Thursday, February 21, 2008

DVN again

A lot of choppy activity in stocks today. A lot of indecision across the board. DVN provided a nice set-up on the short side today (actually the long side as well). The tweezer bottom reversal, combined with increasing upside momentum, gave good reason to take a long position. Had I more confidence perhaps I would have gone long there. As volume dried up on the upside three doji-like candles formed on the 5-min. and on the 15-min. time-frame an Evening Star top reversal pattern took shape. This pattern then led to a three black crows pattern. How many more candlestick patterns do you need to talk you into taking a position? The more the better for me.

No comments: