FMG - Fortescue Ltd

[tech/a]

Pullback likely Duc. Not necessarily a reversal. If I was in the stock Id be cautious with profits.
To be bullish Id like to see a clear pull away from this small consolidation pattern sometime this
week without a pullback as low as $4.65. My concern is Supply is entering as the stock moves
towards old $5 highs---Although I think the $5.50 high is more significant. Cautiously Bullish. (60/40)

Ann.
Great to see your interested in showing your analysis.

You trade in a discretionary manner.
I find it interesting that you also consult some other forms of analysis.

No need to trade 5 at a time.
One at a time is fine. 5 in a row one after the other will be amazing to watch.
How many of these guys did you watch live and with even 70% success (That is also unheard of
on a consistent basis).

The day trading scalper style was exciting but I could see success only came with years of practice and getting to know a single stock and massive $ risk.

Certainly very different scalpers to any I know. These guys know risk -- I at times scalp the DAX. While the entertainment director watches Home and Away!
Massive risk is not in any scalping method I've seen by anyone I've seen scalp.

The small stock penny dreadfuls was inside info, pump and dump from dealers. "If anyone asked how it was done, whisper in their ear "momentum"."

The pump and Dump brigade are rank amateurs.
Momentum sure---Trick is when is it going to start---when is is going to continue and---when is it going to stop.
You gotta be good in all time frames and without liquidity your going to have a very high failure rate.

There were the old guys who had been doing it for years and said, get a plan, work on it until it works be patient and never enter a trade if the markets look wobbly.

So when is the market Not wobbly?
You must have a plan Ann and it is without doubt very very good.
Id have thought it would be a very simple step by step process with clear unambiguous steps in -- during -- and out.
But maybe not and that is what interests me.

Check the news, check the international markets, check the indices and watch for major Economic Indicator releases.

Have you ever noticed how at the end of any day commentators make an economic case for WHY the market rose or fell.
Yet many stocks Rose and Fell on the same economic news!!

love to hear themselves talk

In the 20 years Ive been on ASF Ive never used the ignore button until yesterday.
Its a lot quieter.

 

[ducati916]

Pullback likely Duc. Not necessarily a reversal. If I was in the stock Id be cautious with profits.
To be bullish Id like to see a clear pull away from this small consolidation pattern sometime this
week without a pullback as low as $4.65. My concern is Supply is entering as the stock moves
towards old $5 highs---Although I think the $5.50 high is more significant. Cautiously Bullish. (60/40)

tech/a,

Yes, I realise that that is what you meant. I, on the other hand, think it will run higher [on the daily chart] from this point on: that is to say, it will close higher in its next trading session than its previous close on its last trading session. There could be some intra-day lower prices, but those are irrelevant fluctuations.

There is a world of difference between 70% and 100%, which I'm sure you realise. While you seem to have become magnanimous in your old age and will accept 70%, I have not. 100% is what was claimed - I would like to see the evidence. If I had a 100% strike rate, I would be close to owning all the money gambled in the markets.

jog on
duc

 

[Ann]

I will declare my bias upfront: I am with Tech in being a 50/50 advocate.

As such, I have a few issues to raise on this chart and analysis:

(a) if your analytical method is 100% as claimed, then there are is no 'maybe'. It will do exactly as your analysis indicates. That is the meaning of 100%. Therefore on this chart there should be no equivocation: it is either going higher, or lower, or staying the same. As you have agreed with Tech, it is going lower, then it must go lower, otherwise we are out of the 100% argument and into something completely different.

This is the thing duc, I am not predicting, I am saying what I want to see on a chart. These are the one and only times I am drawing what appear to be predictive lines. They are not meant to be predictive, just what I want to see happen. I want to see it behave the way it would make me feel comfortable to enter the trade. For this to be a trade for me I would want to see it bounce up off or very close to the $4.20 level. I really want to make this as clear as possible, while the markets are in a nervous state I wouldn't enter this trade regardless if it did exactly what I wanted.
If I think the market has potential to fall then I won't enter a trade, what I am doing is demonstrating how I enter a trade and what has been successful for me. I think there is a real potential for a fail here if the market gets a decent jolt. This US shutdown has been causing a lot of nervousness as a lot of major economic information hasn't been getting out. If there are any surprises now they are back with the economic data, it could be a bit nasty. No matter how good a call you make on a chart it can get smashed if the market falls on top of it. To know when to sit on your hands can increase your success rate to quite a degree.

(b) the rising resistance channel: to draw a support/resistance line that is valid, you need at least two points [A,B]. Further points on that line reinforce the predictive value in the mind of the trader who drew them. You state that this line has held four times. I would argue it has held twice, with a current third test. I would not count the first two, as these two initial points are required to create the line. However, this is a minor point and could simply be an individual thing.

I find there are times I will draw lines from certain points as they 'feel' valid and other times I will draw from slightly different points. Every chart is different, the method of entry is the same, three higher highs, three higher lows, overcome and bounce back off a horizontal support. I hope I am not going to confuse you with what I am about to say....
In the early stages of a rise I just need two points for the rising support as long as it looks about 45degrees, it is enough, when there is a third touch I may re-adjust my line. When I see the rising support at what appears the correct or proven angle, I will draw a second line underneath it at an identicle angle and then I will lift that line up for a rising resistance, I only need one point of reference for the rising resistance to be put into place. Sometimes this rising resistance will need to be re-adjusted which on occassions can turn into a bearish rising megaphone or fall down into a wedge pattern. None of my lines are set in concrete. They are indicators for me, not predictors. I don't see charts as predictors merely indicators. Gosh, I hope all that makes sense, I am seeing it my mind but not sure it is translating onto the page. It is like trying to describe a reflection in moving water!

(c) the points [1] through [11] imply that you are creating a list of bullish/bearish factors. At some point, there is enough evidence to indicate that a position should be taken. I feel safe in saying most traders/systems will do the same thing: yet, most systems/traders have a failure rate that precludes 100%. I see nothing that raises your analysis above any other analysis, which rather suggests that your method will also produce similar results to the herd.

As I said before, I know when to sit on my hands, that helps. I watch to see if there are any major resistance lines coming up on the All Ords. I also check what side of the 'mountain' the All Ords is sitting on, left or right. If left and moving up, I am comfortable to trade if right, then I like to wait until I feel there is a support for a rise but watching for potential overhead resistance which could see it fall back.

(d) to find five or ten charts that Tech requested is easy, as any chart can be analysed. The prognosis is not hard, after all it is either going higher, staying the same or going lower. I will let Tech pick any three charts and I will provide him with a diagnosis of higher/lower/no change within about 20 mins of seeing them. Of the three I would expect [hope] to get at least one right, because I'm a 50/50 sort of chap.

Now I'm going to disagree with both you and Tech and enter a bullish vote on this stock.

Again I need to explain, I am not being predictive, I am simply trying to describe an ideal set-up. You may well be right, it might leap up and break through my rising resistance, never to be seen again. That would then mean I would re-think entering the stock. If it doesn't conform to my entry requirements then it is not going to be a trade. I am very strict with my trades, behave or fcuk off!

 

[tech/a]

This is the thing duc, I am not predicting, I am saying what I want to see on a chart. These are the one and only times I am drawing what appear to be predictive lines. They are not meant to be predictive, just what I want to see happen. I want to see it behave the way it would make me feel comfortable to enter the trade. For this to be a trade for me I would want to see it bounce up off or very close to the $4.20 level. I really want to make this as clear as possible, while the markets are in a nervous state I wouldn't enter this trade regardless if it did exactly what I wanted.
If I think the market has potential to fall then I won't enter a trade, what I am doing is demonstrating how I enter a trade and what has been successful for me. I think there is a real potential for a fail here if the market gets a decent jolt. This US shutdown has been causing a lot of nervousness as a lot of major economic information hasn't been getting out. If there are any surprises now they are back with the economic data, it could be a bit nasty. No matter how good a call you make on a chart it can get smashed if the market falls on top of it. To know when to sit on your hands can increase your success rate to quite a degree.

I dont think any of us are being predictive---we have not given a specific price or area. (Gann theorists often do)
But even then I think its anticipation given the information we have. With FMG Duc and I anticipate a longer term bullish
Chart until evidence proves other wise. I'm anticipating a possible short term pause. So I agree you are not predicting.

This nervous state isn't shared by all all the market is still rising------but it doesn't have to be----- for you it is what determines your
"timing". The market has a perpetual potential to fall and rise!

Sitting on your hands in fear of what Could happen can also see many opportunities pass you by.

But I get it its your style of trading. You have also peaked my interest in how you will determine that the Market/s are NOT nervous and its safe to trade!
I dont know if Ill ever see that in my lifetime!

I find there are times I will draw lines from certain points as they 'feel' valid and other times I will draw from slightly different points. Every chart is different, the method of entry is the same, three higher highs, three higher lows, overcome and bounce back off a horizontal support. I hope I am not going to confuse you with what I am about to say....
In the early stages of a rise I just need two points for the rising support as long as it looks about 45degrees, it is enough, when there is a third touch I may re-adjust my line. When I see the rising support at what appears the correct or proven angle, I will draw a second line underneath it at an identicle angle and then I will lift that line up for a rising resistance, I only need one point of reference for the rising resistance to be put into place. Sometimes this rising resistance will need to be re-adjusted which on occasions can turn into a bearish rising megaphone or fall down into a wedge pattern. None of my lines are set in concrete. They are indicators for me, not predictors. I don't see charts as predictors merely indicators. Gosh, I hope all that makes sense, I am seeing it my mind but not sure it is translating onto the page. It is like trying to describe a reflection in moving water!

Perfect sense. a good strong trend will often rise at about 45 degrees on a log scale.
A very strong trend greater,and a weak trend less. There are trends and support and resistance within trends and support and resistance
along with patterns within patterns.See it all the time. What does it all mean --- how is it interpreted-- up to the practitioner.
How do you implement it into a profitable trading method---we will hopefully see demonstrated by you.

As I said before, I know when to sit on my hands, that helps. I watch to see if there are any major resistance lines coming up on the All Ords. I also check what side of the 'mountain' the All Ords is sitting on, left or right. If left and moving up, I am comfortable to trade if right, then I like to wait until I feel there is a support for a rise but watching for potential overhead resistance which could see it fall back.

So that covers entering a trade.
What do you do if in a trade? Exit--hold ?
Stock can and does rise and fall despite what the Indexes do.
With all these ifs and could happens I really am peaking in interest.

Again I need to explain, I am not being predictive, I am simply trying to describe an ideal set-up. You may well be right, it might leap up and break through my rising resistance, never to be seen again. That would then mean I would re-think entering the stock. If it doesn't conform to my entry requirements then it is not going to be a trade. I am very strict with my trades, behave or fcuk off!

No need to re explain I totally get it.
We are very different.
While there are more ideal times than others waiting for the perfect storm will mean youll miss out on a lot of cocktails basking in the sun in Barbados.
I am never perfect---I dont have to be.

A few questions Ann

How many trades do you do a year?
What sort of Positive expectancy do you have ---Reward to risk?
What is your average time in a trade?
Do you trade on Daily/Weekly or other charts?
What is your longest string of Losses/Wins.
What is your trading universe?
What software do you use?
How do you determine a watch list?
Who are in it at the moment?

Is it news or charts that determine if the market is nervous for you?
If a chart then can you show us how nervousness looks in the chart from your point of view?

Thanks
Very interesting Im getting to understand as much as Im not quite grasping!!!

 

[ducati916]

1. This is the thing duc, I am not predicting, I am saying what I want to see on a chart. These are the one and only times I am drawing what appear to be predictive lines. They are not meant to be predictive, just what I want to see happen. I want to see it behave the way it would make me feel comfortable to enter the trade. For this to be a trade for me I would want to see it bounce up off or very close to the $4.20 level.

2. I really want to make this as clear as possible, while the markets are in a nervous state I wouldn't enter this trade regardless if it did exactly what I wanted.

3. If I think the market has potential to fall then I won't enter a trade, what I am doing is demonstrating how I enter a trade and what has been successful for me.

1. I don't want to belabour the point, however: drawing support/resistance lines has as its sole purpose the requirement to be predictive. That is the whole point. If they don't 'behave' they are a fail and are not predictive. The postulated trade is scrapped.

2. Which is simply another 'indicator', much as anything else.

3. Clearly, otherwise you could not be 100%.

The point that you are trying to make is understood, viz, that unless you are 100% happy with the set-up of the trade, you will not take it.

My point [and probably tech/a also] is that even if you are 100% happy with the trade today and enter it, tomorrow it can all turn to custard. That is the difficulty with the future: it is unpredictable.

Line up all your stars to your heart's content: it means nothing more than a probability. A probability is never 100%, otherwise it would not be a probability.

jog on
duc

 

[Ann]

Ann.
Great to see your interested in showing your analysis.

I am always interested to see other peoples analysis, either FA or TA, so feel I should share as well, seeing you asked.

You trade in a discretionary manner.
I find it interesting that you also consult some other forms of analysis.

When I am going to enter a trade I look at the thing from as many angles as I can, daily, weekly, monthly. Any exotics I have found which will say something to me. Minor FA stuff. I would like to do more in this field, now I have time to research and think. I spend hours and hours for a number of days looking at a stock, become one with it if that doesn't sound too creepy. Over the years I have built up a repertoire of things I look at. Some fall by the wayside when they don't prove all that valuable, others come into the picture. It tends to be a bit of a moveable feast but with the same central core. Three higher highs, three higher lows, overcome a resistance line, retest that line for support, enter the trade.

No need to trade 5 at a time.
One at a time is fine. 5 in a row one after the other will be amazing to watch.
How many of these guys did you watch live and with even 70% success (That is also unheard of
on a consistent basis).

It will be amazing to watch if I can pull off even one in this market! I am expecting them to all go t1ts up.

Some of the guys were sheer genius, they would call a stock and often they would call a top price and do so in public. It happened regularly, these were the guys I watched and questioned as to how they did it. In all cases they had a trading plan, all different but all experienced and all were very disciplined. I think having a plan and having discipline were the two characteristics which seemed to dominate with the successful traders.

Certainly very different scalpers to any I know. These guys know risk -- I at times scalp the DAX. While the entertainment director watches Home and Away!
Massive risk is not in any scalping method I've seen by anyone I've seen scalp.

Back in those days there were no CFDs. I think he had $100,000 bank loan which he used for the day, then there would be a day of 1c and 2c trades on the one stock, after the session the loan would be returned no interest of course. He made an excellent living doing this. That discription of 'massive risk' was mine. I don't think he thought twice about what he did and he did it successfully.

The pump and Dump brigade are rank amateurs.
Momentum sure---Trick is when is it going to start---when is is going to continue and---when is it going to stop.

No, there are a group of traders who are given a plan of dates, price levels to enter and exit, it is all well co-ordinated. I have seen one of the plans, many years ago I had an offer to join one of the groups (unrelated to a forum). Thanks, but no thanks. I guess it still happens, occassionaly I will see a pump and dump that has that old familiar stairway-to-heaven look about it. I like to savage them when I get the chance.

So when is the market Not wobbly?
You must have a plan Ann and it is without doubt very very good.
Id have thought it would be a very simple step by step process with clear unambiguous steps in -- during -- and out.
But maybe not and that is what interests me.

Excellent question! As we know, the US market has an influence on the Australian Market, the Australian Market has an influence on the market constituents. There are three movements possible on a chart, up, down and sideways. When the Indices are going up that is what I see as the left hand side of the hill, this is where I will enter a trade happily after I have done the business on the stock. Then there is the down and that I see as the right side of the hill, this is where we are at the moment. I will never enter a trade here. I call this a wobbly market, especially with the US shutdown added to the mix.

How we are standing at the moment is the All Ords are right on a support line of 6,000, if it rises above and re-tests that support line succesfully, then we might be looking at a move up, fast or slow I am not sure, fast probably. Currently the All Ords has a massive overhead resistance line coming from November 2007 at just below 7,000. If it makes it above the current resistance line at around 6,000 it may be a trade up to 7,000 but a bit short term for me. I think once it hits the 7,000 resistance line it will retrace, how badly and quickly I don't know. If it gets above and restest 7,000 I will be back in again, depending on the US indices.
So I trade going up on the left of the hill, if the stock moves sideways that is OK for a bit if it doesn't break below a support, if it is very volatile and looks very 'spikey' and we start to have double or triple tops, I look at the MACD for confirmation of weakening tops. I tend to sell out here as these things can drop quickly. I lose a bit of top here sometimes. This is an area I would like to improve.

Have you ever noticed how at the end of any day commentators make an economic case for WHY the market rose or fell.
Yet many stocks Rose and Fell on the same economic news!!

No I am not talking about commentator bullsh!t, I mean news like what uS hedge funds are doing, that the majority of major US stocks are offering buyback at the moment, what is happening with the US shutdown, what the economic indicators are saying that sort of news. Stocks will fall or rise in different ways, a rise in oil price will see the oilers rise but it may have a negative impact on qantas shares. There are many factors and they are mostly interlinked in some way. If the Aussie dollar falls, booze stocks may rise, depending on their hedging. It is a see-saw. The news hour is all fiction, something worth ignoring.

 

[barney]

In the 20 years Ive been on ASF Ive never used the ignore button until yesterday.
Its a lot quieter

Damn Tech …… How many people did you put on ignore

I hope I wasn't one of them … I would be extremely disappointed

 

[tech/a]

Only 1

 

[Ann]

Sitting on your hands in fear of what Could happen can also see many opportunities pass you by.

No I don't have fear when I sit on my hands, I have certain areas where I want to see support levels achieved. I counted on the All Ords, three lower lows and three lower highs. It is all in my plan, it is not an emotional thing. I think I went into more of this on my previous post which I think was a cross-over. Yes, I often see many opportunities pass me by but that is OK, there are plenty more. I never let that feeling influence me. I think it can make people panic and rush to trade, possibly to their detriment.

How many trades do you do a year?

I don't hold more than ten stocks at any one time. I find it is enough to watch. It can take me several months to build up to that level.

What sort of Positive expectancy do you have ---Reward to risk?

I expect to see all my stocks moving above the entry price. I have messed with stocks out of my trading plan just for the experiment, it has without exeption been a failure but a good and valuable lesson each time.

What is your average time in a trade?

About four years +/- depends on if they get taken over. That can be annoying when I have worked out a swing trade calculation and see there is a whole lot of upside left.

Do you trade on Daily/Weekly or other charts?

I do an entry on a daily chart, I do weekly maintenance on a weekly chart.

What is your longest string of Losses/Wins.

Not quite sure what you mean here but I will answer by saying, I stay in a stock until it looks as though it has reached a top and retested that top and then I use MACD to check the weakness of the second high. If I am messing with a stock outside my trading plan I flick it the minute it fails a support.

What is your trading universe?

No idea what this means, it sounds like something skate would ask!

What software do you use?

IC charts delayed midnight. On the day I trade I use the bank software. I know what price I want to enter so I don't need bells and whistles.

How do you determine a watch list?

I call it a theme and it is one of the fun things I enjoy doing, choosing a theme. I don't stay strictly to the theme but over the years my main themes have been health stocks, mining adjuncts, and stocks which offered DRP.

Who are in it at the moment?

I am not in anything at the moment. I closed out of my last three stocks about 18months ago after I was injured at work and off for three months. I was heavily sedated and knew I couldn't watch them. I have been struggling with my health ever since. I don't trade if I am not well. I can't put in the energy. Recently I was feeling better and decided I wanted to start trading again, then I smashed into a wall and gave myself concussion, then the market hit the right hand side of the hill. That's fine, I am still looking for a theme, although doing this is rather a distraction, but that's all good, I might find a theme along the way.

Is it news or charts that determine if the market is nervous for you?
If a chart then can you show us how nervousness looks in the chart from your point of view?
Thanks
Very interesting Im getting to understand as much as Im not quite grasping!!!

I think I answered the nervous markets on the last post, hopefully. Ask again if I haven't been clear enough.
You are most welcome to keep asking questions tech/a, I will do my best to help you grasp whatever it is you are trying to understand.

 

[barney]

Only 1

….. Ok At least I now know its not me then … lol ….

Curiously Tech, I am surprised that you would "ignore" anyone. You must feel they basically have zero input to offer? …. maybe even less??

You normally engage in a healthy debate to get to the bottom of what might appear an "unjustified" opinion ….

Not a big deal, but are you sure "Ignore" is the most productive option?

 

[tech/a]

Very very interesting
Your answers, answer a lot of questions I didn’t ask.
Looking forward to when there isn’t a nervous market!

With a 4 year average hold a nervous market must be
A rare find for you!

Trading anything that doesn’t make 2 lower lows and 2
Lower highs over 4 years—- well I can only think of a few
US stocks that have done that.
Same with flicking a stock that has an M/A crossover of X
On a test of a high just can’t imagine that NOT happening in 4 years
If you flick some stocks fast then they are on the minus side of
The ledger!

Universe is the stocks you pick your prospects from
Reward to risk is the Return against your risk.
So in 10 trades you make $1000 and risk on each trade $100
Your trading at 10 to 1 R/R
Expectancy total trade profit / total trade loss = expectancy
Positive expectancy is a positive figure
Anything over 3 is considered very good.

What are a few of the stocks you have held in the past for around 4 years?

 

[tech/a]

….. Ok At least I now know its not me then … lol ….

Curiously Tech, I am surprised that you would "ignore" anyone. You must feel they basically have zero input to offer? …. maybe even less??

You normally engage in a healthy debate to get to the bottom of what might appear an "unjustified" opinion ….

Not a big deal, but are you sure "Ignore" is the most productive option?

Yes I do
That way I can Skate right past time wasting self indulgent
Rhetoric.

 

[barney]

Yes I do
That way I can Skate right past time wasting self indulgent
Rhetoric.

You are a busy man Tech …. I understand

 

[tech/a]

Nice!!

FMG has powered away.

 

[Ann]

Very very interesting
Your answers, answer a lot of questions I didn’t ask.
Looking forward to when there isn’t a nervous market!

So am I
As I said once before I look at international business news everyday. This is what I saw today...
JP Morgan sitting on their hands.

Reporting season and it isn't looking great.

Rally in Gold is an indicator of falling markets.

Potential for a fall in wheat prices, with a potential for a fall in commodities markets which could affect FMG as it is a commodity company.

Sabre rattling by the US, which can have a positive effect on the market.

Consumer Confidence falls.

PG&E bankrupt. They owe lots of money to renewable power companies, may send a few of them broke.

Exposing the GW bullsh!t, no idea what effect that will have. Less money into universities? Less money donated to charity funds, less money invested into Goldman Sachs et al?

With a 4 year average hold a nervous market must be
A rare find for you!

I can never recall a time since I have been in the markets where there has been a lengthy shutdown by the Feds. This is causing serious uncertainty as there has been no market sensitive data released for nearly a month. As in the COT (Contracts of Trade) there has been no data released since December 22. The market reacts on the OI (Open Interest). It won't be released until Friday afternoon or made public until next week. It will have a major impact on all the Commodities. This will be reflected, maybe negatively, in the $CRB Index FMG is a constituent of the $CRB Index.

Trading anything that doesn’t make 2 lower lows and 2
Lower highs over 4 years—- well I can only think of a few
US stocks that have done that.

No I said three lower highs and three lower lows and a fail on a support. If I was doing the two x two then I would only be in the market for two or three months.

What are a few of the stocks you have held in the past for around 4 years?

DUE it held all supports and I had done a swing trade calculation, it would have reached around $3.60 but was taken over at $3.00. I was not happy!
IOF held all supports I flicked this when I got sick in 2017
SPK held all supports again it got the flick when I got sick
SGP, sat like a toad on all supports, this sort of went nowhere but they paid a fair divie I flicked this just before I got sick.
There were another couple of long termers, I just can't remember, one which got taken over like DUE with a lot of up still in it by my calculations, the other I closed out of as it failed a double top.

As this is all mostly off topic, I had better add a chart. It looks like FMG is trying to break above the Fibonacci 38.2% of $5.00. With that top tall tail on the candle it looks like a lot of selling pressure.

 

[tech/a]

FMG up another 46c so not being held back by anything at this point.

Vertical rises don't last forever so we need to look for either a pause
(Pullback) or a blow off.

Currently two strong gaps away on some serious volume.
Id be trailing a stop at $5.39.

Just watching course of trades.There are some serious parcels changing hands!

There has been some excellent profit potential from FMG
since we have discussed it here!

 

[Miner]

FMG up another 46c so not being held back by anything at this point.

Vertical rises don't last forever so we need to look for either a pause
(Pullback) or a blow off.

Currently two strong gaps away on some serious volume.
Id be trailing a stop at $5.39.

Just watching course of trades.There are some serious parcels changing hands!

There has been some excellent profit potential from FMG
since we have discussed it here!

I saw yesterday and today's FMG prices and thought of you : A messiah
You could make billions (if not already) if all of your calculated targets reached their goals.
Thanks to you, Ann and other posters on FMG. I was more reading but saw the strength of the research data published by you all.

 

[tech/a]

Well Its reached my stop!

Looks like its now coming off
pretty hard At $5.50 ish resistance.

Off to Golf.
Enjoy

 

[captain black]

Well Its reached my stop!

Nice trade tech, always good to see a practical example of someone trading a consolidation pattern in real time

 

[tech/a]

Thought Id follow this for a while.
The daily chart indicates an inside day.
Strength will depend on how deep it is
Range and Volume.

Here is a 15 min chart showing yesterdays
Price moves. Of greatest interest to me is the 2 very high volume bars which
conformed to VSA perfectly in that BOTH corrected immediately
The turquoise very bullish opening
Then the Magenta Very bearish dump exhausting and supply stalling allowing
a small re bound---unsupported by volume!