Interesting Chart Patterns To Monitor In Coming Days...

[MR]

Here is an interesting stock I am interested in buying on the next pullback.... (see attached chart)

[PRH]

Here is an algoritm that I use to select buys in stocks (Advanced GET EOD):

Start with the Optionable Stocks portfolio (2112 stocks)
Scan first for Weekly XTL Up and Wave 3 on the weekend - save this as a portfolio, you usually end up with approx 310 stocks.

Then scan the Weekly Wave3 XTL up portfolio for XTL Continuation trade Up (XTL blue, close break over ATC). An alternate strategy is the Buying with the trend search (another topic).

Yesterday CNX was a most promising result and we bought it today. Stop is moved to break-even. Target is higher and stop will be moved higher every day or so.

CNX setup attached.

Philippe

[PRH]

Update on CNX.
Went up 2 days in a row. Sell stops under the daily low.
Profits will go to the relief organizations in New Orleans.

Philippe

[MR]

First of all, very nice postings, Philippe!

Secondly, my summer 'test' is over. Here is the end result. August was a tough month.

All and all it was a fun summer with much learned from this experiment.

Best wishes to you all for a productive fall trading session. May all your trades go your way!

Sincerely, Marc Rinehart

[MR]

I bought 100 shares of FDG stock today. If it wasn't for a data split needing adjusted, you could go into any variable time frame and most probably frame up some sort of a quality Type 1 buy today. I had to use my expertise and experience to 'infer' a trade idea based on using a daily chart to trigger my own aggressive buy idea. If this trade doesn't work out, odds are good a better quality longer-term Type 1 buy setup shows up later this fall. Track this stock to see how it evolves the next couple months. My 'guess' is FDG will attempt to reach $50 again before it would attempt any strong pullback yet???

PS-- By the way can anyone point out how this stock has a relationship to CNX stock pick earlier... and notice how CNX went even higher still from Philippes' last post on CNX. Philippe, my friend, thanks for pointing CNX out earlier. It helped me find and track FDG.

[MR]

One more thing-- monitor precious metal stocks, such as ABX, NEM, GG, RGLD, etc. Some appear to be in Wave 3's.

[MR]

Anticipating HMY daily wave count will relabel soon to a major Wave 3 in progress. A pullback to either $10 to $9.50 seems like excellent MOB support.

[MR]

I added to my CHK position today. Got in several energy stocks today as well. Only new stock not energy related-- I bought 100 shares of AAPL today.... anticipating a good fall for this stock and its new product line. ... if interested, take a look at PTR daily chart. I bought 100 shares of it today. Take care, have a great week trading, Marc

[MR]

Start to watch more closely some gold, silver, copper related stocks. I sense a few
Type 1 setting up before the end of this month. Look at stocks, such as: GG, NEM,
AU, RGLD, GFI, SIL, FCX, PD, BHP, RTP, RIO. They seem to have stronger patterns.

Seems, also, pullbacks in GS, ITG, and LEH could still lead to a Type 1 setup.

Hope this helps someone out there.

Best wishes,

Marc

[MR]

In a post here a couple days ago I said bought energy stocks... here are my current postions:
FDG, CNQ, TSO, BR, ECA, PTR, AAPL. PTR looks like a bigger Type 1 setup was why i did that one.
I tried to focus on some natural gas related stocks this time.

if you are a day trader, focus on early morning dips in energy related stocks. They could lead to
quality aggressive Type 1 buy setups. In addition, anticipate the overall market being under some
more pressure today.

Best wishes,
Marc

[MR]

I got stopped out of FDG and AAPL this morning. I somethings put my trailing stop too close to preserve profits, even small ones. Unfortunately, I did the same thing last week on two stocks, FTO and BEPX. Both ended up very small loses, but a week or so later they would be generating nice profits. Bummer. I will return to AAPL and FDG once a better, safer entry is defined. Just not today.

[DuaneG]

Hi Marc,

I had the same experience with FTO. Stopped out on the break of the 6, 4 MA. Pulled the buy trigger near $28. Win some, lose some I guess. I did notice that from a daily perspective, the previous Wave 5 was strong enough to renumber the rally back to a Wave 3. I may wait for a pullback and see what kind of setup materializes from here. Good luck.

[MR]

Thanks Duane!

Nice to know I am not alone. I think you are correct about waiting.... we will see more opportunities later... patience is a good virtue. God bless and hope you have a really nice weekend!

Marc

[PRH]

Review of XTL Continuation trades

In a previous post I outlined the method for selecting XTL continuation trades. Every day several candidates showed up and if there were more than 3 or 4, I selected those that appeared the strongest based on previous momentum. Below is a summary of the trades that triggered and their outcome.

Winners
VC +0.05
ABC +3.10
PXD +1.76
JEC +0.43
UBB +3.74
BK +0.02

Losers
CX -0.20
FE -0.03

Some of the winners are in fact breakeven trades.
All of the above trades were initiated with buy stop orders placed before the open. On some days there were more stocks than I was willing to buy, and therefore some opportunities were not taken indeed. However, overall for a short-term quick surgical strike trade, the overall results are not too bad: +9.10 for wins and -0.23 for losses. Of course we have to substract commissions and taxes.

The strategy calls for fairly tight stops and tightening them as the trade evolves. I set a profit target and sometimes the stock keeps running (as was the case for UBB).

At any rate, with proper trade management, the trade with the trend XTL breakout trade has given excellent results and I continue to plow that field with the same tools. I am attaching the charts of these trades that show the initial setup and outcome.

PRH

[PRH]

VC chart