timwest
Short

Wells Fargo & Co - WFC - Daily -Sometimes a picture tells it all

NYSE:WFC   WELLS FARGO & CO NEW
628 31 12
Sometimes all you need to do is to see a picture to know what to do....

Agree??
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Lacunoide
2 years ago
I agree! What is your target?
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timwest PRO Lacunoide
2 years ago
I'll watch and see how it falls
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jingzhou5f
2 years ago
agree, but in a bull market like this? i will wait for couple days.
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G13Man
2 years ago
i will wait
snapshot
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tompower
2 years ago
Did you see sanjays piece on the yen. Could be new highs in xlf, bears will have their asses handed to them.
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timwest PRO tompower
2 years ago
Care to post a link to it? I don't know what you are referring to. Is "sanjay" accurate in Yen forecasting? What does the Yen have to do with Wells Fargo? Is there a correlation I should know about?
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tompower timwest
2 years ago
Yen weakness tends to help the market, I will try but I think you just need to go over to Sanjay Gupta to find the link
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timwest PRO tompower
2 years ago
Would you mind posting the link. Thanks @tompower
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tompower timwest
2 years ago
Tim, like the song. She ain't pretty, she just looks that way. Just hit play on the chart, not looking too good.
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TomPower timwest
2 years ago
https://www.tradingview.com/u/Sandeep_Gupta/#/v/UF8GLMTO/
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elcololp timwest
2 years ago
Tim, what do you think about the earnings of the companies? I dont know if in the old crashes (2001, 2008) the Earnings were bad or good...please I hope your answer! Tahnks!
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timwest PRO elcololp
2 years ago
The earnings of WFC?
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elcololp timwest
2 years ago
In general..
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timwest PRO elcololp
2 years ago
I think earnings are important. I think it's important to know how your company makes it's money and whether earnings are growing because of higher sales (through price hikes, or the quality improvements, or new customers, or more units). I think you have to know the margins and why they are rising or stable. It's important. The price level around the earnings release is important, that's why I created the "Key Hidden Levels - Earnings" that you have seen in so many charts. Earnings are key. Does that answer your question?
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elcololp timwest
2 years ago
are you short here?
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timwest PRO elcololp
2 years ago
It's been a losing trade so far, but yes.
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elcololp timwest
2 years ago
What do you think about the market now, bullish or bearish? And I like a lot DAL
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timwest PRO elcololp
2 years ago
I think there are a lot of good trades setting up on the short side - the failure of crude oil to bounce is a sign that we have lower to test in the overall market. But I just take trades as they set up where I can define my risk within reason. So, shorting WFC and SPY are good trades from the way that I look at them. I am looking at buying the autos, GM, F, VLKAY and plenty of other consumer non-durables.
+1 Reply
broken87 timwest
2 years ago
Hey TIM, I think tom is just effin around because Sanjay Gupta is a doctor on CNN! So I don't know wtf tompower is talking about....I hope that clears it up for you. People are assholes. Good day sir and thanks for everything you do around here and everyone else that helps run the site. I appreciate it a lot and I love your site as do a lot of others, keep up the GREAT WORK!!! CHEERS
+1 Reply
timwest PRO broken87
2 years ago
It's ok broken87, I have thick skin. I have my ideas and I trade them. I don't mind sharing them. Some win, some lose. No big deal. No one sends me money when I pick winners. I certainly don't take anything personally. It is just a reflection of the other person, that's for sure.
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TomPower broken87
2 years ago
Hey Tim, thanks but no thanks , looks like the yen had something to do with the above chart. excuse me if I'm a little skeptical of your snake oil. And broken, I'm kind of sick of these gurus because I've been hurt badly by listening to them. RIP to 2 of my accounts.
-3 Reply
IvanLabrie PRO TomPower
2 years ago
How come you blow an account (or two) by taking one trade?
And your risk management strategy???
Also, don't blame the gurus, you are responsible for your own actions.
+2 Reply
tompower IvanLabrie
2 years ago
is it irresponsible of me to look out for a little guidance, isn't that why we're all here, you know I've been about 15 years in the stock market and I haven't gone green yet, you can complain about my risk management, but I really do try and learn, and I'm just about retirement age, so a little education is what I need, the first account was in optionsXpress, the second account was a futures account, the third account was a stock account with my bank, and also the fourth account with a retirement plan that is severely red.
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IvanLabrie PRO tompower
2 years ago
You shouldn't be trading if you're still losing money then. Sounds to me like you're gambling :/ Tim will be the first to help if you ask, try his key hidden levels chatroom, but without your intention to get better and change whatever you do that is causing these losses, nothing will happen.
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timwest PRO tompower
2 years ago
Thanks for clarifying the situation @tompower. I appreciate you sharing and I'd be happy to guide you in the direction of education. I have coached and taught investment strategies for many years and would be happy to show you a variety of methods to incorporate fundamentals first, then layer in technical analysis. I had a Series 7 license initially in 1988 and have been a portfolio manager for over 28 years with a focus on equities. Everything is a learning experience. Risk management is the most important variable that may be missing from your current strategy. The percentage of your account that you have at risk on any one idea needs to be a very small amount. That way if you lose, you only lose a small amount. No trade should ever upset you or get you emotionally charged in any way. The moment that "emotional" surge floods through your body, it is a sign your trading size is too high or your risk is too wide. The key to success and longevity is looking at the long term and not getting excited or angry in the short run.
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DavideG
2 years ago
Like this trade setup now - with the backtest of the previous TL combined with a return to its previous earnings level (using the TimWest system).
snapshot
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timwest PRO DavideG
2 years ago
Looks very good. It's been relentless so far.
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DavideG timwest
2 years ago
Yes, it has. Though I would never have guessed the S&P would be making new highs so soon. Thinking about riding this one out? Or do you have an exit strategy in mind?
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tompower DavideG
2 years ago
hey Dave, how did that work out for you, quite a backtest there.
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timwest PRO tompower
2 years ago
Sometimes you win, sometimes you lose. What 's working for you @tompower?
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tompower timwest
2 years ago
Tim, you got me there, but as you said in your previous post who knows maybe one day I'll figure this thing out.
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