MY PICK IS ELN

[noshadyldy]

very similar looking candlestick for today as to the candlestick the day before last weeks spike!!!!! Here's hoping!

[Websman]

check out this ELN video that I found on the Yahoo board. I laughed my --- off when I saw it.

http://mm.dfilm.com/mm2s/mm_route.php?id=2739660

[kingofthehill]

i like your idea spike im going to dabble in it

[dmk112]

Spike, was that just a daytrade? Or are you still holding this?

[skiracer]

Spike, was that just a daytrade? Or are you still holding this?

DMK,
What is your take on it and how it played out today.

[dmk112]

DMK,
What is your take on it and how it played out today.

Looks like it worked out very well, I don't like the daily though...

[skiracer]

Looks like it worked out very well, I don't like the daily though...

DMK,
Did you consider buying it or would you consider buying it now that it is exhibiting this strength or do you think it is on thin ice?

[spikefader]

Spike, was that just a daytrade? Or are you still holding this?

Daytrade stocks!?! ha. Not any more. The only reasons you'll see me open and close a stock position in one day these days is a) I don't like the swing position I took b) I stop out or c) the bias changes for whatever reason. Stocks are for swingin' only; futures are for daytrading. They are great daytrading vehicles.

So yep, ELN is just another swing that happens to have a nice 112% target on it. I think the 4 down has completed and we're about to see a 5th within a bigger 3rd of 5. If that's true, my stop is safe cuz the impulse nature will drive it up for the next 5 days and any retrace abc move shouldn't touch me, and should the opportunity presents itself, I will add at 'c' if I'm able, since there will be one more bigger 5th up to the gap. Hopefully my count is right and it will run nicely away from my entry so I don't get tagged/shook out. In hindsight I should have worked hard to get a good entry when it broke over 10 (which was during 1 impulse up) and I would have entered the 2 (abc) down. But I didn't due to other distractions.

Anyway, having said all that, I'm targeting the gap fill up there, and the only way I'll exit early is if there's some ugly chart action that justifies closing it out, or if I'm stopped out for even. It got up to 4.6% profit today so I'd be crazy not to tighten the stop now. It's either the perfect entry or I don't want it now.

Daytrade ELN? Ya kiddin'! hehe.

[dmk112]

DMK,
Did you consider buying it or would you consider buying it now that it is exhibiting this strength or do you think it is on thin ice?

Ski, I missed the initial entry on 12/14 so I let it go b/c I don't like to chase. The thing I don't like about it is that it retraced that whole move up that happened on the 15th. But Spike sees this as a wave completion so he may be right. I guess you can look to enter if it it shows more strength but not I. Just my thoughts.

[skiracer]

Ski, I missed the initial entry on 12/14 so I let it go b/c I don't like to chase. The thing I don't like about it is that it retraced that whole move up that happened on the 15th. But Spike sees this as a wave completion so he may be right. I guess you can look to enter if it it shows more strength but not I. Just my thoughts.

DMK,
Actually it performed exactly as I called it and thought it would. I was looking for it to consolidate back to the $12.75/13 range an it did even better by going all the way back to $12.40. I already re-entered at $12.75 yesterday. Would have gotten in a little earlier but wanted to make sure it was going to hold up over the neckline break off that intraday SHS. Was just curious as to how you felt about it. I agree with Spike on his call with the EW counts. I think there is alot of momentum playing and profit taking going on with it with makes it even more volitaile. The next positive newsbreak on it will provide another impulse spike up. I took a nice gain on the first play I made on it. That's the way I'm playing in now, just trying to catch the peaks and valleys.

[spikefader]

DMK,
Actually it performed exactly as I called it and thought it would. I was looking for it to consolidate back to the $12.75/13 range an it did even better by going all the way back to $12.40. I already re-entered at $12.75 yesterday. Would have gotten in a little earlier but wanted to make sure it was going to hold up over the neckline break off that intraday SHS. Was just curious as to how you felt about it. I agree with Spike on his call with the EW counts. I think there is alot of momentum playing and profit taking going on with it with makes it even more volitaile. The next positive newsbreak on it will provide another impulse spike up. I took a nice gain on the first play I made on it. That's the way I'm playing in now, just trying to catch the peaks and valleys.

Don't want to split hairs here, ski, but I interpret 'consolidations' differently. Not sure how one can describe an impulsive move from 14.51 to 12.42 a consolidation. I look at the word consolidation as forming some kind of platform in a range, where price doesn't move much but meanders within a few percentage points, until it finally resolves itself into a trend.

But anyway, glad you took a bite of profit from it! Way to go.

[skiracer]

Don't want to split hairs here, ski, but I interpret 'consolidations' differently. Not sure how one can describe an impulsive move from 14.51 to 12.42 a consolidation. I look at the word consolidation as forming some kind of platform in a range, where price doesn't move much but meanders within a few percentage points, until it finally resolves itself into a trend.

But anyway, glad you took a bite of profit from it! Way to go.

Spike,
I wouldn't want to split hairs either. But if you go back to these 3 posts, #'s 773,776,796 on this thread you can see exactly what I said about it consolidating or pulling back. I don't think it was anywhere near an impulsive move down as much as a pullback to different levels as it consolidated those previous gains. The weekly and the daily from the last few days before yesterday both signalled channel shorts. I specifically stated that I thought it was going to "consolidate" or pullback to the $13 range. I also stated the day that it closed just alittle above $13 that I thought it would could go further an it did fall further to a LOD of $12.40 before turning back up. You guys bought it several times during that drop and got stopped out until the $12.60 level where it held.
The truth is that it did drop from $14.50 range to $12.40 range like I thought it would after exiting it at $14.25. Call the drop anything you wish to label it. The only important thing is being on the right side of the moves regardless of how it got there. You an I have both stated numerous times how important it is to take profits when you have them in hand and to protect those gains with properly placed stops along the way. This is just another prime example of that type of a situation. I took the time to bring this 10 min. chart up of the last 3 days on ELN. Personally I think it did drop in a more stepped fashion that impulsively from the $14.25 level. Although yesterday from $13 to $12.40 I would agree that it did fall impulsively.

[spikefader]

Ya, I think it's just semantics on the word consolidation, ski. I'll also be a pest and call semantics on the 'channel short' terminology you use, cuz I look at them as expanding booming action/profit-taking areas rather than channel shorts. I'm not playing a semantics game to be argumentative or to criticize past statements or bias AT ALL. I'm just trying to clarify and nail down terms so we're all on the same page is all. You were 100% correct to refrain from bullishness on ELN when you called that, and you were correct, and not only that but you took the profit, and it was all good

Sorry if I'm coming across as obnoxious, sometimes my specific brain annoys people.

[skiracer]

Ya, I think it's just semantics on the word consolidation, ski. I'll also be a pest and call semantics on the 'channel short' terminology you use, cuz I look at them as expanding booming action/profit-taking areas rather than channel shorts. I'm not playing a semantics game to be argumentative or to criticize past statements or bias AT ALL. I'm just trying to clarify and nail down terms so we're all on the same page is all. You were 100% correct to refrain from bullishness on ELN when you called that, and you were correct, and not only that but you took the profit, and it was all good

Sorry if I'm coming across as obnoxious, sometimes my specific brain annoys people.

Spike,
I think that I would be worse in those specifics than you. No big an I think that we are on the same channel over the long run. The content sometimes does get confusing with the words but being on the right side of the moves is the only important thing. Like yesterday with the call on the SHS and the neckline break. I made my play an entry on that call. I was waiting for what I thought was the right time and your analysis confirmed my making my entry at $12.75. Disagreeing and dialogue are never a problem with me.

Actually I'm not that well versed in the channel terminology and was more or less learning and picking up an education on the technical aspects of the channels through your posts. Basically I've been operating under the idea that when the candle or upper or lower tail touches either the upper or lower channel lines it is a signal of a possible reversal of the previous trend or movement. I was calling it a channel short or long in reference to the possible change in direction once it had touched the line. I didn't actually mean it to be a short play but a reversal of direction. I'm always eager to learn and accept the correct terminology and logic behind the analysis. You might have to post some definitions an explanations of the proper usage on all of those terms that you use so we are all more informed an use them in the correct form. Thanks Ed.

[spikefader]

Gettin ready to rumble. Bullish impulse price breakout intrady just occurred, and it's a movin'! Where are my shades?