NASDAQ:LGND   LIGAND PHARMACEUTICALS INC
154 9 4
Looks like a Shark - notes on chart
theftproof
2 years ago
how are u planning to trade this. i mean im a little concerned about my stop. If I place it where I usally do with sharks, it would be right below the doubletop from early '14 which is kinda stupid imo. but placing it above it makes the stop kinda wide, especially when Id enter at the 88.6 like i usally do.
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KLang PRO theftproof
2 years ago
I think I'd wait for after earnings, personally. The pattern could fall apart and price is under the MAs, making it difficult for me to take a long position.
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theftproof KLang
2 years ago
why would we even consider goin long, since this a bearish pattern? I was talking about shorting when or if it completes. Or are you talking about trading C-D move? If you do, then you are right, atm there is really no chance to go long. Thats just a highrisk play with earnings and due to the fact that we are still heavily bearish. I think if anything we could think about goin low after the marked broke the B point resistance.
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theftproof theftproof
2 years ago
sorry brainlag while I was typing the last sentence: I think if anything we could think about goin long after the market broke the B point resistance.
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KLang PRO theftproof
2 years ago
That's also something I look for when I see a lot of resistance and it's an easy stop as well.
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KLang PRO theftproof
2 years ago
Yes, I often play these patterns to the target and then get out of dodge. During a strong market price will often hit target and then proceed higher. I've seen it happen many, many times. It seems to me it's only on the most "challenged" stocks that price will actually reverse once tgt is met. And targets on reversals, upon hitting the PRZ, are difficult to ascertain, though I've heard there are people who play the reversal well, it's not something I do well. Either way, price is not even at resistance yet and completed what I believe to be a corrective double zig zap (I just posted another chart showing that). So short right here doesn't make sense. I'd wait for it to fail at resistance.
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dionvuletich
2 years ago
looks more like a cypher the C point looks more like a 127 extension of X-A, which would mean selling around 64-65 mark
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KLang PRO dionvuletich
2 years ago
Cypher is something that I never really learned - I'll have to take a look at it.
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KLang PRO dionvuletich
2 years ago
The XA leg is too shallow to be a Cypher. But thanks for the idea :)
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