AuthenticTrader
Long

VG - No Country for Weak Men - Big Boys Want You to Sell

NYSE:VG   VONAGE HLDGS CORPORATION
This is a new idea but relates to my earlier idea. Patience! I have drawn a a classic harmonic AB=CD pattern. I quote ( paraphrase ) from Carney's book, "....it's hard to make yourself believe the stock will reverse because the sell off has been dramatic and the stock appears weak....but you must sell at D...not believing this initially cost me a lot of money"

So in addition to the pattern, you have Connors RSI approaching 10 level again. At this level you have bullish candle sticks - hammer , engulfing , and yesterday a doji . The director just bought some stock, not much, hey. And they just announced the Google thing. And then there is the Elliot Wave Count, which doesn't break any rules and meets many of the guidlelines for wave formation. Finally, this is an area of support that has held since the summer of 2015.

So everyone says it's going down, but all signs point up. This is the time to buy, and sadly when most people sell and get out. Am I talking myself into staying in this trade? Perhaps, but my strategy is clipping along at 83% success, and one thing I know is - you must EXECUTE if your system says to. can't listen to the hand wringers and stock twits. If you're wrong, you are wrong, can't win em all.

Look, for at least a move to the C point - the 61.8 fib level 7$. We could see $9 - the 1.618 level and a target for a wave III move.
Trade active: Ok folks..... a lot of interest here. People be like '''...how low can it go....such a bad stock....VG down...down...down..." Here's the bottom line FIVE MORE CENTS.

BUY at $5.79.....This is the EXACT AB=CD point and guess what? This is within a few points of the 1.618 extension, and also is occurring near a level of support summer of 2106. If we get a close below this level then it very well not be over, and it could go to 5.35, ( 1.27 x AB ) and the low created by the hammer back in August of 2016.
That's the technical bottom line.

Does Google partner with slouch? Why is the director buying? Why are the big boys and pundits saying this is such a bad stock?
Trade active: Still room to the upside. Up 7% since last update. Here is a screen shot of 1h charts showing a pretty good Elliot count.



Looks like we are gettig ready to complete the 5th wave up of the samller impulse. That's a take porfits signal for the weak men. ;-)

Target $6.40 and take somemoff the table if you still doubt, Probably 6.60 maybe even 7 before weeks end.
Trade active: It has made $6.52, which converges with the 38.2 fib retracement ( blue line) on 1d. May keep going, but you can't feel bad about taking some profits now. If you stay, no worries, it will pull back to complete corrective wave 4, and then push back up to complete wave 5 of the larger impulse. OR it could just keep going and extend wave 3 a bit more!

Trade closed manually: Sorry for lax update. Closed it out for 4% on my postion, now we have finished the correction are are heading back up.

Long at 6.35
Trade active: VG keeps going despite the whining of people who say it is a lousy stock. Just added more.

Hi Authentic,

Thanks for the excellent TA you've given. I've been checking you out. I appreciate the time and effort you put into your TA and excellent explanation of "WHY." You're definitely worth a follow. Keep up the great analysis!

Cheers and have a nice weekend!

David
Reply
@ProwdClown, Thanks...I have been "fooling around for four years" part time, and then almost a year ago, circumstances at my full time day J.O.B afforded me the "opportunity" to leave and trade full time. WHEW...sometimes wish I had the other job back! There is a lot to learn, and a lot of BS to way-lay the unsuspecting - of which I certainly succumbed to some of that, as most of us have early on. I have settled on the tried and methodologies of Nison Candlesticks with horizontal support and resistance, Elliot Wave, and more recently harmonic patterns, which I am finding compliments quite nicely the first two. Always more to learn, but the basics are getting pretty settled.
Reply
ProwdClown AuthenticTrader
@AuthenticTrader,

Hi,

Thanks for the reply!

The economy has slowed my business down. So, I had to find another means of supplementing lost income. I'm still learning myself. However, I've been focusing a bit more on Wyckoff's methods, FIB's and now BAT's. @Alexander_Nikitin is a great source for BAT's. I've also been watching a lot of Michael Huddleston's videos. Which see: http://theinnercircletrader.com/Tutorials.htm You will find Michael's videos VERY informative.

Here is Michael's twitter account: https://twitter.com/ICT_MHuddleston

A good book on Wyckoff's methods but applied in a modern way by David H. Weis is here: https://www.amazon.com/gp/product/0470487801/ref=oh_aui_detailpage_o04_s00?ie=UTF8&psc=1

Nothing like reading Wyckoff's own books though. Here is a list of his books on Amazon: https://www.amazon.com/s/ref=nb_sb_noss_2?url=search-alias%3Dstripbooks&field-keywords=Richard+D.+Wyckoff

Wyckoff, is truly a legend in my opinion.

I too am still learning. The more I learn, the more I find I need to learn... haha. ;)

Anyway, you have me as a follower for sure. Maybe all of us can learn from one another. I've been talking about getting into FOREX trading for quite some time but haven't taken the plunge yet. I'm in the middle of doing taxes for my business . I'm certainly going to dive into FOREX once the taxes are completed .

Take care, Sir, and have a great weekend.

David
Reply
ProwdClown AuthenticTrader
@AuthenticTrader, By the way, I do trade full time. However, I've been trading crypto.
Reply
@ProwdClown, I'm tempted, but gonna steer clear till my trading strategy is fully "vetted" - I.E i have doubled the size of my portfolio! I know little about crypto, so my question if stupid, allow some slack! Since there is a pre-determined amount of Bitcoin available, how is it traded? I mean I can't wrap my head around it. Won't the "price" keep going up?
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