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Wide Tailz
 

Registered: Sep 2011
Posts: 1521

 

06-29-12 11:56 PM

Serious bear carnage today!

I may have miscalculated FAZ. If it goes any lower it will be off my radar. Wave 2 is not allowed to go below wave 1 and that is what we're seeing here. In real markets they can sometimes exceed these limits slightly but the confidence factor on this potential trade setup is getting lower by the hour.






Here is why waiting for the third wave to appear before putting any of your hard earned capital at risk is the safest way I have ever found to trade.

faz04.jpg
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Wide Tailz
 

Registered: Sep 2011
Posts: 1521

 

06-30-12 12:06 AM

What ever happened to RPRX? Two days after selling AAPL while waiting for funds to settle, it lit up like a roman candle. 17% profit potential at roughly 5R was there for anyone with eyes to see.

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Wide Tailz
 

Registered: Sep 2011
Posts: 1521

 

07-01-12 05:38 AM

Here was BWS exploding through resistance on Friday while I was perplexed by FAZ. This was one of my top gainers / daytrade examples from a few pages back.

It counts out as a C wave breakout, which itself is a third wave.

This will be on my short list of candidates for Monday.

bws01.jpg
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Wide Tailz
 

Registered: Sep 2011
Posts: 1521

 

07-02-12 02:59 PM

Long BBY @ 22.9, stop 22.4, 100 shares for .2% R

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Wide Tailz
 

Registered: Sep 2011
Posts: 1521

 

07-02-12 03:54 PM

Sold BBY @ 23.33.

There's probably a little chunk of this day-tail left but I got my lunch money out of it.

It took a while to light off so I'm not taking any chances.

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Wide Tailz
 

Registered: Sep 2011
Posts: 1521

 

07-02-12 10:18 PM

Here's BBY after the day's action.



One thing long options taught me was to take profits like a ninja. Stocks give you a little more warning, but cashing out on a spike is not very scientific. How do you define a spike, mathematically?

I still don't know. I just get this tingling feeling in my spidey senses that the party might be getting a bit out of hand. Reminds me of my college days....... there were always certain types of people who would start acting out, right before the cops showed up. Same thing with price action.

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