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Old 09-12-2007, 05:51 PM
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Re: DJIA Candles

So today provided yet another spinning top...



#1 was the long from 2 days ago.

#2 is today's green spinning top. You'll note that it's above the 200 SMA and below the 50. A nice sandwich going on here.

At this point, we'd be looking for a short if this new spinning top confirmed. If it does, the previous long would be a scratch or pretty close to it. Not all trades will deliver handsome profits, but you can't win the game if you are not in it.

It'd be nice if these patterns were a little farther apart, but perhaps that is telling us of the contracting price action going on currently. This coil will burst sooner or later and let's hope the candles put us on the right side of the trade.
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