Fib Retrace and other pullback trades

[lukeaye]

Got into SGM yesterday at $21.65. Stop to breakeven now. It should come off clean and not look back.

I hope your right. Its funny scrap metal prices acutally dropped again last night.

Just goes to show, that fundamentals are uselss in the current market.

i also owned an oil company, and oil went through the roof last night, yet the **** came out of it today.

 

[johnnyg]

Good work on SGM. Today's bar is probably the best the stocks seen in weeks.

 

[lukeaye]

fortunetly it set up really well. best stock in my port at the moment

 

[skc]

fortunetly it set up really well. best stock in my port at the moment

So you didn't catch the gold trades!

Anyway, is this one on your watch list? From the healthcare sector as well. The strong Aussie hurts this guy a bid though. I will be more interested closer to $13, or may be even a gap fill at $12.9.

 

[lukeaye]

na i pulled out emotions got the better of me. Started to listening to everyone.

True story, somebody showed me a list of all professional trades/forecasters,

technical analysists and fundamental, and the question was, when will we get our pullback? 35 out of 40 said now, and that was when the market was pulling back a few days ago.

So my emotion got the better of me, and i locked in my profits, and unfortunately (loss) on gold.

I dont listen or read anybodys elses opinion anymore, and i will never again.

SHL no i dont have that one! i was following csl, but see if you can pick whats going on there, the dollar also really hurts it as well.

SHL is looking much better then csl though. i guess we will want to see a volume increase and small spread now for some support aye SKC

 

[bordercityfirm]

Hi this my first post on this thread so please be gentle with me! I have held TEX now for some time and have great feelings about it at the moment, as you can see from the chart below they are currently at 100% retrace???(please tell me if I'm wrong, kinda of learning as I go along). Also could you say there is a triple bottom accompanied with high volume (daily chart) or I'm I clutching at straws. Constructive critisim very welcome. Thanks

 

[bordercityfirm]

sorry here is the retrace chart:

 

[Boggo]

i was following csl, but see if you can pick whats going on there,

ABC completed, ready to turn imo.

 

[lukeaye]

COF took off today as discussed, i am innnnnn

 

[lukeaye]

and tap oil, gee things are linely up nicely, almost a little to well

 

[lukeaye]

Was looking at the 1 min from sims today, and noticed some fairly large volume sells and buys. Could the first move have been a bear trap? that was bought up buy the "professional" after nobody joined in selling?

Or have we reached a point where some sellers/buyers are going to have to be knocked out of the market before we can continue higher or lower?

probably not the right thread but i figure we are all following this stock anyway

 

[skc]

Hi this my first post on this thread so please be gentle with me! I have held TEX now for some time and have great feelings about it at the moment, as you can see from the chart below they are currently at 100% retrace???(please tell me if I'm wrong, kinda of learning as I go along). Also could you say there is a triple bottom accompanied with high volume (daily chart) or I'm I clutching at straws. Constructive critisim very welcome. Thanks

A mandatory feature I look for is that the stock must be in an uptrend. There is no retracement / pull back to speak off unless there was nice clean strong moves beforehand.

I don't see it in TEX. It still might be a valid trade, but not something I would go for on this criteria.

Welcome to the thread and keep them coming

 

[lukeaye]

Hi this my first post on this thread so please be gentle with me! I have held TEX now for some time and have great feelings about it at the moment, as you can see from the chart below they are currently at 100% retrace???(please tell me if I'm wrong, kinda of learning as I go along). Also could you say there is a triple bottom accompanied with high volume (daily chart) or I'm I clutching at straws. Constructive critisim very welcome. Thanks

hi there,

If something retraces 100%, then it is not a pullback, its a failure.

The reason a stock will pullback to a 50% level or a 61.8% level is because there is "demand". if a stock gets to these levels and then continues to move down then it has failed to find support or demand.

There is no way i would enter the stock at this stage. BUT having said that,
if i was holding the stock, i wouldnt sell either.

That high volume could be some accumulation occuring, so it is very likely it could see higher prices soon. so good luck!

 

[beerwm]

so with trading pullbacks... where are we all setting our stops?

I usually wait for some support to settle; then a retrace up [ reversal ]
then place the stop at a low of the pullback.

--- with the difference between reversal and entry being between 1-2 ATR.

 

[So_Cynical]

Hi this my first post on this thread so please be gentle with me! I have held TEX now for some time and have great feelings about it at the moment, as you can see from the chart below they are currently at 100% retrace???(please tell me if I'm wrong, kinda of learning as I go along). Also could you say there is a triple bottom accompanied with high volume (daily chart) or I'm I clutching at straws. Constructive critisim very welcome. Thanks

Its a 6 million dollar oil speckie...whats gona drive the price up?, sometimes there's valid / fundamental reasons for sustained SP declines.

----------------------

Meanwhile ive got a Pull back trade in the making (i Believe) one of my well watched holdings has paid its latest divi and is heading south.

Ill be looking to buy in again, and under 84 would seem to be the go.IMO
.

 

[lukeaye]

Its a 6 million dollar oil speckie...whats gona drive the price up?, sometimes there's valid / fundamental reasons for sustained SP declines.

----------------------

Meanwhile ive got a Pull back trade in the making (i Believe) one of my well watched holdings has paid its latest divi and is heading south.

Ill be looking to buy in again, and under 84 would seem to be the go.IMO
.

wowa look at those volume spikes, do you know what is causing that? thats some serious buying. Id be happy with a 90 cent entry? and a stop at 88 cents, then if triggered id just rebuy at 86 if 84 held. but thats my agressive style based on a 40 - 50% retrace for wave 4

But yes looks to be setting up well

 

[skc]

Thanks to the overall market in the last week, there are quite a few of these popping up. The question is whether they can turnaround enough for a trade, or will they tag your stop entry and head South straight away...

NOD. Are we due for a wave V swing up? Or is it further SP decline after the completion of an ABC counter trend up swing? Either way, 70c feels important.



PPX. 5-wave advance followed by a smooth slippery slide back to 62% level.

 

[Boggo]

ABY may be a candidate perhaps...

(click to enlarge)

 

[skc]

DOM. It's a 6 month ascend followed by a solid 6 month decline. Don't these guys mine gold? Curious they don't seem to correlate to the gold price at all.

 

[skc]

Been quiet around here... plenty of these popping up. Due to softness in overall market, however, they are not moving up as clean as they did a few months ago.