Trading breakouts [By The Book]

Quote from the1:

I agree but the point I'm trying to make is that with the passage of time that type of area becomes less significant. If a stock takes 5 years to get back to a previous congestion zone most of those sellers are likely to be gone so the stock could move through that zone more freely.
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It all depends on how many times price either bounced off, or was rejected by that level. Obviously triple tops/bottom are stronger than double tops/bottoms and so on..

And passage of time does not apply to major market swings.

Take a look at 4/26/99 candle, and 3/27/00 candle on weekly for ebay.

http://content.screencast.com/users...e6-4a25-bad4-93409a47e3ab/2012-03-03_2020.png

Are you saying that because these swings happened so long ago that these levels price is respecting is just mere coincidence ?
 
Stocks for the coming week on my watchlist:

Can't always chase the high flyers..so here are some less amazing stocks.

OMG

JCS

ABD

AHC

CAS

CYTX

LCAV

RECN
 
SCSS ended its first half hour up strong.

Just made 52wk lows on FSLR.. OK, now where are those support buyers? I need backup here, NOW! lol.
 
Probably going to be stopped on ebay and utiw this week. Will reverse position as obviously my long position was not the way to go.

A break of support should now act as resistance. I'll look more a pull back to the resistance line, then more selling in the days following. This should indicate that the resistance level is holding.

only trade really working for me at the moment is this MHS. Adjusting stop to 67.74 based off of 30min bars. Hopefully the selloff continues and no real bounce takes place.
 
Stopped out on MHS. So much for the weakness I was expecting!

-321 on MHS

-1302 this week.
........

Moved stops to breakeven on SCSS. At least I can stop the bleeding to some degree and maybe recoup some of the losses from this week.

Other than that, my only other holding is Ebay and it closed up on the day for +54.
 
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