Great New Pattern

R

rtharp

http://elitetrader.com/vb/showthread.php?threadid=881
Great New Pattern Part 2
The link for original thread is above. The thread had over 100 replies and is currently closed for new posts.



Pretorian2

PTA looks like your typical setup you posted earlier. If it breaks that base bound to get some retracement tomorrow. I'm probably going to play it.

http://stockcharts.com/def/servlet/SC.web?c=pta

see above link for a chart

As a disclaimer for this thread, me(Robert Tharp) and Pretorian2. Please do your own research on the stocks listed. Stocks on this thread are not being recommended by anyone. They are being posted because they follow a high probability pattern which is being discussed here. Any trade you take is your own responsibility.


Rtharp
 
I remember being long this for at least 7 pts of that drop. Heh, it was a nightmare. I somehow got out of it all flat. THat is definately not my pattern. I look for things that drop fast and hard and I buy at the first sign of either uptick, or volume. For instance, emc is really juicy tomorrow. Look at gb, and nvr as 2 recent ones I did for a nice gain. I still have 300 nvr left from 165. At the same time, I'd like to thank you for pointing this out to me, and more importantly continuing my legacy. This chart looks really interesting, as the uptick in volume must mean that there is additional interest. Im gonna be there on the open buying the heck out of it if it's green. INteresting plays could be axti, and veco if volume picks up and maybe mcdt. I hate playing tech type things, especially in a market like this, and I will almost definately not trade the nasdaq ones, but they are all interesting.
I would like baron's opinion on this, or whoever moderates this board. It would be nice if we could post our picks every night, and maybe debate their merits. At the same time, I don't want to post anything that's illiquid (especially if im in it). I would have loved to let everyone in on the gains in nvr and gb for instance this week. On the other hand, I would have probably moved it, and then just sold into the buyers from this board. Even a 10k buyer would move it enough for me to get out with a gain. What limits should we use when posting ideas on this thread? I don't want to be another tokyo joe. At the same time, I have no problems with posting my thoughts in real time.
 
It would be great if we could continue the old thread here. On the listed front MIR is starting to look ripe for a picking.
 
needs volume like a lot of these do. That's why I think we go down more. We haven't had the mini panic bottom on these yet. These also look interesting: rvsn, cnx, plxs, tecd
 
That was my intention was a continuation of the old thread. It was mightly long but proved interesting. I was heavily long PTA today and it went up about .80 or so on a huge down day. I'm still playing it tomorrow and next few days as a swing but you can see me also daytrade it during the day (buying on dips heavily with a tight stop)

I'll look at others you posted tomorrow to see how they are doing.

Rtharp
 
Hi everyone,

I was just reviewing some of the charts for the stocks being discussed and I'm in the same boat as you guys. I've been doing pretty much the same thing. I'm just curious what you guys are using for entry, exit, and stop loss. Lately I've been buying with a stop buy if the stock trades .01 above the previous close. I place a stop 4% under entry and trail it, adjusting it on each close (if higher). On some stocks I will set a target to sell at, otherwise, I will just let the trailing stop get me out whenever it does. Anyway, I'd like to know what methods you guys have been using.

Thanks
 
In real time, I just took 3700 tbl at 43.12. 11:15am.
DO your own dd. Rtharp, thanx man. I still have 6500 of hte 10k of pta I bought around 4.1
 
PT
iknow this is not your play but
Robert
If you liked PTA (which i did not play because i have no trading plan for any set-up remotely resembling that trade) you might want to tack APW. It has the same characteristics as PTA, and has a price action alert (candle pattern) that i watch, and screen for.

Either way, i won't be playing it, but email me with your trading plan on these plays -- would be very interested in the specifics

regards/greg
 
APW actually was more of Pretorian2's type of move when it first bottomed. It showed strength the next day and rose 1/4% or so. It then tanked again and has gone sideways. PTA never recovered it just based and is breaking out. This is some difference. APW I'm not interested in. I usually want it right after a panic attack or a buying frenzy to short. PTA didn't bounce but it did now. APW had it's bounce already.


BIGT would look fine to me if it can go above today's closing price. If not STAY AWAY.


First everyone this thread can get really long very quickly if we all post here. I'm going to try and come back to some post and edit them. I just added an edit to first post stocks on this thread aren't being recommended. A high expectancy set-up is being discussed here.

Pretorian2. I trade a few different set-ups but have found this one more reliable lately in this market.

We are trading very similiar styles though.

For everyone's info I'm taking my scans daily from
http://stockcharts.com/def/servlet/SC.scan?s=runreport,predeftech

I'm scrolling down to Overbought with a declining RSI and oversold with an improving RSI.

I also have a huge preference for the NYSE this is due to the specialist has probably had to take on a lot of the extreme position and would like to unload it. The NASDAQ will have multiple market makers who had to take the opposite side so they may not all be in sync when to turn around. Both markets are tradable though.

PTA is definitely working for me. I'm swingtrading it for awhile with a small position. If it dips heavily I'll buy a few thousand shares and try to sell on a small rally.

I'll post a few more when they look absolutely golden (to me) and than you guys can have fun discussing them.

Robert Tharp

My message board for anyone's reference or if Baron won't allow this on here
is

http://communities.msn.com/rtharpsland
 
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