Interesting Chart Patterns To Monitor In Coming Days...

[MR]

parl daily update

To follow-up on PARL Daily, posted below, 04-15-2004 11:08 AM --
(Scroll down to see)

This is hypothetical, for educational purposes only...
I don't know how else to be more specific....

I am buying PARL daily @ 10.33 or better with a Stop Loss below 9.25 area.
First target is 12.70, to 13.70. Will tighten stop closely if MOB at 15 is hit.

[ragic]

Marc

I see on the Parl Daily chart, the PTI is only 7, and the previous high is in your target area.

As a relative beginner, I use the GET scanner looking for T1 setups with PTI > 35. Do you think the PTI is important (or not)

(My scans/selections for 22 Apr were CRAY short and CNET long, but I'm unsure. The gap and volume spike a couple of days ago have muddied the picture for me.)

thanks

[MR]

Hi ragic,

In general, PTI is an important consideration. However, it is only one of several considerations.

Respect PTI. When deviating from rules, I find one must also tweak one's trading style to reflect it. For example, in this trade I might do a smaller position; am willing to trail a tighter, quicker trailing stop to protect equity.

In this PARL setup, it has attractive qualities-- a good pattern, nice risk/reward ratio.

I am human, too, with an ego just like everyone else. At times I think I am smarter than the computer. I am willing to overlook a PTI, because I think I am visually seeing something the data is not. I have also been humbled a great deal by my own arrogance.... so, let's see if I get humbled here again!

If new, be more careful using low PTI's until you are more comfortable with using trade setups that break some rules. If you want more details on PTI, do a 'search' on PTI. Plus, go to the Advanced GET User Group in File Share. There are other discussions on PTI in previous threads, and at the AGET group site.

As for CNET and CRAY, they look like nice ideas there. CNET might be just a little more tricky to setup a buy, but is has attractive qualities.

[MR]

ESM4 5 min chart

ESM4 5 min chart

Sometimes simple is better. This chart was done to compliment my friend Jay's chart. Open fake-out rally,
selling until lunch, swing trade until lunch is over, more selling until currencies and bonds close, covering at end of day....

Click here to see thread discussion.

[MR]

A little PFE Daily T1B trade idea playing with....

[MR]

I am canceling out any buy ideas posted in previous days here in this thread.
As of now, I am offically defensive markets, standing aside, now in a more
cautious mode. I will now only comment on the highest probablity Sell ideas.

- mr

[Catano]

Hello MR,

thanks for your Ideas. How do you think is the Argument,why you were bearish?

Gruß Catano

[MR]

Hi Catano!

Originally posted by Catano
Hello MR, thanks for your Ideas. How do you think is the Argument,why you were bearish? Gruß Catano

I am an Elliott Wave 'surfer.' I try to identify big 'waves' and ride them in the direction they are going. Lately, all the Short ideas I have been working on worked out very well; most of the Long ideas are laboring. (I don't post a lot of what I am working on.) I am starting to have some concern there is a bigger change-in-trend building in some of the previously stronger markets, so I am shifting from aggressive to conservative mode until the picture becomes more clear.

[MR]

Update.... overall opinion the same as previously stated.

For aggressive traders only....
Take a look at Gold/precious metals stocks.
Can you find any short-term, Type 1 Sell setups?

[MR]

Finding a fair amount of aggressive shorter-term, Type 1 Sell setting ups in banks, financial sectors... metals too. GPT was one I wanted to paper trade Short couple days ago at 40, and told a friend I wanted to paper trade short FCX yesterday. BK catching eye, still risky for my style though, but interested.... Missed AEM Short... shoot. (How do you miss a paper trade! I take my paper seriously )
All are aggressive ideas only, mentioning them here so you can track too. PRU paper trade Short as well from a couple days ago, was aggressive gamble, but I like the idea.

[MR]

Did I mention paper trading Short ANN just now w/hypothetical stop loss above 42.25?

[MR]

Actually still Long something (paper trade, of course) Paper trade BBH Long now, but using very close pivot to pivot Normal Ellipse as a Stop Loss below 146.00 area. 162ish is my target. It was an aggressive short-term idea only. Hope I don't get stopped out. Oh well, only paper, right.

[MR]

Copper my friends... copper... for example, HG M4 daily, take a look at it... localize at top just to play with an idea.... just something to track...

[MR]

Following up.... stopping out of BBH at close. Not worth the risk anymore. Still like the other early posted ideas.

Originally posted by MR
Actually still Long something (paper trade, of course) Paper trade BBH Long now, but using very close pivot to pivot Normal Ellipse as a Stop Loss below 146.00 area. 162ish is my target. It was an aggressive short-term idea only. Hope I don't get stopped out. Oh well, only paper, right.

[soylent]

Marc --

Are you saying copper is going down? I agree. I'd be looking to get short down to 10377 area? (localized @ top, I see it starting a corrective phase?)

Also, weekly is lookling like it will take a long time to recover. It may be basing for a rally but ...

I'd look to get short around 12300 (short any rally) & ride it down. Stop above 12600?

BBH is looking pretty bad, too. Wouldn't want to short it yet -- but, it's starting to ripen.

-c