Monday, January 22, 2007

Another take on it

Really I almost hate to post this, since there will probably be a dozen questions in chat. Plus, I posted this comment last week:
"Wait for green, green hold, must open green."

Well (wince), I do sometimes buy on RED, but when the RED is more like GREEN, ya know??

K, look at the MEMY chart here from today. Close Friday was 3.46. Went big red today, Monday 01.22.07, went down to a LOD of 3.10. Started moving up, and made a 10/60 cross at 2:30. HUGE volume spike a few minutes later as confirmation (see yellow circles on chart). From deep RED to a close of 3.45, a penny off of Friday's close.

Oh yeah, I can be a buyer on RED when the setup is right. Thing to remember is the dayrangers Muddy puts up are a different breed of stock (at least for the next week or two or three). When they go, they move big, whether that be up or down.

BTW, if you are really reading Muddy's blog posts, he said this on his last dayrangers post:

"Green hold and/or 10/60 sma 5 minute cross"

1 comment: