Interesting Chart Patterns To Monitor In Coming Days...

[MR]

Here is another stock we might associate Martha Stewart with. It really is only coincidence-- although K-Mart also came up today in my work? Anyway, Imclone (IMCL) was showing a general Type 1 Sell setup recently. If I had been tracking it closer-- and if I could do Short positions-- I would seriously have considered selling it at the two Short Ellipses (25% retracements) with the stop loss above the upper part of the MOB.... then would be waiting to see what happens after it tests the low again... probably would try to stay short there too.

(This is only a very quickly done chart... haven't weighed all the options here yet. The chart is only a 'quick look' sample.)

[MR]

Andy, Here is a new chart update on Oct Sugar since your question was asked back on 9-9-04.... (see chart below your quote) Interesting how it traded lower until it hit that MOB, then has bounced back higher since.... Also, interesting how Lumber has not held up at all since this time....

Originally posted by AndyS
This is a little off topic relating to Advanced GET, but wanted to share this feature I have in FutureSource. For those that don't know, IDC bought out FutureSource recently and some of us have been looking at the software. I came across this Storm Tracker last week and was monitoring Frances with it. Ivan has pretty much decimated Grenada. Any effect on Sugar Futures???

[AndyS]

Hi Marc,

When I originally posted that, I did go back and check Sugar prices and was struck by the fact that it was down at the time. Perhaps that wave 4 had to be completed

Anyway, looks like a big move today!

[JayF]

Just to further this example ... http://forum.esignalcentral.com/show...6 retrace post.

ES sure has bounced off this key range at ~ 1128 over the last few days, and the 50% line played a critical support role right at the close of the market.

[MR]

Jay/Andy,

Thanks for sharing!

Hey, take a look at FCX daily. I only have a 100 shares of this @ $38.33.
The gap today and the Wave 3 relabling is a good sign it can keep working
higher to the send -3- project.

Marc

[JayF]

EBAY

Looks good Marc!

Here's a quick look at EBAY...

[MR]

Jay, nice comments... only wish EBAY wasn't a $90 stock. Getting expensive for the average trader. I do think you are pointing out some good ideas here.

[MR]

Just thinking outloud.... do you think it is possible we will see more short covering with only two more trading days left this month for mutual fund managers to lock in their profits? I really don't know, but will be watching to see if something like this happens.

[bgold]

Originally posted by MR
Andy, Here is a new chart update on Oct Sugar since your question was asked back on 9-9-04.... (see chart below your quote) Interesting how it traded lower until it hit that MOB, then has bounced back higher since.... Also, interesting how Lumber has not held up at all since this time....

Marc, please note that the SB V (Oct) contract expires in 2 days and displays typical expiry volatility. The SB H5 (March) has been the active contract since early September. It also has a far more bullish pattern possibly confirming the effect of Hurricane season(?)

As you mention Lumber, i can't help looking at chart again and notice that each big move happened when GET Stoch displayed a black bar (eg black bar was not a good indicator). Do you have any tips on how to better judge GET with black bar? Fe I see that both Stoch and Osc displayed neg divergence? Thanks

Otherwise, you state in one of your post (on IMCL) that you cannot go short? May i ask why the long bias? Would help understand what kind of set-ups you tend to analyse. tx

[MR]

Hi,

Yeah, I knew the SBV4 was expiring, but since it was the previous front month and closest to the action I wanted to show it. I looked at the March contract, but it didn't have a MOB to show off either. I love MOB's!

The false bar works well in good trends. Try playing more with applying Fibonacci. It could help you deal with this situation. Go to the AGET User Group, read up on that thing i put together on using Fib in the Elliott Wave targets. Ask yourself is it at or near a key wave count target? Plus the other things you mentioned earlier about that setup.

Sorry about that... the comment about not going short referred to an earlier discussion here. I had mentioned my trading account does not allow me to go short. It is a legal issue, not a philosophical or trading issue. I am still working to setup a bigger account with my friend so we can trade any direction. Unfortunately, we have a big chunk of our money tied up in condo's in Panama City, FL, right now. (truthfully)

For this site, I try to focus in on basic Type 1 and sometimes Type 2 trades. I might occasionally slip in some things that they don't teach for free any where else, but usually the are within the basic tenants of Type 1 or 2 setups. There are other kinds of trades I like and look for, but in my unique situation I have to be very careful sharing everything I know about trading. Let's just say, every once in a while I slip a few of these things into these threads.

Originally posted by bgold
Marc, please note that the SB V (Oct) contract expires in 2 days and displays typical expiry volatility. The SB H5 (March) has been the active contract since early September. It also has a far more bullish pattern possibly confirming the effect of Hurricane season(?)

As you mention Lumber, i can't help looking at chart again and notice that each big move happened when GET Stoch displayed a black bar (eg black bar was not a good indicator). Do you have any tips on how to better judge GET with black bar? Fe I see that both Stoch and Osc displayed neg divergence? Thanks

Otherwise, you state in one of your post (on IMCL) that you cannot go short? May i ask why the long bias? Would help understand what kind of set-ups you tend to analyse. tx

[MR]

So far, so good....
if we could only rally more...
squeeze Short positions hard enough...
they will eventually capitulate!

Originally posted by MR - Posted: 09-28-2004 04:16 PM
Just thinking outloud.... do you think it is possible we will see more short covering with only two more trading days left this month for mutual fund managers to lock in their profits? I really don't know, but will be watching to see if something like this happens.

[jims_id]

Marc

Hi Marc:

How about a new poll as follows:

Were the mid-August lows an intermediate term bottom? So far the 50% ret has held on the S&P; other indices have retraced more.

Regards,

Jim

[MR]

Jim, good idea... try and create the new thread with poll... if not, I will create it later tonight. Is a good discussion idea. Marc

[jims_id]

Marc

Marc:

I'll give it a whirl. For definition sake, I think if the August lows are broken by even a hair, those weren't the intermidiate lows. Also, I would say that the late june highs must be broken on the S&P to confirm the mid-August lows as the real McCoy.

Jim

[MR]

Hey Jim,

Good job! I voted. Results so far was very interesting. Hope lots of people exercise their right to vote!

Marc