If the first leg up extends farther than the lowest orange line then this specific strategy is void.
That is all.
That is all.
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Opened a small position to capitalize on the initial move up @348.80
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-5 to +1 in 10 minutes. Now that's investing.
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After this fakedown takes us to 353 and shows signs of bottoming I'll add to my position and probably leave it til Thursday.
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Okay, added another 60% to my small position. Now to ride it out.
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My previous order was 351.89, so that portion is currently at a small loss.
You may have heard of "averaging down." Being at a loss means your assumptions were wrong, so why would you keep acting on that same information? I think averaging down is puerile bunk. I've rarely made money doing it.
I intend to hold both orders unless we pass below ~350.50. In which case I can sell and breakeven. Regardless of what happens I'll still have my initial assets so I can take another crack at the market.
You may have heard of "averaging down." Being at a loss means your assumptions were wrong, so why would you keep acting on that same information? I think averaging down is puerile bunk. I've rarely made money doing it.
I intend to hold both orders unless we pass below ~350.50. In which case I can sell and breakeven. Regardless of what happens I'll still have my initial assets so I can take another crack at the market.
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Falling resistance @353.24. I expect it to fall to 353 and be broken by the half hour.
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Hovering right above the resistance. Mildly infuriating.
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You may recognize this chart pattern from a few months ago. It looks like a diagonally positioned head and shoulders, slanted upward.
Several stocks did this before a major gap up - AMD and Micron being most notable for the clarity of the pattern. However, in this case it's very small so it can't be relied upon. Moreover, even if it's a valid signal, it's simply too small to forecast a rise more than 10 points.
Several stocks did this before a major gap up - AMD and Micron being most notable for the clarity of the pattern. However, in this case it's very small so it can't be relied upon. Moreover, even if it's a valid signal, it's simply too small to forecast a rise more than 10 points.
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I know some prefer classic signals like the H&S and inverted H&S.
Unfortunately, those now happen with such regularity (and the chart doesn't typically respond to their existence) so it's hard to regard them as anything more than noise.
Unfortunately, those now happen with such regularity (and the chart doesn't typically respond to their existence) so it's hard to regard them as anything more than noise.
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The first major resistance lies at 356 - and it's flat resistance, not rising or falling.
These are rare and typically act more like a volatility band than an actual resistance line. If the stock manages to break through it'll be easy sailing 'til EOD. If not, we could see the stock coil up til EOD instead.
Either way, I expect a gap up for tomorrow's open; assuming we don't end the day back in the red.
These are rare and typically act more like a volatility band than an actual resistance line. If the stock manages to break through it'll be easy sailing 'til EOD. If not, we could see the stock coil up til EOD instead.
Either way, I expect a gap up for tomorrow's open; assuming we don't end the day back in the red.
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Second fakedown. Whether we blast through or stay below 356 will be decided here. A long consolidation like the previous fakedown will likely prevent a breakout from happening, at least today.
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Seems we'll be fooling around here for a while. Gonna go grab lunch. Be back tomorrow.
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Had a random family emergency at 8:00. Luckily, I had a SL @ 351 - meaning this so-called "strategy" only produced the barest of margins. Ah well, time to move on.
The flag at Tuesday's open was almost identical to the prediction, though. So I'm going to ignore that for now...
Looking for the first leg up tomorrow.