Posted by josephroth on 9th of Feb 2016 at 12:19 am
Hello BPT Community,
First I wanted to say thanks to everyone for the sharing culture
on this board I have learned a lot trying to reverse engineer your
thoughts each day. I'm grateful. RTM trades tend to suit my
personality so I figured I'd try and get better at it. Toward that
end, thought I'd share an idea and have you all poke holes in
it.
I took a base TradeStation scan that looks for doji hammers and
added an RSI requirement to the scan <30. I also had some stock
price range and volume criteria as well so it's liquid.
CUKkinda popped from the list. Rationale:
The weekly chart is oversold with RSI 26.24 and the tail of the
doji hammer pierced the 200SMA but it closed above it. I interpret
that to mean it held up, could be wrong.
Drilling Down....
The daily is below its Bollinger band using default
settings
The daily is also oversold at RSI 27.29. First time this thing
has been oversold on the daily since August and it bounced pretty
good there.
I don't see any symmetry problems but extra eyes would be
great.
The daily also has a nice gap above, size is $1.51.
MACD is evenish to barely divergent which i didn't like, so
would love feedback on how to weight that. I'm thinking reduce the
share size a bit and if it runs tag it again on a pullback.
The 5SMA is $2.29 away
The 9SMA is $4.17 away
Drilling Down...
I did not attach 60min and 30 min but you can see some
triangular consolidation taking place. 5 and 9 SMAs tucked under
current price on the 30 and 15 min intervals
On the 60 min its above the 5 and 9 SMAs as well and
approaching the 20 .69 cents away
I'd love some feedback on the approach. In terms of targets I
was thinking I'd lay down a fib using the 2/4 high and today's low
and take some off at 50% then trail. Worked great on the SPY bounce
today I was stunned at how accurate it was. I'd take some off at
the gap fill too as I do like to scale out.
What I'm struggling with is the
CUKentry and how to deal with any gaps. I'm
thinking gap up would be tough to just dive in, maybe hope it fills
and look for a reversal. Gap down the same.
More aggressive would look like getting in at open and just
white knuckling the weekly 200SMA at 43.46.
I have not checked news or earnings gonna do that now. I don't
even know what the company is but if it's Carnival Cruise lines I
gotta chuckle at the serendipity, getting on one of their boats
Friday in Long Beach. If i get in and it stops out I promise I'll
still be nice to the crew :-)
Joe...CUK is in freefall and has NO divergence on the daily
chart nor its 60 minute chart yesterday or even the 15 minute chart
for that matter. No surprise that its down again today
(making new lows). NOW watch for signs of a short term bottom
(maybe double bottom on small intraday time frames). You have
to shift to the intraday charts for short term for starters as I've
discussed in many newsletters this year. NO TRIGGER NO
TRADE
Yes CUK didn't have divergence coming into today on the intra
day charts, however it did make a slight divergent low on the gap
down open via the intra day charts, however it shot straight up
along with everything else after the open, there's an open gap it
got into here so far
Posted by josephroth on 9th of Feb 2016 at 08:39 am
As noted in my post I noticed the lack of divergence on MACD but
wasn't sure how to weight that relative to other characteristics in
the charts I was observing, thanks very much. Cheap lesson....I'll
keep an eye on it. I'm trying to hone my eye so every bit helps,
really appreciate it.
Posted by josephroth on 9th of Feb 2016 at 10:08 am
I'd love to sit here and say i caught it but I did not. All I
saw was gap down and straight up with no meaningful pattern for an
entry.
If you're looking at the 15 min yes I see MACD divergence if you
include aftermarket hours. I'm learning, but would rather sit on my
hands if I'm not sure...just felt like a parabolic move and
gambling that first 25 minutes.
Gonna see if I can get a pullback then ride it to 5 and 9 SMAs
if I get in.
Thanks Steve
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CUK Trade Idea Would Appreciate Feedback - New Member
Posted by josephroth on 9th of Feb 2016 at 12:19 am
Hello BPT Community,
First I wanted to say thanks to everyone for the sharing culture on this board I have learned a lot trying to reverse engineer your thoughts each day. I'm grateful. RTM trades tend to suit my personality so I figured I'd try and get better at it. Toward that end, thought I'd share an idea and have you all poke holes in it.
I took a base TradeStation scan that looks for doji hammers and added an RSI requirement to the scan <30. I also had some stock price range and volume criteria as well so it's liquid.
CUKkinda popped from the list. Rationale:
Drilling Down....
Drilling Down...
I'd love some feedback on the approach. In terms of targets I was thinking I'd lay down a fib using the 2/4 high and today's low and take some off at 50% then trail. Worked great on the SPY bounce today I was stunned at how accurate it was. I'd take some off at the gap fill too as I do like to scale out.
What I'm struggling with is the CUKentry and how to deal with any gaps. I'm thinking gap up would be tough to just dive in, maybe hope it fills and look for a reversal. Gap down the same.
More aggressive would look like getting in at open and just white knuckling the weekly 200SMA at 43.46.
I have not checked news or earnings gonna do that now. I don't even know what the company is but if it's Carnival Cruise lines I gotta chuckle at the serendipity, getting on one of their boats Friday in Long Beach. If i get in and it stops out I promise I'll still be nice to the crew :-)
Cheers and thanks in advance.
Joe
Joe...CUK is in freefall and
Posted by steve on 9th of Feb 2016 at 08:14 am
Joe...CUK is in freefall and has NO divergence on the daily chart nor its 60 minute chart yesterday or even the 15 minute chart for that matter. No surprise that its down again today (making new lows). NOW watch for signs of a short term bottom (maybe double bottom on small intraday time frames). You have to shift to the intraday charts for short term for starters as I've discussed in many newsletters this year. NO TRIGGER NO TRADE
Yes CUK didn't have divergence
Posted by matt on 9th of Feb 2016 at 10:08 am
Yes CUK didn't have divergence coming into today on the intra day charts, however it did make a slight divergent low on the gap down open via the intra day charts, however it shot straight up along with everything else after the open, there's an open gap it got into here so far
Thank You Steve!
Posted by josephroth on 9th of Feb 2016 at 08:39 am
As noted in my post I noticed the lack of divergence on MACD but wasn't sure how to weight that relative to other characteristics in the charts I was observing, thanks very much. Cheap lesson....I'll keep an eye on it. I'm trying to hone my eye so every bit helps, really appreciate it.
Cheers,
Joe
Joe..notice how CUK gapped down
Posted by steve on 9th of Feb 2016 at 09:55 am
Joe..notice how CUK gapped down and made a DIVERGENT LOW on small time frames and then triggered long.
funny Steve and I were
Posted by matt on 9th of Feb 2016 at 10:08 am
funny Steve and I were both on the same wave length, I was in the middle of posting that comment and Steve beat me to it :)
Missed It
Posted by josephroth on 9th of Feb 2016 at 10:08 am
I'd love to sit here and say i caught it but I did not. All I saw was gap down and straight up with no meaningful pattern for an entry.
If you're looking at the 15 min yes I see MACD divergence if you include aftermarket hours. I'm learning, but would rather sit on my hands if I'm not sure...just felt like a parabolic move and gambling that first 25 minutes.
Gonna see if I can get a pullback then ride it to 5 and 9 SMAs if I get in.
Thanks Steve