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santosLhalper

Hi,
I've been reading the website for a few weeks and decided to start posting. I'm new to trading so any help would be greatly appreciated.

I shorted iyr near the close based on this chart. Retail sales in the morning could be the trigger for a waterfall/hard gap down open. It's an hourly 11 day chart with CMF, RSI, stochastics, and MACD in descending order. They all show negative divergence above the double top. It failed to get anywhere close to the upper trendline after bouncing off the lower at the open yesterday. Volume continues to be light indicating to me there is little professional buying occuring at these levels. Any thoughts?
 

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i am not familiar with this stock...but what jumps out a t me is that this stock is at the bottom of a channel. i would not have shorted it.
 
Quote from santosLhalper:

Hi,
I've been reading the website for a few weeks and decided to start posting. I'm new to trading so any help would be greatly appreciated.

I shorted iyr near the close based on this chart. Retail sales in the morning could be the trigger for a waterfall/hard gap down open. It's an hourly 11 day chart with CMF, RSI, stochastics, and MACD in descending order. They all show negative divergence above the double top. It failed to get anywhere close to the upper trendline after bouncing off the lower at the open yesterday.

Volume continues to be light indicating to me there is little professional buying occuring at these levels. Any thoughts?
More...
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santosi-senior;
Dont know that one, but retail re should be in your favor[eventually];
most of the trends are down on yearly chart.

Maybe it will gap below 50dma area-$35 area;
they have been buying it more in NOV,DEC,
& sold it pretty hard down to $35 area, DEC 18.:cool:
 
Good reasoning, I think long-term it will work out.

Instead I would have waited for a break down from the bottom trend line. Confirmation can't hurt, sometimes saves you.

Keep up the hard work, it'll pay off eventually.

-troll
 
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