don’t” jump in on the long side,
wait until throwback occur (75% chance) then use your judgment to enter.
My personal plan: since I am already long and this swing is risk free since I
moved my stop higher I will keep riding the wave up and I may start pyramiding.
Happy trading,
Haytham
5/21/2001
NASDAQ behaved as expected today, my next target for NASDAQ comp is above
2600, I will be starting looking closely on technical analysis(for exit
sign)when it reach that level or next Thursday and Friday(which ever comes
first). I added to my initial position today(pyramiding).
5/29/2001 -/+1 trading day we may have confirmation of reversal(how
significant? will see :-) )
Keep your seat buckled and happy trading,
Haytham
Date Posted: 19:07:57 5/21/01
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