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Abe and others who are following SLXP trade
After 4 days from breakout/thrust up on high vol (blue arrow) my read is above avg accumulation with only one distribution day (a stall day). Will hold for 3 more days or 5% loss.
That's my assessment as well. I like that SLXP is still trading higher in price than the 5 heaviest volume bars on the 15 minute chart. I might add IF HEAVY VOLUME pushes it back up to 52.5.
Disclosure - I own this one.
Those low volume 2% extensions to new highs are often good sell opportunities. Hey, I mean 2% is 2%. I got out of RAX and CDNS yesterday based on that sell rule.
On SLXP, I am still enamored. I regard today as day one of the next 3-4 day set. My rule does say hold for three more days or 5% loss. That is the framework within which i will conduct my weighting of accumulation and distribution. Really the rule is "plan to hold for 3 more days or 5% loss". If we get 2 days of very heavy distribution, you might cut the position at breakeven or 2% loss. Feel free to adjust the rule to accomodate the 3 day weighting of accumulation and distribution as you see it.
If you look at LNKD on 3/14 - 3/15 - 3/16 it is quite obvious that the downward weighting of accumulation & distribution will at least bog down any buyers and more likely produce the results that we see today. In my view it will take a pocket pivot volume day to draw my interest in any new position.
Hi Abe..I'm curious to know why you would sell RAX (yesterday) if you are sitting steady on nice gains (assuming you bought it at breakout)??
Apparently it was an error. I'm a little twitchy that way. It was a 2nd leg new high on fairly low volume and up more than 2%. So it is still a win of a couple of percent. I'm not convinced that RAX is the big winner it is advertising itself to be because after tax margin is a lowly 8.8%. Note that all the trade of the last few weeks has been lower in price than the heaviest volume day on 2/14. Those factors added up to enough to get me out.
The easiest money is made launching off the 50 day line, so I've no problem going to cash to wait for the next one.
Hi guys..curious to know your thought so far on SLXP from a technical perspective...thanks, Susanne
My read on SLXP over the last 3 days is one accumulation day with just above 50 DMA vol. So watch for another 3 days for accumulation...so far this morning a gap down but no inst selling on 15 min chart. Abe....I bet you noticed the continued low vol plays pushing it up 2% on Wed ?
Correction...accumlation day vol was just below 50 DMA vol....Need some coffee!!
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