zitron - not sure what you're asking below regaring BOIL...the
falling wedge is valid but that doesn't mean it moves immediately
into a channel. With the MA's configured as they are this
will need work..so if it breaks out of wedge then watch to see if
higher low can form (maybe morph into an IHS pattern) but this
strong downtrend will take some time to reverse if so inclined.
Yeah, I'd like to see that second gap filled. But I may
take some off before then - filling of current gap, etc.
Trying to keep in mind Matt's pont that the first move out of
a wedge is typically sold, and higher low forms.
zitron- yes I
agree with Steve, a wedge has formed on BOIL, but with the volume
patterns and slight divergence, it's gonna be volatile here for a
bit and subject to starts and stops, here's a 60 and daily chart,
regarding the channel you suggested, I drew what I think you might
be talking about, I have BOIL in a wedge, however if it lows the
lower trendline of the wedge, it could form a channel - see the
dotted line
BOIL - just slightly breaching
Posted by frtaylor on 4th of Jan 2013 at 09:51 am
BOIL - just slightly breaching the gap from two days ago. May add on any pullback.
So this pattern does not apply for the trade?
Posted by zitron on 4th of Jan 2013 at 10:51 am
zitron - not sure what
Posted by steve on 4th of Jan 2013 at 11:17 am
zitron - not sure what you're asking below regaring BOIL...the falling wedge is valid but that doesn't mean it moves immediately into a channel. With the MA's configured as they are this will need work..so if it breaks out of wedge then watch to see if higher low can form (maybe morph into an IHS pattern) but this strong downtrend will take some time to reverse if so inclined.
Thank you.
Posted by zitron on 4th of Jan 2013 at 11:25 am
Target?
Posted by zitron on 4th of Jan 2013 at 10:34 am
Yeah, I'd like to see
Posted by frtaylor on 4th of Jan 2013 at 10:39 am
Yeah, I'd like to see that second gap filled. But I may take some off before then - filling of current gap, etc. Trying to keep in mind Matt's pont that the first move out of a wedge is typically sold, and higher low forms.
BOIL needs much work on
Posted by steve on 4th of Jan 2013 at 10:43 am
BOIL needs much work on Daily chart...traders are forecasted on longer term weather forecast suggesting warmer temps. View it as a trade.
zitron- yes I agree with Steve,
Posted by matt on 4th of Jan 2013 at 12:36 pm
zitron- yes I agree with Steve, a wedge has formed on BOIL, but with the volume patterns and slight divergence, it's gonna be volatile here for a bit and subject to starts and stops, here's a 60 and daily chart, regarding the channel you suggested, I drew what I think you might be talking about, I have BOIL in a wedge, however if it lows the lower trendline of the wedge, it could form a channel - see the dotted line
so far nice $2 bounce
Posted by matt on 4th of Jan 2013 at 02:53 pm
so far nice $2 bounce in BOIL, but it's still just a move inside the wedge for now
Thanks Matt. Between your and
Posted by frtaylor on 4th of Jan 2013 at 01:04 pm
Thanks Matt. Between your and Steve's comments I exited at 37.30 for a small profit. Hate losing, and BOIL can be a b@stard.
thks - I'll remain cautious
Posted by frtaylor on 4th of Jan 2013 at 10:47 am
thks - I'll remain cautious and take profits!
Copy.
Posted by zitron on 4th of Jan 2013 at 10:43 am