Here's the 15 min TBT chart from yesterday that was in the
falling wedge pattern, I guess you had to buy yesterday inside the
gap. Sometimes these wedges do that, just gap up and out of
them in a breakaway gap. Now look for a potential
pullback
Posted by dallassteve on 30th of Jun 2009 at 11:07 am
This is a swing trade for me. Willing to set stop at 50
(yesterday's low). On the daily charts, looks like we have
had three waves down completed, so this move up could be a good
one. There is a gap on the daily chart about 54. Could
be some natural resistance there. If the market sells off
well, it could continue above the 6/11 highs, which is what I am
hoping for. Anyone else?
Posted by dallassteve on 30th of Jun 2009 at 11:31 am
vida, thanks for the chart. Looks to me that this could be
a powerful long term move up (wave 5?). What do you see as
targets, and will you take half off the table at some point?
Well, let's see it get moving first then I will evaluate. Here
is a
chartof some Fib retracements that coincide
nicely with a gap, 20 MA and horizontal resistance. What I do is
set alerts and look at the charts when/if we get to these areas. I
try not to look too much at what swing trades are doing.
yes it has pulled back to the broken wedge, could be a low risk
entry here, however It could still pullback further and ride the
wedge trendline lower, but nice pullback
TBT gapped up
Posted by matt on 30th of Jun 2009 at 10:03 am
Here's the 15 min TBT chart from yesterday that was in the falling wedge pattern, I guess you had to buy yesterday inside the gap. Sometimes these wedges do that, just gap up and out of them in a breakaway gap. Now look for a potential pullback
TBT a buy?
Posted by dallassteve on 30th of Jun 2009 at 10:40 am
TBT has pulled back nicely to the downward trendline. I'm going to take a nibble. Anyone else?
TBT
Posted by poohnana on 30th of Jun 2009 at 10:51 am
Yes, I had a buy order in at the trendline and it got executed. Where would you put in a stop and what is your target?
TBT stop
Posted by dallassteve on 30th of Jun 2009 at 11:07 am
This is a swing trade for me. Willing to set stop at 50 (yesterday's low). On the daily charts, looks like we have had three waves down completed, so this move up could be a good one. There is a gap on the daily chart about 54. Could be some natural resistance there. If the market sells off well, it could continue above the 6/11 highs, which is what I am hoping for. Anyone else?
TBT
Posted by Vida on 30th of Jun 2009 at 11:24 am
TBT: stop below 50 looks reasonable, otherwise that horizontal line coud be support. I am in at 50.55 from 2 days ago at the 200ma then.
Chart
TBT trend
Posted by dallassteve on 30th of Jun 2009 at 11:31 am
vida, thanks for the chart. Looks to me that this could be a powerful long term move up (wave 5?). What do you see as targets, and will you take half off the table at some point?
Well, let's see it get
Posted by Vida on 30th of Jun 2009 at 11:58 am
Well, let's see it get moving first then I will evaluate. Here is a chartof some Fib retracements that coincide nicely with a gap, 20 MA and horizontal resistance. What I do is set alerts and look at the charts when/if we get to these areas. I try not to look too much at what swing trades are doing.
yes it has pulled back
Posted by matt on 30th of Jun 2009 at 10:48 am
yes it has pulled back to the broken wedge, could be a low risk entry here, however It could still pullback further and ride the wedge trendline lower, but nice pullback
Me too. I just shorted
Posted by cw12 on 30th of Jun 2009 at 10:47 am
Me too. I just shorted the futures.