March 7 TWI Workshop

2-28

13:11:19

 QLogic (QLGC)
is setting up in a counter trend rally off its recent low. QLGC is currently
up 0.63 to 42.08 and is holding a

3-month relative strength rank of 9 from TradingMarkets.com.

 

 

QLogic (QLGC)
has lost nearly 5 points out of the pattern, and is still heading downward.

 

 

3-5

What does being a successful trader entail? First, it means having the
discipline to wait for follow through before putting on position, and putting
your ego aside and being flexible when you are wrong.

 

 

A couple of nights ago I put up Silicon Labs (SLAB)
in the Nightly Daytraders Report as a possible short candidate since
it had traded slightly below the previous low and appeared to be a good bet to
continue in the direction of its downtrend. However, the stock would only be
valid if it could take out the low of the last bar on the chart the next day,
which it did not.

 

 

Waiting for follow through here would have saved you from a
loss, as the stock has stayed strong for three days since. When the tape is
telling you what is up, you go with it.

 12:33:06

Silicon Laboratories (SLAB)
is beginning to pull back from the intraday high. SLAB is now up 1.83 to
35.91.

 The stock formed a Slim Jim soon after this post and broke out
for more than 1 point out of the pattern.

 

3-6

11:59:44

The Nasdaq Composite ($NDX.X)
is trying to break out of an ascending triangle on the intraday chart. The
index is up 1.06 to 1867.35.

 

 

The index was just touching the top of the triangle as the alert
went up. After the successful breakout started, some of the members in the room
started to inquire about a possible inverted head and shoulders on the intraday
chart, which it had formed.