Fib Retrace and other pullback trades

[bowman]

Re stop losses:

For daytrades I have virtually zero tolerance - if the entry is wrong I bail immediately and often re-enter lower down.

My other trades are usually initially entered with 1/3 to 1/2 of the total position. The stops are mostly based on previous technical supports or other technical analysis so the % varies.

If I get into a trade for fundamental reasons as well, and I'm confident of my research, then I may decide to not use a stop at all, especially if I only buy a 1/3 position. I'll re-examine my entry, look at other factors such as whether the stock is being heavily shorted, the state of the broad market, and then look at where to place a second entry.

In my last 60 trades, I got stopped out 14 times and the majority were on daytrades.

 

[bowman]

I seem to have a pretty big pullback watchlist today and here's five from that list. RMD for the bottom pickers.

 

[bowman]

I'm hoping today is the day the AUN shorters burn.


In at .72 and looking for the covering rally.

Thank you shorters.More gains to come I would think.

 

[skc]

HVN. The last two candles signal a low risk entry imo. Should rise and fall with the overall market sentiment.

 

[skc]

ORG...Pretty deep retracement for a strong stock. May be coming to an end?

 

[Real1ty]

ORG...Pretty deep retracement for a strong stock. May be coming to an end?

That is my opinion and i entered today at $14.81

 

[skc]

That is my opinion and i entered today at $14.81

Good on you. I am waiting for ~$15.5 the recent mini-high as confirmation the down leg is over.

 

[Real1ty]

Good on you. I am waiting for ~$15.5 the recent mini-high as confirmation the down leg is over.

That is the safer trade but lately riskier moves have paid off well for me, so i'm riding the wave while it lasts.

Hopefully we are both on this wave sooner rather than later :bowser:

Cheers

 

[skc]

PTM. Got in this morning on break of yesterday's high...

61.8% was tagged perfectly.

 

[Boggo]

Nice work skc, potential wave 3 target of over $6 there if everything holds up.

 

[bowman]

CSS may have support at these levels.

 

[skc]

Nice work skc, potential wave 3 target of over $6 there if everything holds up.

Is the $6 target based on wave equality? I remember seeing your other charts saying minimum vs typical target. How are they calculated?

CSS may have support at these levels.

Chart looks good, but I am allergic to seafood when it comes to trading

 

[bowman]

Chart looks good, but I am allergic to seafood when it comes to trading

LOL

CSS is not without risk. The recent sell off was on big volume.

Looking a bit fishy you think? :

 

[Boggo]

Is the $6 target based on wave equality? I remember seeing your other charts saying minimum vs typical target. How are they calculated?

My
Five main price points on this pattern are at 4.39 (ABC complete), 4.55 (W.3 or B in progress), 5.15 (wave equality), 5.59 (area of resistance) and 6.15 (typical W.3).

(click to enlarge)

 

[bowman]

Five from todays watchlist.

 

[skc]

PPT traced out a text book ABC to tag 50%. Upside potential $38-$42

 

[bowman]

Five possibilities for this week.

 

[bowman]

I'm starting the week off cautiously with small positions (if any) going long. If there are any positive leads this week from the US at all, chances are they could be weak.

The last two charts below are based on the TD Sequential system which I stumbled across recently and have been trialling for the last three weeks with good success.

There's a PDF download describing the system on the first link on this Google page:

http://www.google.com.au/search?hl=...+trading+with+TD+sequential&btnG=Search&meta=

 

[bowman]

I'm starting the week off cautiously with small positions (if any) going long. If there are any positive leads this week from the US at all, chances are they could be weak.

Or they could just be cr@p.

Nothing much to smile about today but possibly PAG could have a little run.

 

[bowman]

I'm having a look at PPX with the TD Sequential count system. The first 9 bar count (the setp) went pretty much nowhere and now the second, 13 bar count (the countdown) is complete and is a possible turning point.

The trend channel lines are mine and not part of the TD system.

There were three changes in holding announcements yesterday, (all increases) from Westpac, Orbis and BT Investments.