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Originally posted by IIC
Hey IIC. Apologies for the dissappearing act. Last week was pure madness and didn't have much free time. This weekend is the same, so I'll be back into the swing on Monday. Great weekends all!
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Gold Charts
From: carl_xxxxx May 7 2004 8:03PM
Title: Who would ever thunk? (Long Recommendation)
Who would ever thunk? Gold is at the 500MA, but the 400MA has not crossed below it. Is this a buy or what? Gold is where we want it to be. RSI shows oversold. MACD to me is silly but confirms. No dead crossings, beautiful set up. Regardless what you have heard entry into gold related stocks is now! God! This is Great, or what. Recommending ABER, GFI, GLG PAAS, and SSRI. Is this not like shooting ducks in a barrel? OMG. Has making money been so easy. Setting stop at 12% under current price. Recommending: ABER, GFI, GLG, PAAS, and SSRI. Just one e-mail. Thank You.
Spike, the above was taken from the clearstation boards. Is this fellow on to something (or just ON something)?
Thanks for any input.
Margie"Whatever you can do or dream you can , begin it. Boldness has genius,power and magic in it." GoetheComment
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Re: JMAR
sorry for the delay Funda!Originally posted by FundaMental1Hey Spike,
I only call you when i need you
I am thinking of a taking a position on JMAR (a nano play) at $2 or below. it's currently at 2.18. it seems like the last time it hit $2.00 it popped to $3.50 in the next month and has begun a trend down again from that level. what does the chart say about taking a long position at $2 or below (or do you think it will even get to $2)?
as always thank you for your charting guruness!
Here's what I see.
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Hey Websman.Originally posted by Websman
Thoughts on current market direction. I am no longer bullish on market. I now have short bias. Whoever asked me the other day about a possible entry for NDX, I sure hope you got in around that 1500 area I recommended - cuz it never broke the neckline for the stop out. That's why they say sell at resistence. The neckline was resistence....I was anticipating a break of the neckline since I had signals saying bullish. Ces la vis. That's why a tight stop on the qqq long I took got me out with not pain. Had I held it, look where I'd be now. THIS is why stops are essential. It's a reasonable point to admit you were wrong, take your medicine and walk away with plenty of time to look for another gem. You know....those gems laying in loose soil rather than the ones buried deep under ground.
Anyway, to answer your question, yes, I trade in all market conditions. Conditions are only 'poor' if you have one stance on the market. If you're bullish, then recently, market has been poor....but it's been rich for the bears. This is why I like to keep an open mind on the market, and switch suits (bear/bull) where necessary. Buy and holders have to pick the times they trade, and that could mean many months without taking a position.
As far as roadmap for short term, it seems the market is looking for a correction since the bullish move since Oct '02. maybe a 38.2 or 50 fib - would take NDX 1200 to 1260ish. Only time will tell.
My suggestion for bulls is if you take a long, then use tight stops even more than you normally would. If you are currently long, seriously consider where your stop is - and if you don't have one, seriously consider hedging with otm puts or leaps. Or maybe throw some funds into silver mining stocks. Silver maybe DB on daily after panic selloff recently. Some bullflags out there today. Could be overdue trendchange for precious metals.
If you're going to be adding to longs on the way down, then really try to add at significant points of support. Trade like a vulcan! tm
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Thanks webs. Maybe one day I'll charge for one-on-one mentoring should anyone ever be interested in it and suggest it to me, but I'm not selling anything here. All of this stuff in the thread is purely for the benefit of folks out there who haven't found their feet yet and to maybe help people avoid becoming bagholders. If I can help someone out then I'm blessed for it. I guess the purpose of posting at all is not for glory and hype, but to convey the message that there is absolutely a way to be profitable, provided one accepts that one of the ingredients of success is admitting failure at some point - and not only recognizing that failure is okay, but acting despite what emotion tells you to do. By acting, I mean entering a stop and letting your position be taken out and biting the bullet.Originally posted by WebsmanSpike,Originally posted by spikefader
I'm suprised you don't charge for your great advice. I just want to let you know that you are greatly appreciated and I hope none of us ever takes you for granted.
No doubt it's tough to time the market. But putting in the time and being prepared to change behavior can lead to rewards. There are better traders out there than me, I'm sure. And if I can just keep focussed and be disciplined and unemotional, then that's personal success in my books.Comment
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Originally posted by noshadyldy
that's a good one.
But actually, anyone can throw questions on the board. I'll get to each one. Usually, it'll be a fast response...but sometimes I'll be gone and it'll be slow.
I think by now, people following the thread have enough to throw up a free stockcharts annotation chart and do some simple channels, and see where their stock is relative to my usual channel/fib/waves thoughts.
In fact, it would be great to see a few people posting annotated charts the way I do for the exceptionally good looking stocks. But make sure it's a gem ready and ripe for the picking. Otherwise the thread may get out of hand with charts all over the place. Let's try a few anyway if people want. And if not, I'll just throw mine up there.Comment
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