Your latest trade based on T/A

[wavepicker]

Hi Waves,
Miners time routines both show the next couple of days to be potentially important as well... interesting times..
Cheers
..........Kauri

Hi Kauri, They should, as what I am using iare probably similar, however I don't own Dynamic Trader yet, have it on my agenda to get it soon!!

Cheers

 

[Boggo]

Back to 6400 area over the next few days ??

 

[Porper]

Just playing around with some time projections and come up with the possible turning points as per the chart below.

A couple of days around the 10th October could be a possible turning point, after that the 15th November is showing strongly that another turning point could happen.

I see probably the same as everybody else, it could go either way but if I had to have a best guess I would say another few days higher before a pullback to around 6000, then impulse strongly higher again.

I can't find any meaningful projections implying the next couple of days is going to be critical, but I am by no means an expert on time projections yet.

 

[tech/a]

SLX went off the planet today.

 

[wavepicker]

SLX went off the planet today.

Looks my top wave count for SLX actually was the best one after all. Nevertheless, would have needed some nerve to take the trade IMO.

 

[tech/a]

Saw it spike back down to $9 today just after i had a look at a 15 min chart.
Didnt have the kahunas and watched it add another Buck 20.

 

[Lachlan6]

Entered CPU long the other day. Possible bounce on the cards. May have or soon to be complete corrective wave down. I have counted a 5 wave downward move off the highs in June, valid as wave 4 does not encroach on wave 1. (Would you make this same count Nick?). If it does move, looking for a bounce to $10.60, coinciding with 61.8% level of highs in June to lows in August whilst also being an important resistance level. Market is looking a little toppy however at the moment, so will watch this carefully pan out.

 

[rnr]

Hello Boggo, wavepicker and Nick

Thank you for your various responses to my request for more info.

Boggo

Unfortunately I didn’t really know quite how to interpret the chart and labels until I looked at wavepicker’s chart and then it made more sense. I’m still not quite sure of the impact of the green horizontal bar underneath the “C” unless it is a buy signal with trade rules on the RHS?

Wavepicker

I don’t know the level of automation that exists in AdvanceGET but, given your comments, you’ve certainly provided a considerable amount of detail on the various wave counts which obviously involves your time and thus reduces the time you have available to deal with your own tasks.

Nick

Even though my request went against your grain I appreciate the broader perspective that is displayed in your post of the weekly chart. Would it be fair to say that, given hindsight, the intersection (point) noted on your chart could now be labeled as wave 4 or have I just missed the boat entirely?

To tech/a - thank you for sharing the great news re SLX before I was able to do the daily data download - what an overwhelming feeling to have an investment rise so rapidly in such a short period of time. Oh! By the way tech you surely recall a phone conversation a month or so ago when I said that the long system I traded had a requirement that the “Limit Buy” be lower than the LOW of the previous day (trigger day) so, guess what, I’m only a bystander in the action.

Cheers,
rnr

 

[Boggo]

Boggo

Unfortunately I didn’t really know quite how to interpret the chart and labels until I looked at wavepicker’s chart and then it made more sense. I’m still not quite sure of the impact of the green horizontal bar underneath the “C” unless it is a buy signal with trade rules on the RHS?

The top orange bar is "Min wave C", middle majenta bar is "Typical wave C" and the bottom green bar is "Max wave C".

The labels on the right are the possible projections if the price follows the rules and turns up. They are then the reverse order going upward, ie. Min, Typical and Max, in the case of this chart it is attempting to predict Wave C and/or Wave 3 potential targets.

Today's action was more a function of news than wave I think, best of it was over when I got home this arvo.

 

[Nick Radge]

rnr,
My daily chart shows a clear 5-waves down to the termination of wave-C off that weekly chart. That weekly chart shows some blue signal bars which are an important element. The daily also shows some good strength as far as volume is concern. A perfect a-b-c correction to the 61.8% as well as perfect wave equality of wave-a and -c. Yesterdays rise with gap is certainly wave-3 impulse material.

 

[Nick Radge]

lachlan,
the wave count you have shown does not appear to be correct. Wave-4 is too deep and it overlaps the wave-2 lows which is not allowed. Secondly the wave-5 is a 3-wave pattern so its more likely to be part of a corrective move and not an impulse. With that in mind there are some very strong technical indicators showing. The descent of the second decline is much less than the first. There is huge background buying into the August lows and that is THE key to this chart. Yesterday was a tight bar on increased volume. What this means is that buyers are holding the sellers at bay. We know there is large background strength and we're now seeing those same buyers coming back in.

This post may contain advice that has been prepared by Reef Capital Coaching ABN 24 092 309 978 (“RCC”) and is general advice and does not take account of your objectives, financial situation or needs. Before acting on this general advice you should therefore consider the appropriateness of the advice having regard to your situation. We recommend you obtain financial, legal and taxation advice before making any financial investment decision.

 

[Lachlan6]

Cheers Nick. When I posted the chart it had a corrective feel to it. Just found it hard to find a place to put the a,b,c waves. I really like the short term volume set up on this. Will wait and see.

 

[tcoates]

No need to post a chart here.

I had bought BBW based on a dip (RSI) on the daily chart and weekly moving average. If you look at the daily chart you will the price went down to about $1.68 in Aug (not looking at the chart presently).

In the last 2 days - the price managed to get near my original stop.

Yes, I am lucky.

The point is that I was FINALLY able to pull the trigger on a stop loss. Any move the funds from the sale into a stock that has today gone up (making a small profit so far).

Two points:

1. Rather that just watching other stocks go up and sticking with a loser (?) was able to do the 'right' thing.

2. It didn't bother me to sell at a small loss. (I dont have to worry now about 'what if' or 'I should have done this'

Tim

 

[Boggo]

Tim
I did similiar with WTF, sold out at an average of 5.372 this morning, lost $235 but got $400 in dividends last month. No room for will it/won't it stocks any more, perform or get out.

Mike

 

[Sean K]

WP and MW, just moved your posts to the 'Short term swing trade set ups' thread as they were off topic in here. Your comments and discussion seemed to be more related to that thread. Perhaps there needs to be a dedicated EW thread? I couldn't find one....Cheers.

 

[Porper]

AOE came up on my scan over the weekend.

This looks a reasonable set up to me.

Set up is a buy on the break of the minor degree wave 1 high at 2.59, and the initial stop at 2.36 for an agressive trade or 2.36 to leave a bit more room.

Oscilator crossover has occurred so downside should be limited.

Increase in volume at fib retracements as per chart also a positive,that is the projected wave C,larger degree wave 1 and smaller degree wave 1 termination points.

 

[Nick Radge]

We've been riding Beach Petroleum higher in this move. I'll be looking to exit longs and reverse into shorts targeting $1.35.

This post may contain advice that has been prepared by Reef Capital Coaching ABN 24 092 309 978 (“RCC”) and is general advice and does not take account of your objectives, financial situation or needs. Before acting on this general advice you should therefore consider the appropriateness of the advice having regard to your situation. We recommend you obtain financial, legal and taxation advice before making any financial investment decision.

 

[wavepicker]

Decided to short the XJO last night.

Have placed a stop at 6744.

Reasoning behind trade: We had a 3 wave structure down from the 16th July to 17th August. We have had another 3 wave advance so far from the 17th August low. This may be an irregular flat correction in progress from the 16th of July that is incomplete. If this is the case then we need another impulse to at least re test the lows(17th August) perhaps go further.

Sentiment at present in the market can be described as hyper bullish, so this is well worth a go IMO.

Current price action also coincides with an important cycle point high on the 5th October plus or minus one day(market is also 34 fibonacci trading days up from Aug 17 low), so this this could continue till Monday bullishly within our time window. The next important cycle point is 14/15th November.(Not sure whether this will mark a high or a low- hoping for a low!!)

Trade Contingencies: If the pattern of trend is showing a struggle down that appears corrective instead of impulse, this maybe simply a second degree countertrend(These usually last 11-14 days) instead of a developing impulse.

As such if this is the case all bets are off! The market will most likely continue bullishly till the next major trend change window in mid to late Jan 2008 where there are much larger cycle points coming together. Perhaps start of something larger than last correction.

Cheers

Nothing changed with trade ATM except added to short position taken on the 3rd.
Market just shy of 6623pts target(actual high today 6695).

A lot of stocks exhausting into highs today, will see where this move takes us!!

 

[wavepicker]

Nothing changed with trade ATM except added to short position taken on the 3rd.
Market just shy of 6623pts target(actual high today 6695).

A lot of stocks exhausting into highs today, will see where this move takes us!!

Got squeezed of this one today with my stop at 6744pts. A lot of very bullish talk getting around the traps at present.

I am not a great believer in such hype, what I am a great believer in, is the Pattern of the Trend, Elliott Waves and Time Cycle counts. I had a perfect reversal set up for Friday/Monday. Usually when I get what appears to be perfect Cycle Point, I am rewarded much faster and much more plentiful, as was the case on July 16th and August 17th.

However the market seems to have other ideas ATM, and surpassed that time cycle point. I suspect the Columbus Holiday in the US Monday maybe a contributor as the as the US indices often rally into holidays. But also of importance is the fibonacci time clusters for this time cycle originated as far back as the year 2000, and as this is such long period the the resolution ends up being very large so that instead of plus or minus 1 day it may end up being plus or minus 3 or 4 days.

As such I am gonna have another crack at this trade in the next few days or even early next week. If nothing happens by end of next week, then this is a dud trade and the bulls will probably end up having good Christams.

Cheers

 

[It's Snake Pliskin]

Here is one of my latest trades which I entered today at $11.38. the chart is as of yesterday's close.

One importatn factor is the director's buying level in the background. Over $40 million worth. For the link see my blog.