Interesting Chart Patterns To Monitor In Coming Days...

[MR]

I normally place market orders. The two times I did not and placed a limit order, I ended up missing out on good trades. Hope three is not a charm.

I just placed a limit order to buy 1000 shares of EP at $8.50. I will probably miss out, but my discipline says this is the best method to buy this stock.

Below is a picture why I am trying to buy this stock. I believe even if it is a bigger Wave 1 or Wave 'A', Wave 2 or Wave 'B', the odds are very good either Wave 3 or 'C' will extend higher to the previous high (see last January 21, 2004)

Here is one little thing Tom Joseph taught me years ago when it was just him and I, and we worked together on his futures market hotline/newsletter service in the late 80's, before AGET was even a software idea.... whenever you see what we call a "1-2, 1-2" pattern (I drew in manually the 1-2, 1-2 numbers on the chart below to show you what I am seeing) it could mean a very strong wave 3 is building. I am working on the assumption that if this is a 1-2, 1-2 and it is only time before this begins to trend up more clearly, so I want to buy into this pattern in anticipation this will happen. I am using a very simple idea to define my risk/reward, so my stop loss is a hair below $the 8.00. If wrong, I lose approximately $500. If correct, I might make a couple thousand. So I am going to give it a try, right or wrong, I really don't care. I am posting this so you can either learn from my stupidity, or from my experience. If it doesn't back up to $8.50, then so be it. (Three limit orders will be a charm ... and i guess I will quit doing limit orders!)

[MR]

See... happens every time... I tried to saving a few cents and end up missing the bigger picture trade... will probably miss the trade in EP.

Tom taught me a long time ago, when trading futures at the time, why worrry about a few cents...just get in!

That was the lesson for today.

(PS-- I bought a little of GT and FCX today at the market, so at least I feel a little better cuz making a little money on them today! )

[MR]

Re: Marc

Here is a copy of the original post on CMRG that Jim was referring to earlier today.... (see chart below Jim's quote)

Originally posted by jims_id
Hi Marc:

Don't know whether you noticed, but your CMRG analysis has worked out beautifully! Kudos and congrats. My analysis was el-stinko, and apologies to all for that missive.

Jim

[MR]

Here is what the current CMRG chart looks like that Jim was referring to... thanks Jim for the reminder. Hope all is well with you. Again, I appreciate your contributions here. Thanks again, Marc

[jims_id]

Hi Marc

Thanks for the CMRG update Marc. Again, mighty nice call.

Just thought I'd post a DIA daily chart. My thoughts are focused on that down trendline. Will we breach it or slide to the downside once again? The big question is whether we heading up for a big wave 5 or are we currently seeing a wave B and setting up for a killer wave C down? I've been bullish, but I **hate** seeing that big bar on the time-clusters right at the recent high. The way I see it for the bull case to come true, we had better hold the 50% retracement level.

Regards,
Jim

[MR]

Jim,

I still have mixed feelings in DIA. Not totally ready to give up on this recent rally, in general, but recognize the defensive posturing going on right now. I do think there will be some more selling pressure coming this week. Just not sure myself how much?

Still working through some ideas/analysis to figure out things.

Agree with you, it would be 'ideal' if 50% holds this dip. Watch to see if this somehow ends up becoming a big a-b-c type bigger swing move.... that could add some insights down the road.

The strongest supports can quickly identify is that 50% area you mentioned, and possibly the 90% pivot swing area worse case, as of right now.

Again, will get back to the supject as soon as possible. Haven't had time to really delve into things lately... ,

Open to others contributing their input here. Every opinion is welcome.


Marc

[MR]

Larry,

My last follow up for this current SMH 30 minute Elliott Wave behavior. No matter what, I would now be out of that trade idea. If I took profits at top, I am very happy. If I only took out 1/2 profits at top and now stopped out of other 1/2 at $31.50 area, still happy, but not as much profit in pocket is all.

Originally posted by MR
Larry,

Here is an update of 30 minute SMH chart and trade idea we have been tracking.

Several ways of looking at this. We could have just taken our profits as we approached MOB and Target.
(if out at 32.00, long at 30.25 = approximately $1.75 profit.)

Our we could be out 1/2 the postion and stop now moved up to $31.50 for other 1/2 of position.

I don't have much more free time to keep tracking this, so I have to close it for a profit, but track it
and tell me if it trades higher, or takes stop out on other 1/2 at $31.50.... mostly just curious.

Hope this has been a helpful exercise. It shows how the Advanced GET Elliott Wave-- and other
AGET tools/studies can be useful in guiding your trade possibilities, or this is one way I would have done it.

[MR]

I was trying to remember the previous conversation on COP and CVX. It is kind of hard to remember now the whole discussion, so I cut-and-pasted some of the previous posts on the subject to see if it would help update things. Here is a review. I think I wanted to buy the stocks, but got stopped out on the hypothetical trades. I thought it there were going to retrace more, but ultimately return to the uptrend.

[MR]

Here are current charts on COP and CVX to show what happened since the last posts on them.
I didn't honestly anticipate them rebounding as strong as they did. It surprised me, too...

[jims_id]

Hi Marc

Just killing time here (hope people don't get sore at me for this post), but I thought you might like a deja vu. Attached is a fax I received from Trading Techniques (i.e., you and TJ) on January 27, 1989. I've got alot more of these that I put in a binder for posterity (I'm a terrible pack rat).

Regards,
Jim

[DuaneG]

Hi Jim,

It looks like the image may have been cut off. Just an FYI. You may want to try and convert it to a .PNG file. They seem to have better clarity than a .GIF and smaller than a .JPG. Thanks for the blast from the past

[MR]

Jim,

Can you recapture that image. It doesn't seem to want to show up. It might be because it is too big. If you have eSignal software, you can change the size internally when capturing an image.

PS- I think CVX had a stock split (13-Sep-04 Splits Calendar: ChevronTexaco splits before market open today (2:1 ratio)... i thought it was a more expensive stock than what it is priced at now.

[jims_id]

Marc and Duane

Sorry for the scew up attachment . Please delete the image. I will try to convert to a better file.

[MR]

Jim,

I just edited out that image for you.... try to repost a smaller sized one when you can, and bet it will work next time.

Marc

[jims_id]

Hi Marc

Will do Marc. It wasn't anything earthshaking....I just thought it would be fun for the people on this board to get a small snapshot/idea how TT developed. In 1989, the software to chart Elliott waves hadn't been developed by you guys, so all the faxes are "intuitive" so to speak based on the 5/35. I've got a bunch of these faxes and they are (in my opinion) very illuminating for the Elliottfile (is that a word?). Obviously they were for me or I wouldn't have saved them.

If enough people express an interest, I'd be willing to try to post them under a separate thread...that is once I can figure out how to do the attachments.

Best regards,
Jim

P.S. DIA is perilously close to the 50%.