Watching DirecTV

A setup is coming together in DirecTV (DTV), so let's take a look at an old DirecTV trade first -- because, as a general rule in technical analysis, examining the past can help us to predict the future.

DirecTV (DTV) -- Daily (Old Setup) Source: Dynamic Trader View Chart » View in New Window »

The old setup is illustrated in the daily chart above: The stock hit a low on June 27 at the confluence of some beautiful price symmetry, along with a 0.618 retracement of a prior major swing and a 1.272 extension of a prior swing. The symmetry -- or coincidence of 100% projections of prior swings in the same direction -- was a main component of this setup. If you'll notice, the prior declines were all very similar in price: $7.15, $7.48, $7.46 and $7.35. Now, symmetry won't always hold, but because it does so quite often, it is very much worth watching....216 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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