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Swing short YM 10840 right here. 30 point stop.
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More on MCX
Spike / Peter,Originally posted by spikefader
Funny enough when they opened it today at 11.75, right at that "double bottom" stop level from yesterday, I decided to watch. Amazingly enough, I did not see any panic selling, so I bought some right at 11.70.
Holding on for the ride... It would be nice to see it close positively, and stay above that 30-day moving avg.
PETER: If your software says to enter above 12.25, where does it tell you to exit? $14+?Comment
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With that entry revealing itself as perfect, and the c long confirmed now, strongly suggest you move stop to even, and hold this one for 5 waves up. With recent booming action, this could be a very very nice trade if you are patient and disciplined. Remember, fear of losing profits SHOULD be replaced by hope for growth. Hope for a loser should be replaced by fear of further losses. Good luck.Originally posted by mystikyComment
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stop=9.50 good?Originally posted by spikefaderComment
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So Spike, just to make sure I understand -- in your opinion -- MCX today AGAIN started it's pattern from the very begining. Meaning, that previous runup and the selloff was a completion for a FULL CYCLE (waves 1-5 + abc), and today we started wave #1 of the "completely new" cycle?Originally posted by spikefader
Just wanted to make sure. And you are expecting a 30% gain or something close to it before wave #5 is complete?
Also, does it really matter how much volume we get on this "trend reversal"? Or you are not so worried about these facts?
Furthermore, it seems like the 30-day moving avg (12.05) is going to hold. Will the 10-day moving avg (13.4
be a resistance?
Boy, finally... I think I am learning!Last edited by mystiky; 12-28-2005, 03:04 PM.Comment
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Yep, I'm saying that I think a 12345abc cycle is done now, and 'c' is the crucial point now. Below 'c' and it's vulnerable for serious downside. While above 'c' I attach a bullish bias to it.Originally posted by mystiky
There is absolutely no guarantee that another 5 impulse waves up are going to come for this stock, but the potential is there off a 'c' long. There will be 'c' long setups that bounce around, might stop you out, test 'c', fail at 'c', then get over it again, frustrate anyone trying to trade it. So this EW cycle isn't any guarantee, but it's a pattern that repeats all over the place, and there are plenty of examples in this thread about how volatile and profitable moves happen either side of 'c', whether it's bought or it fails. Think of 'c' as a pivot point. Right now, the long side of it has the advantage, and the potential for another 5 wave sequence. Have a look at VPHM earlier discussed in this thread, and others. Classic example of c longs being bought wonderfully.
But remember! With EW, all one can do is anticipate and try to trade within the principles of it. Set you r/r to a healthy level, be disciplined, reduce downside risk, let winners run, and you have an excellent likelihood that you'll be profitable. Like I said before, you could adopt this one single trade setup for the rest of your life, and with good discipline, and patience, and good timing, you'll become nicely profitable in the long run. But don't ever fall into the trap of thinking the market SHOULD or will or MUST do anything. It'll do whatever it wants to do. It's powered by emotional, illogical, powerful participants and a perfect pattern, like what MCX currently appears to be, is always at risk of getting smashed to pieces for no apparent reason. A perfect looking stock could fall out of the ugly tree and hit every branch on the way down. There are plenty of those examples in this thread too.
As for targeting, I'm expecting a 5th up on the weekly, with either highs over 16.25 or a truncated 5th that turns into a double top. The booming nature of the chart shows a clear potential for MCX to breakout big time and become a 30 or $40 stock in 2006. That's the potential today, and should it truncate the 5th, then abc, then the 'c' long fails, and it sells off, then say hello to the potential for $5.00 next year. Price action and volume is going to determine what it does in 2006.
And all that said, my count could be wrong, price may drift for a couple days, fall to new daily lows, stop the longs out, become a big daily SHS with neckline break, and then target the height of the head to the downside. LOL it's nuts this business, which is why I like to say it is what it is until it isn't. hehe
Hope that's helpful.Comment
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