Interesting Chart Patterns To Monitor In Coming Days...

[MR]

hi Jim

Hi Jim!

December Gold up from 418 early November to 455 end of month. Contract expiring soon.... so profit-taking? Gold overall trend up still has positive qualities seems like. 10/70 slow and steady increase since Sept, which is the best kind of oscillator action. I saved some ammo this time! Will be watching pullback a little closer this time. - Marc

(PS- Hope you had a good vacation. If you want to see some deer, come over to our wooded backyard.... could be easy pickings. We counted earlier this year eight at one time moving through our property.)

Originally posted by jims_id
Howdy Marc:

Sorry I didn't get back to you on Bema right away...on yet another vacation (trying to kill Bambi).

Yep, still long Bema. It looks to me like it is running into resistance right here and could be do for a serious pullback (the gold funds are taking a hit today). I think I will hold onto it, however, with a pretty wide stop ($2.84 to be exact). I'm hoping the 5 turns out to be a 3.

Regards,
Jim

[MR]

Good idea Jim!

Jim, I am going to read this site tonight to get a better feel on this idea. Sounds like it could be a great idea. I am interested. (If any eSignal people are reading this, maybe they could hash the idea over too and see if it is feasible to do in-house?) Thanks, Jim, for sharing the idea. - Marc

Click here to see Jim's reference.

Originally posted by jims_id
I had a thought that I want to pass along to the readers of this thread. I think it would be fun if we started a competition of sorts re: stock selections, sort of along the lines of the MSN strategy lab (see http://moneycentral.msn.com/content/...LabSummary.asp). Hell, some of our members are as good as those guys and gals.

For example, what if each interested party starts a new thread and posts stock selections, giving a brief reason for the selection, stops, wave outlook, etc and updates it on a weekly (or more frequent) basis. I've been thinking about doing it, based on a scan I developed (I think I mentioned this before but it didn't garner much response). I would like to see more than 2 people participate if we're going to get this thing going. I think a 1 year (or 6 month) timeframe for results would be appropriate.

Let me here your thoughts and who would be willing to participate.

Regards to all,
Jim

[jims_id]

Post Script

By the way....regarding my last post, we certainly wouldn't have to limit ourselves to the stock market. Alot of us dabble in commodities too. Anything that's exchange traded would be fair game. Who know, we all might learn a trick or two along the way.

This site could become the next "strategy lab" for the web with an advanced get flavor. After all, AGET is the highest rated financial software on the market. Let's show the world how we use it profitably!!

Jim

[jims_id]

PPSS

Second Post Script:

I wopnder if Tom Joseph might be coaxed into participating?

Just a thought ,

Regards,
Jim

[PRH]

Update Nov 30, 2004

Hi folks - as promised, an update.
There will be days with no update if there are no changes. The key in our plan is risk control and equity preservation.
========================================
Stocks:

Long ALK (up 0.85 today). We raise stop to 30.56.

------------------------------------------------------------------------
Futures:

Still short SF5 (down 46 in CBOT lingo, i.e. - 4 3/4 cents)

Still short CH5 (down 10 in CBOT lingo, i.e., -1 cent)

Long LBF5 (slightly down on day). There is loss of momentum here and I expect a break to the 332 area... We will liquidate the long position at the market at the open and go flat for now with the intent to buy back in the 332-333 area.

No position in Pork Bellies or Feeder Cattle. Good we took our loss in the short position. Today would have been worse. We have no problem taking loss either on a price stop or a time stop.

Still long the mini-dow and the Emini Russell 2000. I like to swing trade the Emini Russell - selling the long at the top of the channel in which it travels - and buying back in the middle or lower middle of that channel.

Chart of January Soybeans is attached.

------------------------------------------------------------------------
Tonight's scan:

Stocks: Alliance Capital Management (AC) is a buy as follows:
AC Buy stop at 39.82 stop - if filled the protective sell stop will be 50 cents under the fill. We wait for the open to place the order to avoid being creamed if the stock were to gap up... And we know what Tom Joseph said about gaps - 2/3 fill the same day and studies have shown that 85% of gaps get filled within a few days.

Futures:
XTL Continuation trades in the following:
Long CCH5 above today's high - although technically correct, the risk is too high for my risk parameters. No trade for me.
Short JOF5 below today's low (74.60). Risk too high for my parameters. Technically looks very good but no trade.
Finally, both cocoa and orange juice are NY markets, and my trading plan calls for not trading NY markets. There you have it.

Trade at your own risk, the above is not advice, for education only, and the usual disclaimers.

At the end of each month and beginning of the new month the markets are skewed anyway so stand aside is good for now and staying with the existing positions which I believe have more downside potential (Soybeans, corn) or upside potential (equity indices).

Fair winds and following seas,

PRH

JANUARY SOYBEAN FUTURES DAILY CHART BELOW.

[PRH]

Additional stocks to keep on the radar screen:

CME
R
GLK

These may develop into type 1 buys or XTL Continuation trades.

PRH

[MR]

followup on Jim's earlier question about a competition

Excellent, excellent posts today, Jim and Phillip! Very nice indeed! Brilliant! It is so very good to see others ideas here today.

Jim, I think you might be on to a very good idea. Maybe something like the idea you mentioned earlier could be the framework needed to attract us sophisticated AGET guys back here to eSignalCentral?

Since "Trader's Outlook" was closed down that wonderful fraternity of serious, experienced Advanced GET futures and stock professional traders have slowly drifted away to the four corners of the earth. As much as I have tried to make this AGET forum work for them, this forum just doesn’t have the structure to meet those kinds of higher-level needs.

Anyone have any ideas how we can run a competition, create some fun here like what Jim is talking about? It doesn’t have to be as fancy, just a simple spreadsheet to track hypothetical positions, some way to attach a chart and some notes? Bet you, this kind of competition would attract back the sophisticated crowd.

I am willing to participate. If someone builds it... they will come! - Marc

Originally posted by jims_id
I had a thought that I want to pass along to the readers of this thread. I think it would be fun if we started a competition of sorts re: stock selections, sort of along the lines of the MSN strategy lab (see http://moneycentral.msn.com/content/...LabSummary.asp). Hell, some of our members are as good as those guys and gals.

For example, what if each interested party starts a new thread and posts stock selections, giving a brief reason for the selection, stops, wave outlook, etc and updates it on a weekly (or more frequent) basis. I've been thinking about doing it, based on a scan I developed (I think I mentioned this before but it didn't garner much response). I would like to see more than 2 people participate if we're going to get this thing going. I think a 1 year (or 6 month) timeframe for results would be appropriate.

Let me here your thoughts and who would be willing to participate.

Regards to all,
Jim

[tkeough]

I have a Continuation Trade setup to share...

Hello,
My name is Tom and I have been reading this board for several years and today, I am sharing a trade setup that I learned some time back reading information posted at this site.

I have used the XTL (eXpert Trend Locator) feature of AGET in conjunction with Fibonacci Retracements and a Stochastic Crossover to recognize the trade, and Regression Trend Channels to trigger the trade. Additionally, I select stocks trading above their 50 day sma for longs.

Once I have a point of entry ($16.75), I use a tick below the retracement low as my stop loss ($16.13). I then use the Fibonacci Extension tool to plot my exit targets as one ($17.37), two ($17.99), and three ($18.61) times the value of my risk (the distance between my entry and stop-loss points, $0.62). I compare this Fibonacci Extension with any Eliott Wave targets that may also be plotted on my chart ($18.25 and $20.00) to refine my targets. This type of trade is known to be about 60% profitable with about 15% of the trades reaching the third target area.

My money management requires selling 2/5 of the position (400 shares using a 1000 share position) at target one, and moving the stop-loss to break even. Then selling another 2/5 at target two and using a trailing stop until I hit target three or a nearby Elliott target if one exists where I close the position.

[MR]

Hi Tom!

Welcome and thanks for sharing here!!! It is always good to make a new friend here. Looks like our fraternity is starting to grow again!

Anyone else who wants to share, please feel welcomed to participate. Remember, it isn't about being right or wrong, but how can we improve each day at our trading skills. Please don't be shy.

Thanks again, Tom.

[MR]

Ok, we are beginning a new month. For short-term traders we have a new month of trading action awaiting us.

We have futures contracts going off the board this month.

Do we have a Christmas rally or did we have it already?

What do you think will be the strongest sectors to trade this month? Phillipe, you mentioned Alaska Air. Do yo think this sector still has some life to it? (When I looked at a few symbols this morning-- FRNT, DAL, CAL, for example-- my interest is picking up a little here.

We all have different backgrounds, skills, focuses, approaches, experience. Let's share our strategies for trading this month, or what we will be our new opportunities to prepare for this month? Anyone open to the challenge?

Marc

(PS- Let's seriously work on this trading challenge idea Jim brought up. I am going to play with a spreadsheet today. Maybe we can start at the beginning of the new year? We may have to separate stocks and futures to do them easier. Not everyone can do futures. Remember this isn't about who is the best, or who is right more often.... it is about each one of us trying to help each other make more money trading.)

[MR]

(PPSS-- I think this will be a good month myself... I just am trying to see how much better we can all do if we all work together this month in our Advanced GET works.)

[MR]

Last week I said I was watching to buy was PSS. I didn't get my ideal fill area because I wanted to buy the normal ellipse when it hit the price (see chart attached). But, for my first trade this month, I just bought 500 shares at 12.25, my stop loss below 50%, and the target is 13.50 or better. The only negative is the PTI.

Originally posted by MR - Posted: 11-29-2004 02:25 PM
....PS-- a positive of selling some shares today, is now I have some cash to re-invest... Some stocks I am watching and trying to decide what to do are PSS, AAUK, BGO, SIRI. (disclaimer: I own 200 sharse of SIRI, but want to figure out a safe place to buy some more, if that is possible at this time?)

[MR]

FWIW, I pride myself on my honesty and integrity and character. To prove I am being honest in what I say, below is a copy of my fill order....

[MR]

I finally put an order in to sell today my small short hedge position in USPIX mutual fund. It was for approximately a $1,400 loss. (If you remember a while back I got into this fund as a part of a diversified portfolio.) I need the cash so I can put it to better use right now is only reason for the sale.

My next purchase is going to be Qwest Communications (Q)

I am starting to scale in Q today. I will keep adding to the position.

(Jim, one reason why I would like to be a part of this competition structure, it would give me a hypothetical account with more to trade. Right now I am getting tapped out again and just not enough money to do them all! Your idea would allow someone like me to help more people with more ideas to track if I only had the resources to trade everything I can see! .. every trader's delemma, right!)

[jims_id]

Hi Marc

Q looks good Marc. Have you figured out a stop? I was thinking about $3.24.

On the other topic, those guys at MSN Strategy Lab get about $100K to start their hypothetical account. That would probably be a good amount to give AGET's traders. I've already figured out the name for my portfolio....Jim's whacky tobaccy you'd have to be nuts to buy these stocks... portfolio.

Regards,
Jim