Spike's Scientific Stock Analysis

[IIC]

Thank you very much Spike...Best, IIC

[spikefader]

And for the disbelievers on having a reason to enter intraday:

[Websman]

Spike,
Once again, I can not praise you enough! You have taught me a lot of great lessons. So far, everything you have said has made sense.
Because of you I did not take a long position in MAGS and I am now glad I didn't. Boy has it dropped!
Now, if I can manage to learn some of your chart reading techniques and combine that with $$$Mr Markets$$$ fundamental stock picking skills, I will truly become a great Vulcan like (non emotional) trader and turn my trading account into a multi-million dollar portfolio!
Someone may have already asked, but where do you get your candlestick charts from?

You are truly wise. I can only hope that you will hang around awhile on this board. Thankyou!

[spikefader]

Spike,
Once again, I can not praise you enough! You have taught me a lot of great lessons. So far, everything you have said has made sense.
Because of you I did not take a long position in MAGS and I am now glad I didn't. Boy has it dropped!
Now, if I can manage to learn some of your chart reading techniques and combine that with $$$Mr Markets$$$ fundamental stock picking skills, I will truly become a great Vulcan like (non emotional) trader and turn my trading account into a multi-million dollar portfolio!
Someone may have already asked, but where do you get your candlestick charts from?
You are truly wise. I can only hope that you will hang around awhile on this board. Thankyou!

Great! Glad you're picking some useful stuff up and avoided that bad entry.

Yes, I agree, combining great fundamentals with some thoughtful chart reading that can snag you those perfect entries is what we should all strive to achieve.

My intraday charting is Quotetracker ( www.quotetracker.com ). Thanks for the compliment.

[grebnet]

Any TA thoughts on AMCC ?

[spikefader]

Any TA thoughts on AMCC ?

Sure.
Here's a chart I drew a while back http://img47.photobucket.com/albums/...to_bullish.jpg
And here's today's:

[grebnet]

Thanks I will watch , I have read some on TA but didnt come away with anything close to your fund of knowledge and am finding it hard (i have looked) to find a good intro boof to TA. I know you mentioned online sites as a source but I need a book to carry around and read.Any suggestions ?

[spikefader]

Thanks I will watch , I have read some on TA but didnt come away with anything close to your fund of knowledge and am finding it hard (i have looked) to find a good intro boof to TA. I know you mentioned online sites as a source but I need a book to carry around and read.Any suggestions ?

Sorry, never bought or borrowed a single book on TA, so I can't recommend one. But I've read plenty on the Net. If you have a thirst for TA knowledge, it's amazing what you can find on the Web. Just surf and read, and spend time in chat rooms discussing TA. But the most important thing about trading (separate from a good technical setup) is learning to control your emotions - with entries, targets and stops. Different emotions for each situation, and that's something that you'll only fully appreciate when you actually trade with real money. I'm sure there are outstanding books worth reading; I just don't know what they are, so you're better off asking someone else. Sorry for not being more helpful.

[IIC]

I am a 20+ yr Canslimmer who turned more technical...I am not going to say I know anywhere as much about T/A as Spike...But I know more than many. I suggest a very easy read for investors who are just beginning to learn T/A...I have the original 1962 version and I found that it was a good starter....Worth the $$$ for those just getting into T/A:

http://www.tradingmarkets.com/.site/stocks/education/bookreviews/bom.cfm?th=109&id=119

You'll even learn that O'Neil didn't discover the Cup w/ Handle...He just changed the name from Saucer w/ Platform.

It won't make you an expert but it is a start...Best, IIC

[spikefader]

The Best Losers Will Win

Not TA, but still Hightly Recommended Free Online Reading:

http://www.webtrading.com/phantom/chapter5.htm

This covers Rule 1 of Phatom of the Pits. This rule will save you from ever falling into hope and becoming an Enro-like casualty.

"IN A LOSING GAME SUCH AS TRADING WE SHALL ... ASSUME WE ARE WRONG UNTIL PROVEN CORRECT....POSITIONS MUST BE REMOVED UNLESS THE MARKET PROVES THE POSITION CORRECT. Most traders plan only for the probability side and that to them is always what they consider the winning side. This is the biggest mistake you can make in trading. You must plan for the losing side."

[spikefader]

Key Point

If you are bearish on the market, resistence of the neckline is the place to enter short, but a break of the neckline is bullish, so be warned.

[spikefader]

[rickg777]

What are your thoughts on WIRE? I bought a around 34. and Friday it hit a new high, but on a candlestick chart it shows that even with the high volume and wide trading range, the bears won out. Is this the time to bail out before a reversal?

[spikefader]

What are your thoughts on WIRE? I bought a around 34. and Friday it hit a new high, but on a candlestick chart it shows that even with the high volume and wide trading range, the bears won out. Is this the time to bail out before a reversal?

Weekly saying caution. Daily saying breakeven stop (or stop tucked tight under 34.00 - lod from 3 weeks ago) with a chance for higher highs. You got a frustrating one there: a profitable trade that could stop you out because of that very light volume spike up on Thursday night. Thursday there was a nice intraday triangle that broke bullish and then that spike up AH, was there news? Anyway, the light volume gap up (low vol itself a warning to take profits) got sold and in hindsight, it's easy to see a logical place for you have exited intraday on Friday was just under the failed double bottom at 38.50. That would have locked you in for 4.5 point gain and had you exiting for a logical failure of pretty important support - DB after a gap up that fails, usually will scare the crowd to exit longs and send it searching for support lower. Anyway, it's tested the Thursday highs and formed a triple intraday bottom on Friday, so it might get bought from the bell on Monday, but that weekly candle has put some doubt in the chart. Whatever you do, don't let it turn into a loser. There will be another perfect entry for it if you're watching it.

[rickg777]

Thanks a million for the nice analysis. I will set the stop at breakeven. The news out Thurs. evening was an earnings release of record sales and income. Qtly. net sales +137%. (copper wire business) I'm familiar with the MACD, but what is the CC you are using?