AI
Monday, August 21, 2006 7:29:05 PM
nowisthetime...
You wrote..." I'm conflicted with the slowness of the read on weekly when the daily indicates a move back in."
Are you more interested in speed or a "Safe trade"? I'm not busting your chops here, but I thought I would take advantage of your post to prove a point to all.
Everybody here is here to make money in the stock market, initially I figure, most want to make it quick, hell I know I did. But to make a very long story short, I found it was much better to be patient and wait for confirmation before "Getting excited and Jumping in" Until I figured this out, I lost more than I made.
I didn't know there was a weekly chart much less how to interpret it. But once I figured it out, suddenly most of my trades were profitable.
As for cnxt, it had a great week last week, actually too good. Last weeks candle closed well above the 5wma and even closed above the 10 wma, this is a sure sign to me that the move is over for a couple weeks until the 5 wma breaks above the 10 wma. I want to see a cross of 5/10 wmas on a weekly chart before I personally would feel comfortable with an entry point. The daily chart looks good except for the fact that it is over extended which indicates a pullback is on its way.
I think a good entry point COULD be about 1.80, but at that poiint I would need to look at the chart again. CNXT has been in a strong downtrend since June, Trends dont reverse that fast, but they do reverse, I just want better confirmation of the trend reversal before I felt it was a safe trade that will make me money.
>
You wrote..." I'm conflicted with the slowness of the read on weekly when the daily indicates a move back in."
Are you more interested in speed or a "Safe trade"? I'm not busting your chops here, but I thought I would take advantage of your post to prove a point to all.
Everybody here is here to make money in the stock market, initially I figure, most want to make it quick, hell I know I did. But to make a very long story short, I found it was much better to be patient and wait for confirmation before "Getting excited and Jumping in" Until I figured this out, I lost more than I made.
I didn't know there was a weekly chart much less how to interpret it. But once I figured it out, suddenly most of my trades were profitable.
As for cnxt, it had a great week last week, actually too good. Last weeks candle closed well above the 5wma and even closed above the 10 wma, this is a sure sign to me that the move is over for a couple weeks until the 5 wma breaks above the 10 wma. I want to see a cross of 5/10 wmas on a weekly chart before I personally would feel comfortable with an entry point. The daily chart looks good except for the fact that it is over extended which indicates a pullback is on its way.
I think a good entry point COULD be about 1.80, but at that poiint I would need to look at the chart again. CNXT has been in a strong downtrend since June, Trends dont reverse that fast, but they do reverse, I just want better confirmation of the trend reversal before I felt it was a safe trade that will make me money.
>
WT
"Everyone has genius in them, you just need to find out what it is" Robert Kiyosaki
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