Learning to read Price Action with P&F Charting

So MT was a wash ... Hope cmi keeps doin what it does


I know what you mean flyinGlead, I just try to make a stop at 3 dollars below the entry
Price. Currently abt is still a loss for me but I entered at 57 so not going to sell that yet ;

What do you think of COV?
 
Actually, to keep the thread going and to learn from each other, I think I will start posting possible trades I made (in case anyone cares). Just as a warning, I barely have no idea what I'm doing ... lol

Right now I am Long ABT since it was about 57, long CMI when it was at 61 and again when it was at 66 and change.

CMI +200 (Realized Gain)
CMI +$130
ABT - $100
MT - $200 (Realized Loss)

So all in I'm up $30 over the past couple weeks ... great! lol

MT was just a stupid mistake, I really had no reason to add to my position on Friday - that alone cost me $150.
 
Quote from yayt:

What do you think of COV?
More...

My uneducated take is

Strictly looking at the chart, it should be a buy if it reaches 51 before it makes a new O column
Its RS compared to the SPX is still in the X column.
I'm Still not up on BP% yet.
However, it looks like medicals have pulled back a little.
I sold out of SGP a couple days ago after it went up 4%. I see it just dropped 11% today.
 
COV hit 50.91
After hrs hit 51.00
Did you already buy yayt? You'd already be money ahead, but would you be a true PnFer?

Do any of the PNF charts take into consideration after hr prices?
 
Hey,

Nope, I didn't buy COV, I will probably buy tomorrow, depending on how it does.

Any other stocks catch your eye?

As an update,
CMI +230 (up $100 from yesterday)
ABT -70 (up $30 from yesterday)

CMI I will probably sell half my position and hold the other for earnings - I think it's due for a pullback tomorrow ... hope it doesn't gap down!

Also, I'm not sure about the after hours. Also, I think it's better to buy right before the breakout if everything else is in place - at least, according to my still-preliminary backtesting.
 
Work keeps getting in the way of my trading lessons. Half way thru developing my own list of stocks to scan.

last 4 I picked out have done horrible.
DF & TROW short, and
FE and SYK long
 
I think SYK might do well, I was thinking about going in but I already have ABT, which is just pissing me off, but that's besides the point.

Sold half my CMI position, $210 net.
Other half is currently up $140.


Thinking about what else to go into ...
 
Yayt
Have you done any backtesting comparing End of Day to High/Low and only when both give good signal??

I've only been using H/L, but going back and looking at some of my bad picks, comparing both, The EOD didn't give a good signal.
 
I don't really like the volume and it's kind of a sloth ... took months to move a couple of bucks; that would especially hurt with options


What do you think of IBN? On the Close chart it's looking like a good entry point, 40 Aug Calls


As for the backtesting, I only did it with Close, not High/Low.
 
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