Perhaps I should have been more specific..On an intermediate time frame, this stock has been trading in a channel. This stock has now broken out of that channel and has initiated a new trading direction. Therefore, it IS a breakout. There was not enough volume traded in that channel over the last few months for it to be a threat to yesterday's breakout hence my earlier comparison to yesterday's volume. The way that WDRP behaves now after yestersay's trading will be the important thing to pay attention to and that was my point. WDRP is an entirely different animal than it was a week ago.
I will be the first to say, as I did last night, that WDRP is exhibiting some overbought characteristics. A stock can work off overbought/oversold conditions via time or price which it did a little of today. It may very well do it again tomorrow. I don't know, and neither do you. What I do know is that until a series of lower lows and highs is established, a breakout has occurred and this stock will go higher.
I may very well not be as 'educated' as you in the areas of technical analysis. My technical analysis is very simple. Support, resistance, and volume. Most importantly, I pay attention to which side is more aggressive. Today, I saw that the sellers were not very aggressive and as the stock reached certain levels, the buyers became more aggressive. That simple observation told me that the stock had bottomed for the day and was probably going higher so, I bought more. Guess what? It did. I use charts extensively and they are a valuable tool in my toolbox. However, a chart didn't tell me jack squat today.
You see, I don't need 50 indicators to confirm the confirmation of a confirmation of my original observation. My simplistic approach works very well for me. It makes me money and as you said, that's all that really matters. In any case, I guess we'll get to see if we'll get confirmation of that 'bearish engulfing thingamajig candle thingy' tomorrow.
-Dave-
