10-28 What is so special about CELG here? See that red line? Its a form of resistance. For me it says don't get sucked into buying it here. The first thing I do when I look at a chart is? Ask where is support. I need to know (and so do you) what my risk is whenever I buy a stock. Support zones help you define your risk, meaning if I buy here and it pulls back...
10-27 Down 5? What do you expect in an extended market. The clues were there. Going into today this issue was closer to trend channel resistance and sporting a double top with a potential shake out high. I mean really, 88 to 108 in 9 days? How much more could one ask for in such a short period of time. This is "bulls make money, bears make money and pigs...
10-25 So, completed cup? Or a tag of resistance. Which is it? How about both. Remember a breakout of a cup and handle is a breakout of resistance until it breaks out, its resistance. Given the near vertical upside assault in the indexes last week, that created a short term overbought condition at the least, one is probably better served to look where support...
One look at GPRO shows a classic power pattern to always have in your toolbox and that is a BEAR CHANNEL. If you are long its the what to watch out for when it shows up. If you are looking to short? Its the what to watch for- The downside break of the red channel lines that is. Do yourself a favor and memorize this chart pattern. These are not recommendations,...
10-20 3:25 EST What do we do if AAPL pops on earnings? Simple if you are long you look where resistance zones are for locking gains purposes. If looking to get long after earnings? Here too better look where resistance is before you even think about that. If it drops and you are long? Look where support zones are before you opt to walk away. Bottom line is...
10-15 Now that the low risk short sell entry point has passed (along with most others) what do we want to look at on a bounce (when and IF that is)? The answer can be found in the orange lines and the red resistance line. The answer is to watch for a bear channel to build then upon completion its all about a downside break of the orange lines AT THAT TIME....
One look at GILD (and CELG and IIB) are showing pretty much the same pattern that MAY be building. And yes its a bear channel that we'd like to see build out for shorting purposes. That and an upward move to some resistance zones shown, but the market is the boss and its going to do what it wants to do. The market is the boss not us. If the pattern builds out it...
As you can see this issue has broken its green uptrend to the downside. Now its all about whether or not this issue and those who look like it (CELG, GILD) build out bear channels (orange) and then break to the downside once they complete a bear channel. Later today I'll be posting more charts that look like these so stay tuned for more. These are not...
9-29 What's it going to be/ An upside crossover of the green line and its on its way again? Or is it going to tag the 50 day average and 50% Fibonacci retracement zone first. IF it were to crossover the green line to the upside? Then the small top purple line can be used as a tight stop to define risk but I'd rather use a break of the 50 Day/50% fib zone to allow...
Was that it? Or do we have one more upswing yet to show up to really suck in the little guy (retail). Who knows. But we don't need to know either, all we need to know is? Where is uptrend support. For educational, informational and entertainment purposes only, trade at your own risk as these are not recommendations.
Knowing what to watch for and watch out for goes a long way when you are a chartist. For informational and educational purposes only. These are not recommendations, trade at YOUR own risk.
Double top brewing? Or is this going to be just one big trading range in between the red and blue support and resistance lines. Time will tell of course. UHS and SLCA look similar by the way. Its all about chart pattern recognition if you ask me. For informational purposes only, these are not recommendations , do your own homework and trade at YOUR own risk.
As you can see this issue broke out of a base and went on a tear like many other recent IPO's. you can also see that its finally getting the look of pulling back. Its really just a question of how far and when and where does it stabilize. We know where major support is, its just a matter of seeing it get tagged. For informational and educational purposes only,...
As you can see, overall this issue is starting to get that look. The look of a Head And Shoulders top formation with this issue currently in right Shoulder build out mode (Pink bear Channel). Until it breaks (IF) to the downside of the potential right shoulder there is nothing to talk about, just watch. The other scenario to be on the lookout for is that of a...
8-22 Classic case of the Bunny Hop dance all within a clearly defined uptrend channel. Two steps forward, one step back, two steps forward one step back and so on. That's the bunny hop dance. So applied to the stock market? Two steps forward to trend channel resistance, one step back to trend channel support and that is the trend and its currently your...
8-21 How's this for extended big picture wise. Reminds me of the old adage of: You gotta sell your peanuts while the circus is in town. After all, once the circus leaves town who are you going to sell your peanuts to. For informational and educational purposes only, These are not recommendations, trade at YOUR own risk.
8-20 Classic case of a fresh breakout that is in the process of staging an initial pullback to some sort of support being lateral in blue or upward trending in green. Of course its all about stabilization at a support zone too you know. For informational and educational purposes only, these are not recommendations, trade at your own risk.
Quick, look at everything within the green lines. That is the current trend channel. For one who likes to buy trend channel support? We're not exactly there as you can see. The beauty of trend channels is that they define the trend and keep you centered not to mention keep you from buying when an issue is at trend channel resistance. Nice overall structure...