Interesting Chart Patterns To Monitor In Coming Days...

[tkeough]

ODP Continuation Trade Update

Thanks Marc,
An updated chart of ODP.

Originally posted by 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]

Hi 'all,

Phillippe, thanks for the updates and for that Crude oil option idea. Learned something today!

Tom, also, thanks. So far, so good it looks like on ODP setup.


Thanks again, Marc

[MR]

Hey, can I ask someone a favor?

Could someone post here a captured image of today's eSignal 'Hot Scans' semiconductor sector scan? I am curious what it shows.

(I use to work for the company that programmed it but no longer have access to it. I just want to double check something is all.)

MR

[MR]

One more favor....

Does anyone see any Type 1 buy setup opportunities setting up on a 15, 30 or hourly time frame? I am really looking for some ideas to finish off the week and am coming up dry today.

Thanks,

Marc

[tkeough]

ASO Continuation Trade

I am working three continuation trades, here is the second...

[tkeough]

PKI Continuation Trade

This is the third, got in this one at $21.34.

[PRH]

Update for December 3, 2004.

Stocks:
ALK: Out at the target 33.63 (high was 33.64). Gain 4.13
AC: Stopped out 39.32. Loss 0.50

We had a good ride up in Alaska Airlines (ALK) with a more than 10% gain in a few days. Time to lay low now for a while (see note below as well).

Futures:
Stopped out of the remainder of the short March Corn futures.
Still long the stock index futures.

This weekend's scan gives the following results:
Stocks:
XTL Continuation Buy for:
EXC and CREE

Trade with the trend false bar stochastics buy for:
AME, BHE, EIX and TXU and many other stocks

Futures:
Continuation XTL Buy for the Australian Dollar
Continuation XTL Sell for March cotton.

Note: I will be away most of next week, and for that reason we are not taking any new positions nor posting any update next week, perhaps on December 9 if there is a setup.

All of the above is not a recommendation, only education and entertainment and the usual disclaimers. Trade at your own risk and be careful, exercise risk control.

Have a great weekend!

PRH

[MR]

Phillippe, keep positing your ideas. You do good work.... Seriously, appreciate it, thanks, marc

Originally posted by P.Housmans
Update for December 3, 2004.

Stocks:
ALK: Out at the target 33.63 (high was 33.64). Gain 4.13

PRH

[MR]

follow-up on AAUK daily

Following up on a bad trade idea I posted here earlier.... (see current chart below)

The key to success in trading isn't being wrong, but admitting the mistake quickly, cutting the loss quickly. You can always come back later at a better price. Case in point, my AAUK idea last week. I bought the breakout, realized a few days later the picture was not what I thought it was, and sold for a loss.

Sad as it is to take a loss, preservation of captial is paramount to running the business of trading successfully over the long-run. There is no room for pride and ego in trading. The market will inevitably humble us. So, my motto is "Be humble, don't be humbled." Trade with confidence, but be willing to always have a quick exit plan built into the trade... just in case.

Best wishes to you all, and good trading this week, Marc

Originally posted by MR - Posted: 12-02-2004 01:56 PM
I decided to just get out, taking about a $800 loss in AAUK. I think I made the mistake of buying a Wave 3 breakout without waiting for the traditional pullback or a Type 1 setup. I had even commented in an earlier post that we could see some profit-taking in gold soon, but bought this gold stock anyway? (It will probably go up now.) Will monitor now for a little bit more gold sector pullback, then figure out a way to earn the money back, plus a little more profit for the learning experience.

Forgive me for these little mistakes. I sometimes try too hard and that causes sloppiness. Just shows you that trading is more than doing good analysis. It requires discipline, patience, and sticking to a plan. (Wish I practiced what I preach.)

[MR]

A friend emailed me a captured image of this Hot Groups Scan.... thanks! - Marc

Originally posted by MR
Hey, can I ask someone a favor?

Could someone post here a captured image of today's eSignal 'Hot Scans' semiconductor sector scan? I am curious what it shows.

(I use to work for the company that programmed it but no longer have access to it. I just want to double check something is all.)

MR

[MR]

Here is a very simple chart of McAfee (MFE) daily. A friend asked me my impressions of this stock.

They must have changed the stock symbol because I thought there was more data history to this stock?
But, based on what we can see from August 1, we seem to have an XTL blue continuation Wave 3 type
trend up with respectable Wave 4, Type 1 Buy setup opportunity potential if we keep watching for it.

[MR]

Finally, evidence of a pullback in gold (see chart below).... if you see any Type 1's, let us know about it.

Originally posted by MR - Posted: 12-02-2004 01:56 PM
I decided to just get out, taking about a $800 loss in AAUK. I think I made the mistake of buying a Wave 3 breakout without waiting for the traditional pullback or a Type 1 setup. I had even commented in an earlier post that we could see some profit-taking in gold soon, but bought this gold stock anyway?...Will monitor now for a little bit more gold sector pullback, then figure out a way to earn the money back, plus a little more profit for the learning experience.

[MR]

I own some SIRI stock, and am not freaking out today because of a sharp wave of "profit-taking." Let's review some Elliott Wave logic.

Look at the Weekly and Daily Sirius Satellite Radio (SIRI) charts. (shown below)

The weekly shows a $60's high back in 2000. It sold off to almost nothing by 2002 where it established a nice long basing out bottom pattern. Weekly and daily AGET wave counts call this this time period a bigger Major Wave 1 and 2. SIRI has really been in a Major Wave 3 since August when it rallied real nice from around $2 to $9 yesterday.

Today someone downgrades it and it gaps lower. SIRI was overbought, vulnerable to profit-taking and even little panic from late buyers.

Once this profit-taking works itself out, I think a sustainable trend up returning is a very plausible. It took approximately 256 trading days to build Wave 1. It took approximately 150 trading days to build a Wave 2. Wave 3 is always the strongest. Longer-term strong Major Wave 3 trends with potential just doesn't evaporate, disappear overnight. It continues to work and build and return.

This Wave 3 has only been going on for approximately 83 trading days. It suggests a bigger Wave 3 still exists, and this pullback developing an internal Wave 3 structure? Call it an internal smaller wave 3 that hit 2.62 of W1 and W2 at yesterdays' high. Now internal wave 4 within a bigger W3 is showing up. But, if correct, Wave 3 is not over. Those bigger major Wave 3 targets are still higher.

There are still reasons for still being attracted to this stock. The past few months we have a REALLY strong Wave 3 Elliot Oscillator. Strong oscillator indicates strong buying interest. Quite frankly, this kind of strong oscillator doesn't happen all the time, which is why the attraction.

Does 38% hold? If so, big Wave 3 returns quickly. If not, we will be forced to wait patiently at 50-62% to see how another support base platforms out?

It doesn't look like it is time to freak out just yet! ... but then again, there are some big institutional trading groups out there that love to test the threshold for pain tolerance with little traders like me!

We shall see....


Best wishes, and hope this helps someone out there.

MR

[PRH]

Update end of day of December 9, 2004.

Introduction:
We were gone for a few days and the market tanked and now recovered. We had no positions other than long stock index futures (long term positions) which we rolled into March today. When planning to be away I learned that it is wise to lighten up or close the existing positions.

Mentioned but not taken:
Australian dollar did not trigger long - no trade.
Short March cotton would have triggered - but we do not trade NY markets (is in my trading plan) - would be ahead some.
EXC and CREE did well. With proper money management and stops CREE was a winner and EXC a breakeven or small loss at worst. Both were mentioned as XTL continuation buys, in my opinion the best setup, especially when the weekly are in a wave 3 uptrend.

Current positions:
Futures:
Long the YMH5 and ERH5 (ABH5 in AdvGET). This is a long term position.
Stocks: We went long CME again today as this is a very strongly trending stock with a lot of upside momentum.

------------------------------------------------------------------------------------
Tonight's scan for opportunities gives the following results:

Futures: none

Stocks: the following XTL Continuation Buys:

ENZ: Buy stop 19.20 - risk 0.55 - target 21.15 +
INSU: Buy stop 23.05 - risk 0.50 - target 24.49 +
LFG: Buy stop 54.65 - risk 0.75 - target 60.40 +
PH: Buy stop 75.85 - risk 0.75 - target 79.55 +

There are a few other stocks but I think these have the most potential.

Of these PH has decent volume and would be my top choice.

We will be away later on Friday again for a few days and gone on Monday. Therefore I am somewhat reluctant to put on large positions.

Next update will be either Monday Dec 13 or later.

Disclaimer: this is for education entertainment only, this is not advice, trade at your own risk, and the usual disclaimers.

Fair winds and following seas.

PRH

[PRH]

Update December 10, 2004 – 1pm

The day is still young and this is an early report as I am leaving town soon for a few days.

Today’s activity:
Stocks:
Today we sold the long CME at 220.50 (long from 213.97).
Got long PH 76.04 – stopped out at 75.50
Got long LFG 54.65 – sell stop in place at 54.15 – last at 55.94 up 1.44 !

Futures: none

Mentioned but not not taken:
ENZ – did not trigger
INSU – triggered for a buy at 23.05 – last at 23.41

No analysis tonight/weekend – we are out of town until Monday night – analysis then.

Fair winds and following seas.

PRH