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Originally posted by Lyehopper
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bought SII for 70.3
Ok, now that's a chart that even I can understand... so while I await the next $$MM pick, I'll pick up some SII (~1%) here at 70.3 for a quick buck.Originally posted by New-born baby
Since all I know about this one is that chart, Spike, could you give me a good target and stop for this one?Comment
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Jiesen,
If you target off the daily, the channel is 73.50 and rising.
If you target off the weekly, it's 76.00 and rising.
Since the targets are short, you want to consider the r/r number there.
Personally, I'd probably use a 68.40 stop (below yesterday's low), which is only 2.7% risk that targets 8%, and so the r/r is only 3, which ain't so good.
You could go for an intraday pattern to calculate your exit to improve that r/r number. Right now, there's a 2-day SHS forming, and you could put your stop under the neckline, which is 69.90, which is 0.569% risk and a r/r of 14.25. Much better.
Or you could loosen that a little, and put it below the intraday pivot and yesterday's price support of say 69.50, which is 1.14% risk and r/r of 7.13, pretty healthy that.
Good luck with it!Comment
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Oops, got stopped out at 69.7. Maybe I ought to stick to stocks for which I know the value....Originally posted by jiesenComment
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Thanks, Spike. I wish it would have held up just a couple minutes longer, so I could have adjusted my stop to your suggestion. Oh well, maybe next time!Originally posted by spikefaderComment
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Originally posted by jiesen
no, that first hourly candle was a party-pooper, followed by the SHS formation. Your stop was a good one, only 0.85%, which is great. It's best you're out based on the intraday patterns I think. It was a setup with great potential that just didn't materialize. Sorry dude.
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Lye; here's PARL food for thought:
Today reveals a channel turn up after that 'c' correction.
Pretty good volume and nice bullish candle today.
That channel turn up is the green light for chasing the pivot 30.54 tomorrow. A stop under today's low is just over 4% risk. Initial conservative channel target is 39.00 and rising on the daily so that's roughly 28% reward, which makes the r/r 5.79, and if price movement works nicely in a wave formation, you'd be re retargeting to increase that 28%.
Strongly recommend stop to even after the first intraday higher high, since that larger weekly count is a 5 completion. That's what I'll be doin' anyway
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Spike, you commented on MFLX in the past - I wanted to get your thoughts on its recent action. BTW thanks for the int'l trading info - did you see the japan i shares jump again! Jeez..Comment
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OK, where's the market going?
I'm strongly bullish, and that's an understatement 'V' closed bullish, the charts are screaming long to me. And I'll remind everyone of the power of 'c' corrections that are bought. That's what got me so bullish in late April when the Qs were showing that big weekly 'c' correction formation.
If I were to speculate, I'd say the $COMPX 'c' completion has just co-incided with QQQQ completing a 2 of 5 within a bigger 3. If correct, that means we area about to see a 3 within a 3. And that my friends could lead to volatile upside.
It is what it is until it isn't! Good tradin', and make it disciplined.
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Spike, your becoming a huge EW’er..lol Hey what the heck does the phrase “a man is not an Island”. Mean? Excess my Infantry mentality...
Oh yea this is what I also like about the $COMPX besides the EW count.
EDIT:COMPQ
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Spike - let me ask you this: If today's lows are taken out tomorrow (on the compq)... will that turn you bearish?Originally posted by spikefaderOK, where's the market going?
I'm strongly bullish, and that's an understatement 'V' closed bullish, the charts are screaming long to me. And I'll remind everyone of the power of 'c' corrections that are bought. That's what got me so bullish in late April when the Qs were showing that big weekly 'c' correction formation.
If I were to speculate, I'd say the $COMPX 'c' completion has just co-incided with QQQQ completing a 2 of 5 within a bigger 3. If correct, that means we area about to see a 3 within a 3. And that my friends could lead to volatile upside.
It is what it is until it isn't! Good tradin', and make it disciplined.Comment
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Heh, yep, nice daily stoch there.Originally posted by RunnerSpike, your becoming a huge EW’er..lol Hey what the heck does the phrase “a man is not an Island”. Mean? Excess my Infantry mentality...
Oh yea this is what I also like about the $COMPX besides the EW count.
EDIT:COMPQ
When I said, "Am I a lone man on an island??" I was just asking if I'm the only one that is a raving pumped up bull right now. I kind of get the feeling there's a lot of caution in the place...kinda distrusting this market and it's ability to go to new highs.
Yep, I am definately taking the effort to look for counts more these days. Just been seeing so many 'c' longs that have worked out nicely it's hard not to look for them!
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JCC buying opp;
24% target and rising, channel long discount back to vol by price support; couple nice runaway gaps, positive money flow, bullish psar, return to price support. And EW-wise, you've got the 12345abc down in March April May, and the 'c' short failed big time, this month. Price now has come back to the 'c' support area. What's not to like!
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