Sold @ 57.00 for $27 profit. Not liking the price action for some reason. I wouldn't be surprised to see it launch from here.
SHLD trade debrief. The fact that it did not keep going up after the breakout was a strong warning that something was off. A day and a half later it's still lingering below the sell point. My ideal trade breaks out from a base with momentum divergence and a huge low volatility takeoff, and never retraces significantly. Behold, the third wave breakout. It has a signature like a ballistic missile launch - the airborne laser that shoots it down knows that the best opportunity is when it is accelerating through the lower atmosphere. Ed Seykota hinted in Market Wizards that he has a similar philosophy about strong momentum, breakouts, and low risk.
RPRX looks extremely strong. I will be stalking it next week. I missed the pop on friday but the wave count implies there is more to come. The big risk with these health companies is the FDA, lawsuits, fraud accusations, etc. The force behind this move seems to be the FDA's pending approval of their drug. Overnight moves could be deadly if that changes. Elliot wave is great for showing how stock prices resonate after some force comes along and starts them in motion. But something has to cause the impulse to begin with. In other words, EW is no guarantee.
Good evening, my Elite Friends. What a strong down draft this week. I hope you all caught some tails on the short side. I've been feeling so risk averse that I sat it out, partly because we're still technically in an up trending market on the weekly charts, also because my job is killing my daytrading spirits. However, there was a juicy third wave breakout to the down side through the 1350 support. RPRX didn't do anything but it's still on my radar. Here's BAC looking ripe. It appears to be putting in a base, potentially a higher low, nice divergences over the past day and a plump inverted head / shoulders just under a plateau. It's got the look.
Greetings, fellow market timerz. Seems like I was two days early on BAC but it did not act right so I left it alone. So many times in my past, this would have saved my account. But look at AAPL. It appears to be coiled up for another third wave, dead ahead:
Sold AAPL @ 589 limit. Holding deep in to a fifth wave is not the best oddz, so I'm taking the rest of the day off.
What's up, my Elite Companions. There was a STRAIGHT fast ball over the center of the plate this morning in FAZ. My REG T / cash account kept me out of it so I lost the ideal entry but will be stalking from here out. All the bank downgrades today were the cherry on top.