Posted on July 21st, 2008 at 09:26 AM
One of the stocks that we looked at during our free "Learn Successful Trading" seminar in New York City over the weekend was Elan Corp.
ELN was in a perfect False Bar Stochastic Buy opportunity with an entry at the cross of the Regression Trend Channels. Our ultimate target for ELN is 38.85 which is our MOB level. I've also added a Gann Box which helps me manage the stops and provides some additional trade targets that can be used to exit out of parts of our position before the MOB. The aggressive trader can use the first Gann Level of 35.47 (the blue 2X1 Level) as a initial target and a place to adjust the stop to the entry price.
Ron Wheeler
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