3309 Drysdale Ct
Edwardsville, IL 62025
Oil getting drilled. That diamond made for a nice trade.
DUG, DRIP, ERY. Will take a little profit here, but
that's an ugly candle and nothing else about this chart says
bottoming. We'll see if it can go to $62 next.
DIS... no news that I found. What I do see - and this is
something I've worked into my own strategies/plans - is when
there's a big volume day like there was on Monday, and volume
wasn't building leading up to that spike, I tend to monitor for a
few days after to see if price comes back down for a better entry.
Others here may have better explanations, but those look to
me like some institutional buyer went on a buying spree and didn't
care if their own demand drove up the price. So after the
buying spree ends and there are no other buyers up there, price
pulls back to where the buyers/sellers were previously.
Long-term, the volume can be a bullish indicator, but some
pullback is logical if price spiked with volume.
Speculating a little, too... I've noticed on many charts that
the alogs get happy when the 9 crosses up over the 50. Not
guaranteed, but happens a lot. You get a price spike followed
by a logical pullback or consolidation. Alone it's not a buy
signal for me, but when other indicators align, I love getting an
entry just as the 9 is about to cross up and over.
Thanks. One of the many things I've learned here.
KL gold stock... I've posted this a couple of times recently for
the IHS pattern, which I still like. Was monitoring for an
entry and almost bought yesterday but noticed the rising wedge
(better seen on the 30min) that is now playing out.
Longer-term, still looks good. Wedge target is around
$39.95 which roughly corresponds to the 200MA, so a move down to
that or the middle BB would get me interested in a buy.
(Edit: had wrong price target. fixed now).
/CL... diamond topping pattern playing out. It did bounce
off the 50ma today, but if that lets go, a whooosh down to the
$61.80 area seems likely. DRIP, DUG, ERY.
+1000 TICK pullback... Interesting observation; thanks for
sharing. How far back have you studied? Asking because,
if I understand correctly, I see on Jul 1st and 9th that it
exceeded 1000 and both were trend days. I haven't looked
farther back but will over the weekend.
Lumber getting taken to the woodshed....
I like FinViz for a consolidated visual snapshot of the markets.
KL and AEM looking interesting, too. Posted these a while
back as potential IHS patterns. Starting to play out.
Of the two, KL looks better to me as it's already cleared
some overhead resistance.
GE retraced and tagged its BO support. Monitoring, not
buying - went mostly all cash before leaving for vacation and will
stay that way. Market too messy to trade while traveling.
Apologies for clunky chart - posted from mobile
Interesting post from another site I hang out on; may have been
The Nasdaq Composite closed at a 52-week high today, something
it's done 1,080 times since 1984.
On those days, an average of 50% of stocks on the Nasdaq
advanced on the day.
Today, 31% of stocks on the exchange advanced. That's the
lowest out of all those 1,080 days.
GE - looking good
VIAC looking good coming off a bottom, too. Starting to
pick up some volume as well.
Yeah, this has been a great trade. Making up for my poor
entry on HLX...
Yeah, exited awhile back. Downside of not being able to manage
more than 8-10 positions is that I don't keep very small positions
to let them run like this; I close to make room for something new.
I don't like putting in stop orders on bigger positions, but
may need to think about doing that just in these situations so I
can leave a little to run.
LPI - absolutely unstoppable. Long ago exited, but it
continues to ignore resistance.
Similar here, smaller position size is very helpful - it enables
the repeated experience and positive reinforcement of being able to
hold through a pullback and riding price back up.
A couple of issues that I experience... if stocks are bouncing
after stopping you out, are your stops too conservative given the
typical trading range of the stock (and logical support)?
That happens to me when I take too big a position and try to
manage risk by setting stops tighter than what price actions
indicates is a reasonable stop.
I used to consider max % loss when planning my stops. For
me, doesn't work so well. Now I more often think about max $
loss. If I'm going to get uncomfortable if I'm down $300 on a
single position, and a logical stop is 4% below current price, then
I shouldn't be taking a position that exceeds $7,500. If the
logical stop is 6% below current price, then max position size
should be $5k.
I also look at average daily moves of a stock. If
something is high beta and moves 5, 7 or 10% on a regular basis, I
have no business getting into it if I feel my stop has to be just a
few % lower than current price. One average intraday move
could stop me out. I'm more confident and trade better when
taking positions that would require at least a couple days' worth
of avg. decline to stop me out.
GE - breaking over the downtrend line from early June. Put
in a higher low yesterday. 60min chart.
HLX - very interesting comparison to LPI which has doubled since
mid-May. HLX looking poised to do something similar,
LPI took off after it broke over resistance that went back to
last Nov. HLX has a similar chart, and is just now
approaching that resistance from below. Obviously different
companies with different products/services; just noting the
similarities in the technical setup.
I took a sizeable position this morning, a little after that
pullback. Looking to add upon BO.
Agreed. Some think it's bearish, some think there's value
in reducing the number of shares. Who knows. Maybe Culp
gets a bonus when the stock gets above $100.
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