Tuesday, November 29, 2011

PEIX Follow Up

A lot of members made good money using the crossover screen and buying the first pullback to the 10-day moving average. I warned not to buy the second pullback to the 10-day, but let it pullback deeper between the 10 and 22 or to the 22 as this is often the case (the first pullback to the 10-day the second to the 22 day).

The long signal remains, but the pullback, as expected, is deeper then the yellow 10-day m.a.

This probably means that buying opportunity will pop up soon, I don't think we are quite there yet.

There are some signs on the 5-10 minute 3C charts that accumulation has started so I would give it another day or two and see if we can't get a low risk/high probability entry for another leg up (the last one was good for 165+% and intraday, closer to 200%!

Patience.

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