Hanging on.....by a finger. Hoping for a rally up to resistance.
Margo's Swing Journal
- Thread starter margo_trader
- Start date
I went short the end of August at $49.70 for a nice trade. I think I'll give him another ride if he makes it back to resistance.
I'm not so sure about this pig. IMO, it appears to be in the early stages of a right shoulder in a H&S pattern. As anyone with a brain knows, the right shoulder is the distrubution phase in the pattern which means it'll be subject to some "wild and willy" swings. At this point, I'll look to take her short with a small and longer term position at the shoulder highs with a little wiggle room given to it. It's too early to guess exactly where the neckline should be drawn so I can't give a precise measurement.....I'd guess in the $26.00 area with the data provided thus far.
A simple rule....floors become ceilings once a breakdown occurs just as ceilings become floors once a breakout occurs.
This a weekly chart "bouncing" back to resistance. Bounces come out of thin air, they aren't measureable, and they shouldn't be messed with. Trading ANYTHING other than a MEASUREABLE pattern out of a consolidation is STUPID. I'll take a low risk short at the new CEILING with a tight tight tight stop.
This a weekly chart "bouncing" back to resistance. Bounces come out of thin air, they aren't measureable, and they shouldn't be messed with. Trading ANYTHING other than a MEASUREABLE pattern out of a consolidation is STUPID. I'll take a low risk short at the new CEILING with a tight tight tight stop.
inandlong,
Thank you very much. Happy trading.
Thank you very much. Happy trading.
Originally posted by inandlong
Nice work margo_trader. Very nice work.
If you base your decisions with TA, your trading should NEVER be subject to interpretation. If your threshold point is violated, get the hell out. SIMPLE.
I think I've already posted this, but I don't have the energy to go back and check. I'll look to short any rally up to the neckline with a tight stop. This is a weekly chart and a long term setup that measures to the $10.00 - $15.00 over the long haul.
I think I've already posted this, but I don't have the energy to go back and check. I'll look to short any rally up to the neckline with a tight stop. This is a weekly chart and a long term setup that measures to the $10.00 - $15.00 over the long haul.
This is like the FRX setup posted the other day. It would take me too much time to try to explain how I identify these setups. Basically, it's in a rough triangle pattern if you look at the intraday charts, but the risk parameters are defined by the daily. I'll short on a break of todays low with a stop set a nickel above todays high. As previously mentioned, these are higher risk trades that work around 50% of the time. When I trade these, I prefer the spread between the high & low of the day to be as narrow as possible...thus, low risk. If it triggers and works, I'll cover 1/2 of the position at the upper gap.....we'll get into gaps later.
Since 95% (idiots) of the investing public doesn't short , I suppose I should add a few longs I've got my eye on. Most have already triggered, but there are still a few.
I'll play this for a day or three bounce with a move over resistance. As you can see, we've got our higher low. Will she make a higher high?
I'll play this for a day or three bounce with a move over resistance. As you can see, we've got our higher low. Will she make a higher high?
Same as the prior post.