For those of you that look for patterns....

I was watching AGP for the last 4 days....it has a nice cup n handle pattern on the weekly chart...but i waited and waited for a small pullback on the daily....now look at it........ feel like grabbing a rope and head to the garage

 

it also helps that they got a nice new contract in Texas.

 

If you trade patterns you need to get used to this sort of thing and blow it off because it happens all the time. The patterns starts setting up and just before your ready to enter it takes off, or it never pulls back or, etc. ad infinitum.

 

Kinda looks like the pullbacks (on the daily) had already happened in AGP back in mid-June and late June ...

 

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Lilduck;
In a bull market there are many good profitable entry points;
many use CAN SLIM, so you may want to research more than that also.

Frankly AGP has had many good entry points last several years, tek wise looks good;
also may want to go back and look @ huge number of buyable entrys on EVERY hourly chart pull back last 4 days.

And hold your rope;
ther are 2 times as many pullbacks on EVERY half hour charts as hourly charts-look at them, last 4 days.

And huge number of profitable buy points in last years;
trade small until you get your web feet wet.

Hope this helps;
it helped me.

 

Thanx turtle.
I use a modified combination of CAN SLIM along with other criteria that when all blended has been giving me winning month after month. I actually start with a macro view of business cycle and work down to eventually a stock's chart. A stock could be a super CAN SLIM candidate...but if the technicals are not giving be a buy....i pass it up. I only noticed AGP a few days ago....and was to chicken to enter through the 60 min chart......thus missing the trade. I also believe in your advice.....i paper traded for 4 months in the beginning! Im still going slow.....i sometimes take 10 to 17 points out of the market in a months time....but gains are modest since im still using small shares....(only risking .04 of capital per trade.) I figure i keep this up....just enough to wet my beak...then the training wheels come off!! .....i went through hell in the beginning.....i have no delusions about the market....very very hard to make $$$

 

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Lilduckling ;
sound like you position size is about right ;
and as strong as some of this market is like homebuilders,
you may want to slowly increase size like if trading 100 shares, trade 110 shares, from 30 shares to 33 .......

Even though most of my trading is ETF's, occasional derivatives;
noticed IBD top 100 had notable %% of homebuilders and oil/gas,
like super strong sectors for longs

 

Yep.......always eyeballing that IBD100.......what i notice is when one of those high rated high momentum stocks gets a bad news story or numbers warning.......it can be brutal. Again...when i look at one of those stocks...i also look at its sector chart. If both are yelling to be bought....well ya just got ta do it. I plan to increase my share sizes at the end of this year if i continue to trade the way im trading now. Im actually not trying to look very hard right now for swing longs....believe market is only a week or two away from sitting down and taking a rest for awhile from all this bullishness....maybe will be shorting.

By the way....SIRI making up for that AGP miss......YEEEHAWWWWWWWWW