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[QUOTE]Originally posted by chuck9: [QB] Cisco, look at the following chart of Circuit City. You will see a red arrow. This is one of three reversal signals with confirmation that I received plus the retracement line, that the stock should reverse to the downside from this five-minute bar. You will also notice that there are a big red line and a big blue line. This is a moving average band. As long as the stock stays below the red line you are in a downward mode. Another reason is look at the black perpendicular line, follow it to the top and you will see another other indicator, which is a trend indicator. You will notice that the black or blue line of this indicator is below the center red line and moving down. This also took place at the same time that I got the reversal signals or red indicator and the retracement reading. This was the reason I went in at that particular time. Now if you will notice. Look at the big red line, which is part of the moving average band and follow it to your right, you will see that the stock is under the big red line until you see the green indicator reversing to the upside. This is how I traded this stock. And yes the retracement lies or --- Fibonacci ---. [IMG]http://i181.photobucket.com/albums/x243/charlesgarner9/cc---1CircuitCity.jpg[/IMG] chuck [IMG]http://i181.photobucket.com/albums/x243/charlesgarner9/ants2.jpg[/IMG] [/QB][/QUOTE]
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