Skiracer's stock slopes

[spikefader]

Here's my read on it ski. I really like it long while Thursday's low holds. That's the weekly channel long you spotted. I think you'll get a pink b up to price resistance (or it could have done the 'b''c' and the green channel long coincides with a c long and red 'a' completion. It's also right at vol by price support and could pop from this area nicely. Forget about how many up 4 up days it's had in a row (with respect); it's at a very key area here, and focus on the chart as it is presenting itself to you. I think it's ready to move up to 12.50 where it will have a shot at the title. That volume is very nice, as is the money flow. On the daily, there is no channel resistance until 11.00ish, and I'd give it every chance to bust it if it were me. Good luck with it.

[skiracer]

Thanks for your take on it guys. It's always interesting to get a few other points of view on these things. In this case two almost completely opposite views from NB and Spike. I know I'm prejudiced but still emotionally rationale and agree more with Spike's take on it as I really like the stock and although when looking back on it over the course of the last 5 weeks or so I do feel that I paid too much for the options and could have gotten them much cheaper if I had exercised more patience at the time of initial entry but then they would have skyrocketed for sure. Initially I liked the chart and what was going on with the stock an bought the options to have a position in what I thought was going to go off and didn't have to put alot of money up front to control a decent amount of shares. It didn't go the way I thought it would as fast as I thought it would so I waited it out to see what would develope since I didn't have that much money at risk. Spike's take is what I've felt about the weekly chart all along an is what seems to be developing now. I really like the channel long setup from last week and that signal is what is making me feel more comfortable being in it now. After last week I now have more money at risk an am somewhat more concerned because of that but feel more comfortable with the realization that Spike sees a decent chance for some light at the end of the tunnel. Thanks again for your takes on it. All the years I've been doing this I never really got into the Elliot Wave Theory thing with the 5 waves and ABC corrections. I really have to get more into that in developing my analysis base. Spike, what time zone are you in. Get some sleep buddy. That last post was 3:19 am. Thanks again guys.

[New-born baby]

Point of View

Ski,
I for sure want you to profit from this (and every) trade you make. Spike is almost always right. What I do like about your question and our answers is that we can now watch PETS and see how it plays out, and hopefully learn something in the process. Like you, I don't have the Elliott skills down, and I think they take a little more than a causal perusal to pick up. At least that's why I haven't acquired them as of yet. Perhaps that is where I need to spend some time very soon.

You have DEC calls. Spike was right to look at the weekly chart instead of the daily. I was thinking too short term. The announcement is the 24th of Oct, three trading days away. December is two full months. One needs to trade off of a chart that is 8-10 times longer than his expected hold time. Spike chose the correct chart; I was thinking too shortterm--the next three days.

Spike, feel free to correct my thoughts here. Your comments are welcome and I (hopefully) am not too pig-headed to take correction. After all, on MM's forum, "its all good." (A principle that I wholly endorse).

[skiracer]

NB,
Here's a site I found that offers a free 4 part course on Elliot Wave Theory and Fibronacci Retracement and how they interplay with one another. Very thorough an I just started it the other night. You move at your own pace and takes the beginner from the start through it all. Perfect for the beginner to pick up on Elliot Wave Theory. www.worldcupadvisor.com/wcu.asp. No need to explain yourself. I know your only thinking positive thoughts and praying for us all to go good.

[dmk112]

Ski, may be to your interest....

[skiracer]

DMK,
Always appreciate anyone keeping an eye out for me. Thanks. I've been holding these Dec. 12.50 call options for 6 wks. now and PETS reports this coming monday morning at 8 am. That chart is a week past and the stock has shown some strength since then although on lower volume. Also own the stock from around 9.35 so I'm up 1 point on the 500 shares right now. Up again today on lower volume in a bad market. I'm dying to see what the report is on Monday. So I'm holding for the time being. Thanks for looking out and watching my back though an I always give these things due consideration. Thanks again.

[New-born baby]

Thank You SKI

NB,
Here's a site I found that offers a free 4 part course on Elliot Wave Theory and Fibronacci Retracement and how they interplay with one another. Very thorough an I just started it the other night. You move at your own pace and takes the beginner from the start through it all. Perfect for the beginner to pick up on Elliot Wave Theory. www.worldcupadvisor.com/wcu.asp. No need to explain yourself. I know your only thinking positive thoughts and praying for us all to go good.

Ski,
That was might kind of you to give me this link. I'll use it! Thank you.

[skiracer]

NB,
Did you try it yet. I'm going through the videos myself. Thought it was real good, especially for the novice at Elliot Wave Theory.

[dmk112]

No prob bob. I mean ski.

[Gatorman]

Very Instructive

NB,
Did you try it yet. I'm going through the videos myself. Thought it was real good, especially for the novice at Elliot Wave Theory.

Ski:
Am going thru the videos. They are well presented and highly instructive. Appreciate the link.

[skiracer]

Gatorman,
That's great. Glad it's helping you out. I'm not up at all on the Elliot Wave Theory stuff so I'm a novice trying to educate myself about the concepts of the theory behind it. I happened on the site by chance and thought it would be good to share it here. We'll all be Elliot Wave technicians after these videos. LOL. Good luck.

[billyjoe]

This is so technical. If these guys (instructors) are correct , they undoubtedly are multi-millionaires independent of any monies made teaching and distributing their materials . Wouldn't you agree? If not , this is all speculation and they have an out. They seem to have two outcomes for every scenario , if X happens it will lead to a positive result. But if Y happens it will lead to a negatve results. Either way they are correct. That's why I question TA. Show me percentages and not after the fact. I'm a doubting Thomas . Mr. Market does it. That's what attracted me to this site.

billyjoe

[spikefader]

This is so technical...
billyjoe

Yes, it sure is. Which is why I abbreviated my EW to 12345abc!! hehe.

....If these guys (instructors) are correct , they undoubtedly are multi-millionaires independent of any monies made teaching and distributing their materials . Wouldn't you agree? ...
billyjoe

No billyjoe; it still comes down to this: EW is just another tool in the world of TA. It is not a perfect system, and there is a LOT of intuition involved in timing entries. What may look like a perfect EW count may turn out to be something different and EWers modify the count as needed. EWing is no different than any other TA tool. It still requires a trader applying great r/r and being disciplined. Without those 2 and you'll go broke. With them, you have an edge.

....They seem to have two outcomes for every scenario...Either way they are correct. That's why I question TA. Show me percentages and not after the fact. I'm a doubting Thomas . Mr. Market does it. That's what attracted me to this site.

billyjoe

It's not so much either way they are correct, but EWing (and any TA method for that matter) is about being fluid and adaptive, and integrating that fluidity into your trading plan. EW is just another way to identify potential setups, based on unique patterns of human behavior and cyclicality. The 12345abc move occurs very very often in the market, and it's worth using IMO.

But it boils down to this: EW simply spots areas where you have a reason to enter a trade, and you add a downside plan if you are wrong, and an upside plan if you are right. You can question all TA in your own mind, but it's not the TA tool that is the problem; it is the person using that tool, and how well they use it. "It's a poor carpenter who blames his tools".

There is no perfect TA tool, and anybody trying to sell one is a shyster!

Show me people/sites that can teach real solid trading principles, integrated with accountability and control, and discipline and sound money management and risk/reward and I'll endorse those people as clever traders.

[billyjoe]

Spike,
I agree that the key is to determine what controls human behavior and the cyclicality of that behavior. Being in retail sales for 26 years with direct contact with the consumer , I often wondered why a product that stayed on the shelf untouched for weeks would suddenly sell like hotcakes for no apparant reason. Was it sunny weather, a change in barometric pressure , a news story that attracted customers ? Once I stocked a perennial plant that Martha Stewart was touting on her show and magazine for months. The result ? Nobody knew what it was or even requested it. They were dumped. I think someone will figure it out someday , maybe the Fibonacci and Elliot Wave boys will be the ones.

billyjoe

[skiracer]

I'm not sure I understand the point that either of you are trying to get across. Could you explain please what it is? Is it about the site I posted on or just about EWT and TA in general?