Spike's Scientific Stock Analysis

[dmk112]

Thanks Spike, just missed it...will wait for breakout or pull back...

btw..in QT is there a way of setting global indicators so that I don't have to go into each chart and select the pivot points and I can do it in one place and it will do it on all the charts??

[spikefader]

Sure. Get the chart the way you want it with pivot points and indicators and right click the chart, choose 'save chart template' and you can click default, or create a new one and name it.

[B.J]

Spike, I know you've described it ad nauseum in this thread, but could you briefly describe the pivot?

I ask because I got stopped out of AIRT before it's move, and I see that the pivot was 15.41. Had I limited there, I would be better off. I obviously need to make better use of the pivot, eh?

On the bright side, INNO is also moving and I was able to hang in

[B.J]

DMK,

FYI, you probably already know this but an intraday triangle forming.

[spikefader]

Hey B.J, I was intending to do some charts for ya but today's been hectic. Was a good trading day and I made out like a bandit shorting the eminis. Then I got distracted....and it's midnight already....
I like those charts though....I'll get to them eventually hopefully not too late.

As far as the pivot theory goes, they've been around a long time, and were apparently used very often by floor traders due to their simplicity in having some idea of where a stock was going to be heading. They are the equivalent of a battleground between buyers and sellers. But I've read they are trend dependant; meaning for them to work well, a stock has to be in a trend. A return of price to a pivot of a trending stock should pass the support test. A nontrending stock would see a lack of support at the pivot (generally speaking of course).

"...Using some simple arithmetic and the previous days high, low and close, a series of points are derived. These points can be critical support and resistance levels. The pivot level, support and resistance levels calculated from that are collectively known as pivot levels..............The reason pivot points are so popular is that they are predictive as opposed to lagging. You use the information of the previous day to calculate potential turning points for the day you are about to trade (present day)."

http://www.daytradingcoach.com/daytrading-free-educationpivotpointtrading.htm

"Why are Pivot Points so good at forecasting short-term price levels? Pivot Points are reflective of both short-term volatility and trader psychology...................Pivots also reflect trader psychology in that major pivot points are also: major Fibonacci retracements, major levels of support or resistance, and sometimes Elliot Wave retracement levels. While all three of these types of systems are quite subjective, there will be enough traders in the market using these methods to turn a pivot point into a ‘battle ground’ between buyers and sellers. Price action speeds up around pivot points and makes it a lower-risk entry or exit point. Remember, no system will forecast with 100% success. What we’re seeking to do is lower our entry and exit risk and raise our odds above random entry. Research I’ve conducted has shown most traders actually have odds worse than random entry, because of poor money/risk management (i.e. over-trading, poor stop management, etc.) and subjectively using Technical Analysis."

http://www.fabrefactum.com/pivotpoints.pdf

And hey, if you want a free desktop version of a pivot calculator, here it is, (from daytradingcoach.com)

http://www.daytradingcoach.com/pivotcalculator.exe

(just downloaded it myself and works fine; no viruses, bugs or conflicts for my box)

[B.J]

Don't bother with INNO. I'm in (yesterday 5.64) and out (average about 6) for a healthy gain already.

I do have the pivot calculator, just never have understood its meaning. Thanks for the explanation.

[noshadyldy]

eenc

This stock sure reacts poorly to good news!!! Spike, is this stock still worth holding long in your opinion?
thanks.

[spikefader]

Get ready for bull rumble in the last 50 minutes....eom

[Thomrich]

This stock sure reacts poorly to good news!!! Spike, is this stock still worth holding long in your opinion?
thanks.

Greetings,

Ive been in and out on this one lately,historically the 50dma is a good buy.I got in this AM at 20.55,its since dropped to 20.07.I like my chances from here,23+ if they up the distribution this month IMO.

Ill defer to Spike as far as chart analysis.He was bullish,but I suspect todays drop will tip the channels.

cordially Tom

[New-born baby]

Go Bears!

Get ready for bull rumble in the last 50 minutes....eom

Just the bears covering their shorts! But every rally starts with the Bears covering their shorts!

Now admit it, Spike: you won't be neutral next week. You'll be bullish? Si, senor?

[spikefader]

Just the bears covering their shorts! But every rally starts with the Bears covering their shorts!
Now admit it, Spike: you won't be neutral next week. You'll be bullish? Si, senor?

Well my friend, not yet. And yes, I was one of those bears covering at the bottom - or near enough to it. After scalping and swinging YM and ES short most of the day I happily witnessed the turn (who could miss that inverted SHS and bullish price action on both the DOW and the S&P) and held a swing long to the close.

But the performance still wasn't good enough to flip Vector back to bullish - yet. I'm fairly sure I'll be a bull by Tues or Wed - I'd like to be anyway But bottom line is I'm still neutral going into Monday. But had an outstanding week. Today was another bandit day, but more importantly, very disciplined week Hope ya'll traded the same!

[spikefader]

Wait a second!!!!!!!!
I just re-read Vector and it's bearish! oh boy...........
OK, let me change my avatar.......sheesh.

[B.J]

Wait a second!!!!!!!!
I just re-read Vector and it's bearish! oh boy...........
OK, let me change my avatar.......sheesh.

Not surprising Spike. I had a LOT of stops triggered today.

[New-born baby]

The smell of blood

Not surprising Spike. I had a LOT of stops triggered today.

You weren't the only one, B.J. There was a distinct smell of blood in the air both yesterday and today. I am changing brokers, and I sold everything three days ago--Praise the Lord. So I missed some of the killing. But I think there are some bargains in the oil sector just waiting to be picked up. But be careful which one you pick up! Some are booby-trapped.

I like VLO. This is the world's largest independent refinery, and they know how to make money.

[noshadyldy]

eenc

Thanks Tom, I appreciate the input. I've cut my position but may beef it back up come Monday.