Swing trading... lessons learned...

[B.J]

Spike, I kind of smell climax, myself, even happy as I am.

[spikefader]

Spike, I kind of smell climax, myself, even happy as I am.

Yep, the tweezer is holding, a little SHS there with neckline break at 13.80. Bidding on those Sept 10 calls has pulled back to 3.80 and she's dropping.

[dmk112]

Yep, the tweezer is holding, a little SHS there with neckline break at 13.80. Bidding on those Sept 10 calls has pulled back to 3.80 and she's dropping.

Spike, stop the negativity!!! This this is going to $20! LOL

[spikefader]

Spike, stop the negativity!!! This this is going to $20! LOL

LOL make this channel short turn into a channel turn up and I'll be a bull!

OK, I'll shut up already!

[B.J]

LOL make this channel short turn into a channel turn up and I'll be a bull!

OK, I'll shut up already!

Spike, what's your explanation for it? Could it be because it had a couple weeks worth of down days, and those are what carry the weight in the line slope calculation??

[spikefader]

Spike, what's your explanation for it? Could it be because it had a couple weeks worth of down days, and those are what carry the weight in the line slope calculation??

Reg channels are based off a "best fit" line that is drawn through the middle of a set of data points encompassing a significant low a significant high (or vice versa). The slope of this line is called the midpoint and reveals the nature of the trend. The upper and lower lines are then added to the midpoint line. Obviously the "best fit" for VPHM's significant high and significant low is still downward, even though some may think it 'should' be upward because of new highs or whatever.

So in a basic explanation, yes, it's because of those down days, and the slope of the angle on the journey down. Now, price has to work harder to get that best fit line to slope upward and hence the outside lines turn it into an upward sloping channel.

[dmk112]

VPHM @ hod as I write this..let's see if it can give spike a channel turn up

[B.J]

VPHM @ hod as I write this..let's see if it can give spike a channel turn up

Looks like it'll need at least 15 to do that.

[spikefader]

VPHM @ hod as I write this..let's see if it can give spike a channel turn up

heh ya! Hey, and look at that intraday abc correction action since the interim tweezer top. It has a clear abc on a 1 min or 5 min chart.

OK, so now the count has proven that what I perceived as the 5th was just 1 of 5 instead of THE 5th. So we are in the 3rd of 5 to new highs.

I dare say a channel turn up is coming today.

[dmk112]

Trimmed some @ 14.25... Letting the rest ride...

[spikefader]

Trimmed some @ 14.25... Letting the rest ride...

Nice.

And remember folks, the VPHM weekly is in a 5th completion. This current strength will get sold for the abc correction - it's the challenge to judge it correctly. Daily upper channel is 15.80. I'd expect some profit-taking around that level.

Intraday doing it's 4 of 5 now.

[dmk112]

Nice.

And remember folks, the VPHM weekly is in a 5th completion. This current strength will get sold for the abc correction - it's the challenge to judge it correctly. Daily upper channel is 15.80. I'd expect some profit-taking around that level.

Intraday doing it's 4 of 5 now.

$15.80...I'll take that!

[Runner]

Spike, I was thinking the 5th completed of the MSH on a 13 min. chart @ 14.48. It is also testing the STO 80 band. If it slips the 80 band I expect a retest off the 15 SMA.

[spikefader]

Spike, I was thinking the 5th completed of the MSH on a 13 min. chart @ 14.48. It is also testing the STO 80 band. If it slips the 80 band I expect a retest off the 15 SMA.

OK. I'll have to go back and check my count. I could have misread it easy enough. I'm using the historical data too, which doesn't include pre and after market quotes.

[dmk112]

Well VPHM didn't stop in the after hours either...its up to 14.84!!!