Can you read a chart?

[traderyin]

Quote from wareco:

OK people, next chart. Does this puppy continue to the downside, or do we get a retrace? Should you go long, short, or flat for the next 5 bars, and give your reasoning.

http://www.ttrader.com/mycharts/display.php?p=41605&u=wareco&a=Wareco's Chart Reading&id=1774

Long. The sellers are getting weak. Overnight shorts might look to cover. Long profit target at second bar's high and stop at previous low.

Edit: Not enough reward for the risk. Probably better stay on sideline and let it develop.

 

[joepepper2001]

Quote from apex82:

Just took a look at amln. Looks real nice for a conservative entry for a move up to retest the 42 area and possibly a move up to 44.80 The only nuance is that it is coming off a DT. Entry would have been better at 38 on the retest but it still looks good to me.

i'm thinking the same thing, saw it on monday and forgot about it until today, i'm taking a shot on the 40 calls at .85

 

[joepepper2001]

Quote from joepepper2001:

i'm thinking the same thing, saw it on monday and forgot about it until today, i'm taking a shot on the 40 calls at .85

http://i18.tinypic.com/48yzjwy.gif

heres a 2 year chart

 

[joepepper2001]

http://i7.tinypic.com/29uswgy.gif

http://i7.tinypic.com/2mebhjn.gif

heres another one, AIG it turns out this is a real piece of crap but i'm hoping it runs to 70.00 before it goes down to 66.00

somebody reiterated today to 82.00 and the others in the group had good earnings

we'll see

 

[BoyBrutus]

Quote from wareco:

OK people, next chart. Does this puppy continue to the downside, or do we get a retrace? Should you go long, short, or flat for the next 5 bars, and give your reasoning.

http://www.ttrader.com/mycharts/display.php?p=41605&u=wareco&a=Wareco's Chart Reading&id=1774

Short. Looks like a gap n crap day, all those longs are caught. The doji's seem to be just a small reaction to the support at that level, hence a small, if any, bounce before more serious downside for the rest of the day. imo

 

[wareco]

Before we get too far down the road with other charts, here is the next 10 bars of the chart. Shorties got it right.

http://www.ttrader.com/mycharts/display.php?p=41606&u=wareco&a=Wareco's Chart Reading&id=1774

 

[wareco]

I'm not a swing trader, but as far as AMLN, I'm flat here. I think it wants to consolidate. I need to see it 40 or better before I go long.

 

[apex82]

Do another, I am bored waiting for the FOMC.

 

[wareco]

Quote from apex82:

Do another, I am bored waiting for the FOMC.

Done!

http://www.ttrader.com/mycharts/display.php?p=41607&u=wareco&a=Wareco's Chart Reading&id=1774

 

[apex82]

You cant pick a better one then that? Its in a huge range. I would have to say buy hand over fist and go for a nice run. It may move a few ticks lower first.