Saucer pattern/Rounding bottom stocks

• 3 November 2005

• #41

GreatPig

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Kauri,

I don't think it's finished the saucer pattern yet. The current price of $14.88 is still within the saucer by my chart.

Also, this is a saucer during an uptrend, so I don't know how well the theory holds. I gather saucers are supposed to be rounded "bottoms", implying a trend reversal.

Cheers,
GP

 

• 3 November 2005

• #42

Kauri

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Great Pig..
Some saucers/rounding bottoms do occur at the bottom of a trend and signal a reversal, but a lot also occur in an uptrend as a consolidation pattern and can signal a continuation of the trend. My preferred method of trading a saucer is to enter on the upside leg, exit on the first sign of retracement after it has broken through the lip, see if it becomes a cup by forming a handle, if it does then I re-enter on the break of the top of handle pattern.
My comment on LEI falling in a hole was tongue in cheek.. re Lane Cove.

 

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• 3 November 2005

• #43

Kauri

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Sorry, posted wrong chart.

This is LEI. The first cup/handle formed in an uptrend from $7 to $13.
The current potential cup/handle has formed in an uptrend from $10 to $15.

 

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• 3 November 2005

• #44

tarnor

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IOH count?

hold at 1.00

 

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• 3 November 2005

• #45

RichKid

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GreatPig said:

Kauri,

Also, this is a saucer during an uptrend, so I don't know how well the theory holds. I gather saucers are supposed to be rounded "bottoms", implying a trend reversal.

Cheers,
GP

Click to expand...

Edwards and Magee classify it as bottom reversal pattern and I find that to be the safest but since they're rare I have been weak and trade them at other times too- but I have not stats for that, just logic. Generally the longer it takes the stronger I'd say the signals. I also like the methodical classification system used by E&M btw, easier to study and apply that way.

 

• 3 November 2005

• #46

RichKid

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tarnor said:

IOH count?

hold at 1.00

Click to expand...

Hey Tarnor,
Don't think so from the chart you posted imo more like something else. See the first few posts in this thread for more detail on what to look for from a theoretical perspective. I like GP's and Kauri's examples, try to match it to those. Otherwise you can post IOH in the breakouts thread, although strictly they should be breakouts to new highs. Let's keep searching for more, plenty of room for all to enter.

 

• 4 November 2005

• #47

Kauri

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UGL

 

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• 4 November 2005

• #48

Kauri

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or QGC

 

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• 4 November 2005

• #49

Kauri

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maybe MTT

 

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• 4 November 2005

• #50

Kauri

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and for something totally different. NUF

 

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• 6 November 2005

• #51

RichKid

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FAR has been spotted by Kauri too in this thread. Entry set up may still be on.

 

• 7 November 2005

• #52

GreatPig

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FKP looks like it's forming a small saucer now.

Maybe that dude will be able to buy himself another $5m boat soon

And HST seems to be getting there too (I hold this one).

Cheers,
GP

 

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• 8 November 2005

• #53

Kauri

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Apart from rounding bottoms/saucers/cups.. rounding tops can be traded too. Not so many of them as you need to be able to short them so only available via cfd on top 200-300.

 

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• 9 November 2005

• #54

Kauri

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Is the UGL saucer/cup flagging

 

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• 9 November 2005

• #55

doctorj

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You're a machine!

How many charts do you eyeball each day to find these?

 

• 9 November 2005

• #56

Kauri

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doctorj said:

You're a machine!

How many charts do you eyeball each day to find these?

Click to expand...

only the ones
a) that average $100,000 a day over 20 days
b) and also have only 3 letters in their ASX code.
Only post a few so as not to clutter up Joe's server...

 

• 11 November 2005

• #57

Kauri

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LEI has finally made it to the lip.. will watch for a potential handle..

 

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• 13 November 2005

• #58

R

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Just started looking at tech analysis, so take no notice of anything i say.....
MRL seems to have formed an inverse head and shoulders with bigger lows, macd crossed zero line, volume up, rsi indicating overbrought May retrace a bit? My downtrend line definitely broken. Interested in anyones comments..

 

• 16 November 2005

• #59

Kauri

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Kauri said:

Entered LEI on a developing saucer/cup pattern, but it seems it may have fallen in a hole. ( 25 Oct. at $14.50 )

Click to expand...

May have forgotten to form a handle :fu: I'm not complaining though.

 

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• 16 November 2005

• #60

Kauri

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Kauri said:

Is the UGL saucer/cup flagging

Click to expand...

Falling back now, but was a good quick trade..

 

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