This chart is basically off the 3 mo. chart. Exact timing isn't that important really cause you're looking for a large move. I don't use any fancy stochistics or other math stuff. Just price and volume bars. When the volume peaks, then you buy, stop under the low of the volume bar. Since I usually find these at night, I often am forced to buy a bit higher the next day, and that means waiting 30 mins, and if it breaks to a new hod, then I buy.
Im trying to work on a "reverse" of this pattern. Basically to the short side. If anyone wants to work with me on this, please im me at hkuppy on aim. For our first, "trial" I'm gonna use tvly. I just noticed this, and am gonna short tomorrow I think cause no one is filling me now afterhours on the short. Im gonna stay really small (300 shares?) until I figure out the pattern. But there is no reason it shouldn't work in reverse.
Praetorian, please take a look at WCG. This does not fit this pattern and I apologise for that. There is something happening there in volume but the price has only gone up 1.25 from the base. It looks like there has been more interest in this stock in the last week than in the last 6 mos. What do you make of it? Thanks
It was an ideal one of these plays. I played it. My usual 10k at just over 4. As always I sold all by 4.6. I made about 3500 avg. I think the move is over now.
Understand that I'm very long this, but im pretty confident as well on FSH. I don't know if there's news or anything. But im calling bottom here at 25. IM long 6500 at 25.15 avg. I hope this isn't too thin. Baron if you think something like this is, just tell me? I think it's bottom though. About 10X daily volume. With a few large blocks. Im gonna hold most overnight unless it gets gunned in the last 13 mins. I hope some of you see this in time to enter.
Im still long all 6500. I haven't gotten one of these wrong that I posted, so I'm due to shoot myself in the foot. But I think 10 pts in 5 trading sessions is too much. It did about 40X the daily volume today too (though I was 11k shares). I think the selloff is based on the earnings report that came out last week, but it looks strong. I think it has to do something with a conversion of compensation into common stock that I read in the earnings report. I don't know. Whatever the reason, there is a large buyer who was messing up the specialists view. Im about 90% sure that he's short and wants it lower to cover a block. So if it doesnt block on the open. It probably ramps as the specialist covers. I don't know. Best of luck, and do your own dd. Stop a little under today's low I guess, but be prepared for it to be blown to aquire shares.
Praetorian, are you tracking DG at tis time? I'm just trying to get the feel of these calls. DG seems to be right to me. Can you give me your opinion on it? Thanks
DG is down on accounting irregularities. I'd be very scared that there is more bad news down the road. Dg is also not oversold like the pattern. Instead it is a volume gap down. Whichever way this pennant resolves is the way it goes. I wouldn't bother trading it though. I just found out that fsh priced a secondary at 24. That would be the selling. Hmm. I may be in trouble.