VPHM Update

Posted by downtowntrader | 11/09/2005 12:49:00 AM | 0 comments »

VPHM finished a little weak today, weaker then I expected. As I drill down in time frames, I see some things I don't like, but I can't deny that there is still strength here. My current plan is to hold my core, which I've held since 9.90 and continue day and swing trading it when it's trending.
The daily shows a day of consolidation. Tested previous low, but reversed before touching it.
The hourly above chart is also still fairly healthy. It is still above the previous channel and volume was lower on todays pullback.

The 5 minute chart above is the one that has me the most nervous, as it is a possible head and shoulders. Keep in mind, that this is an intraday chart, and a breakdown would imply a closing of the gap. If you are swing trading or hold a longer term position, this would be a minor move. But if you day trade large blocks (like I do) then it may be prudent to exit on a breakdown and buy back in at support. Another important thing is to wait for confirmation to either side. The head and shoulders, could actually be a double or triple bottom forming as well. Good Luck.

DT

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