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Can the Q’s Pull Off a Successful Scale of Mount Improbable?

By Michelle B on Mar 22, 2007 in Michelle B's Posts, Stock Market

Michelle B submits:

Do the Q’s have a hefty oxygen tank of a striving economy on its back as it claws its way up a tough path? The monthly chart for the QQQQ show the rarefied air suspended over it at present prices.

qqqq monthly 3

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  1. 5 Comment(s)

  2. By LP on Mar 23, 2007 | Reply

    Michelle,

    The comments on your capitulation trade are closed, but I want to thank you so much for the post. I have been trying to trade this style and find it extremely difficult but when I do hit it, the rewards is great. My problems arise from the fact that I can’t read price and volume action properly. I thought I could but I realize that I absolutely can’t. Jamie recommended a book that I bought to understand this concept properly Techniques of Tape Reading by Vadym Graifer. Do you have any recommendations on how I could get better at reading the two?

    Thank you,
    LP

  3. By Michelle B on Mar 23, 2007 | Reply

    Hi LP!

    I think Graifer co-authored a book with Chris Schumacher. Check out Schumacher’s website, Realitytrader–he has a video series on tape reading also I believe.

    I first learned about trades based on capitulation when reading Schumacher’s column at RealMoney.

    I will eventually write a post on what I know about capitulation trades for you, but at present I am having technical problems once again.

  4. By LP on Mar 23, 2007 | Reply

    Michelle,

    A thousand thank yous to you and I look forward to you debunking the myth that the capitulation trade is ultra dangerous.

    LP

  5. By ADD Trader on Mar 26, 2007 | Reply

    Hi LP

    I read Techniques of Tape Reading a while back, and it has some interesting info on price/volume and S/R interaction. However I suspect most of the techniques were learned pre-2000 (bubble burst), and wonder how well they apply to today’s market action.

    ADD Trader

  6. By LP on Mar 26, 2007 | Reply

    ADD,

    I hear you but if I get one or two things out of it, it may be worth thousands and thousands to me. I’m under the belief that volume is the key and I have noticed some things that lead me to believe that I need to start understanding it better. However, thank you for advising as I keep in mind the tech market luncay as I read the book.

    Thanks,
    LP

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