Opinions Tech Analysts?

[#1]

Howzit all, I went short on ACL yesterday at the intraday high on a sell signal from 19-39 day MACD confirmed by RSI breaking out of it's overbought channel. Another indicator was the bearish marabuzo candle that formed on thurs as traders sold off before the weekend - I thought it signalled the start of a short term pullback. I had a target of 177 which corresponds to the 38,2% level retracing from the 30/1/08. I'm uncertain whether there will be more downside from present as it's up today but i'm not sure whether to cover my position now or back myself...don't want to get caught in the squueze. I would appreciate any comments and opinions,Thanks in advance

[john_1]

stick to your exit stratergy.

[#3]

I would have seen a pullback to the 21 day ema as a buying opportunity!

[#4]

just checked...which is exactly what it was...

[#5]

Thanks, I appreciate it. I must've got it wrong. Mabye the 19-39 day MACD lags too much. I'm at varsity and I've tried to read as much material as I can including Appel's self-authored book on MACD, which I use as my buy and sell signals and he suggests that one use a combination of 6-19, 12-26 and 19-39 to confirm. However, he goes on to say that it's better using a 19-39 day on the sell side so one doesn't get premature signals. I'm struggling to implement a strategy that works consistenly as I'm a student and I don't have that much capital to trade with. Ideally I would like to trade the ALSI but can't afford to. My goal is basically to build up my reserve so I can do just that. Is there any place I might seek advice as it's very difficult to seek internships at firms and so on. Thanks very much again

[#6]

I have some internships in my trading room....first basic rule....the ema's are support areas.....esp the 21 day....traders often wait for a pullback to this as an opportunity to get in...the important thing is a close above this....the second basic rule is chartist likes his G and T's pink with a dash of Angustora....

[#7]

Well is it possible that I might be able to get involved in one of these internships (or was it a joke?). I've spent time with Sanlam Investment Management and they more focused on fundamentals, which are equally important but didn't get any exposure to trading and it is what I want to do for a living one day so I've taken it upon myself to attend courses and buy the literature that seems worthwhile to read. Even at varsity they shy away from TA. I believe it's a powerful tool

[asylum]

Acl is a funny one at the moment with another price increase in the pipe line and shortage of steel, would be rather carefull shorting it at the moment.omo

[Russ]

Waiting,Chartist.

[SimonPB]

vrmmic003. john is right, you are in the trade now, focus on the risj manages=ment - that be your exits which should have been in place before you got in. Then after this trade forget about TA for a while and check your risk management because if that ain't right you will go bust before you master TA.

[#11]

well vrmmmmiiiiic.....yes u will certainly get exposure and yes it is a powerful tool (clearing my throat)....not a formal internship but I can show you the ropes....

[#12]

Well how might I get in touch with you?

[john_1]

Let me translate that for you. You will get exposed and have your throat cleared by a powerful tool and all this will be done while tied up with fur covered ropes.

[Preston]

Ya Mr C..I am still waiting for you to teach a novice like me...

[#15]

dont mind John...he harbours these fantasies ever since he has been to a pool party at my [email protected]

[#16]

I do manage my risk...my stops are in place as soon as the order in processed and I set them in conjunction with my risk profile

[#17]

Thanks

[#18]

I assume this is all academic by now?.....dont try and short a bull market....

[#19]

and leave the indicators.....they are despite what everyone says lagging indicators...all of them...they have limited use....ppl lose more money because of the k a k told to them about indicators what you will ever realize....

[#20]

ah preston....just saw your post hidden in there.....u bring the examination gloves and I would be happy to un novice you....