@dumpdapump "not that I care "....then let the guy run his journal, if you don't likeee don't readeee. I don't understand why people have to bust stones on this site, not every post/thread will be relevant to every reader, that is why it is called a Forum !
As time allows I will try to explain my TA rather than just post random charts. I like to see what I consider signals for trade entry to coincide on all 3 time frames. Weekly chart I showed in my 2nd post for BOX showed a rising MACD line breaking above ZERO line and bouncing off support inside of a rising trend channel that is well established over the past 11-12 months. I prefer to see rising MACD when above ZERO but that is not an absolute. Notice that the Weekly chart showed MACD curling up end of last week. Here is an hourly chart showing a rising wedge with price again bouncing off support and there is a rising MACD above ZERO again. The bottom of the wedge is a relatively low probability trade entry since we are at support and rising wedges are BULLISH formations. I have seen edges transform into sideways channels so this is not an absolute. That is why my stop loss is wider than just a few ticks below wedge support. Daily chart looks similar to the hourly. All 3 time frames are giving buy signals at the same time with similar looking charts. So the trade was entered at support and at my EMA 39 on the Hourly chart which was $18.83 on Friday. Currently the trade is up over 2%. We will see where it goes.
This chart looks very juicy to me as well. However, commodity sectors in general have not been doing well and show a lot of weakness when I look at the charts of other Commodities and metals. Having said that this chart is a stand out in that crap field of commodities. So a bit of caution is warranted in this trade before I take it. The things I like about this chart is the rising trend line and recent bounce off support which matched closely with my EMA 39 I like to follow, the rising and curling higher MACD while being above ZERO, the rising volume particularly on the UP weeks (down week volumes are lower suggesting accumulation of the stock is occurring). The pink oval showed support and basing for a falling stock with rising volume on the basing action. Then price over the last 2.5 YEARS has been forming a very large Cup and Handle formation (blue parabolas) with resistance around $16.50. The last 2 stocks I had with this same setup made over 45% for me in several weeks. I like this stock closer to $14.70-$15 or so,...I suspect this will bounce around $15 to retest support on the hourly chart. For now it's on the radar and I will look to see what price and charts do over the next several trading sessions. Hourly chart shows where and why I think $15ish is a likely bounce....pink circle. CENX - LOOKING to go LONG around $14.80-$15. Not sure on stop yet as I still may not take the trade.
@eganon69 looking forward to your journal. Do you care to comment on where you source your initial ideas from ? Ie: a FinviZ scan or similar. Understand if you don't.
I have my own I have my own scans on Stockcharts.com. I like to look for stocks in trends as defined many different ways but a simple one is MACD above ZERO for up trend and below for down trend on longest time frame I trade - Weekly. (Its a bit more complicated than that, but you get the general idea,..the important thing is to have an actual specific definition for an uptrend and trade in THAT direction). I NEVER short stocks in an uptrend and visa versa. I then look for stocks that are set to launch in my opinion by looking for stocks that have retraced to a support line so I do NOT look at charts where the stock is riding the upper edge of a price channel. I want to see retracement at least to the center of the price channel or preferably the support line on weekly charts and then I wait for daily and hourly charts to show a reversal higher. Daily and hourly charts may show a downtrend or consolidation within the larger/longer weekly uptrend. When the daily and hourly approach the support lines I look for signs of a reversal to resume the uptrend on a daily and hourly chart. I set my entry price and stops off the hourly chart. When ALL 3 charts point in the SAME direction I take the trade as close to support as possible for LONG and visa versa for SHORTS. I have other scans too and will eventually describe some or many of them but this is the most obvious and basic one that is probably the most useful and intuitive to understand.
Thanks. And as you probably know stockcharts.com has their own SCTR indicator, which may be redundant to what you are already doing.
Yes. I almost always choose stocks with SCTR > 55 for LONGS and <45 for SHORTS. At the extremes >95 or <5 you will often see stocks that have already been in strong trends and are ready for a reversal so I usually stay away from those.
BOX is a great call EG. I know you could care less what they do and your call is based purely on the chart... but the chart looks that good because of the underlying story. I spent some time last night checking them out. It has strong volume today staying above $19.... let this one run! It's gonna take out $21 very soon.
Those 9/15/17 $18 calls @ $2.35 could be an easy 100% return. The August ER will show continued growth in sales and increasing FCF. This is a great long term play and a great buy on any major pullback in tech.
Thanks. Yep, very happy with that one too. BOX is retracing some of today's move so I will watch it closely. Actually, if I am going to be COMPLETELY truthful I also got into CENX at the open yesterday at $15.09. I am only admitting that now because I knew that since I didn't post anything all day because of my job people would say I was full of shit that I got in at that price. So,.. i never admitted it. I was looking for a time to buy more after the price action yesterday on CENX and hopefully a better price than my initial purchase. Well it looks like I will not get a chance to reload soon,....So, that chart looks very similar as well. But I know some will call BS on my purchase of that so I am only admitting that now because of the price action today on that one. For the non-believers that I actually bought it at the open yesterday they can at least see that TA again was used effectively to predict a strong move in another stock when the market is mostly flat. Having said that my purchase of CENX was a bit conservative with a wider than average stop loss given the lack of commodity sector strength. For those interested, I went LONG CENX at $15.09 and Stop Loss @ $13.39. For the non believers well we will just plan to reload at another point in time and consider it a good call on a stick to watch based purely of TA. ACHC is still an open trade that remains unfilled at present. I have others I may plan to make known soon too.