Rising Wedge doesn't get prettier... Short TOL 19.86.. Will add on break of Yesterday's Low.. or stopped out.. Big Pattern on HOC to short under 38.4 or so.. Refiners can't decide where they want to go..
Retire45, why don't you wait for a real BO of TOL, then wait for a lillte corection and participate in the break of the correction itself?
epetrov, Because I am impatient..... It is a 1/2 position.. it does show up on the 2 or more whites, one red scan... The same one that got me into SOL on Friday.. The one negative with TOL is the BAR is big.. hence the 1/2 position.. If I get stopped out at today's high no problem... You are trading well I hope..
This I absolutely cannot do as it requires me to sit and watch it (yes, more than I already unhealthily do).. This will take me to a place I hopefully have left for good. On the break it will short automatically with no waiting.. Long-term I will be better off..
Hi Retire, I understand your approach. I thing that with a little more patience you can get really HUGE Reward/Risk ratio. I'd just wait for the first profit pickers to finish ant then no one can stop the move. BTW putting charts is much more clear for us in yor posts.
epetrov, Kindly Fax or Mail... forget that, E-MAIL me some patience.. haven't you been following this Journal..?? LOL.. Here's the HOC Weekly chart... Similar to VLO... Until their upper trendlines are seriously broken, you HAVE to believe they will break the lower, AND Oil needs to stay put or rise.. whatever it takes for the so called crack spread to stay put or worsen... But I am a chartist.. SO a bounce back to 44 is to be shorted as the reversal from a low (38), if it happens will be viscious based on recent Volatility.. Hard to short the break down with any confidence..
Hi Retire, I didn't want to bother you. Sorri for that. You are right - it takes a patience to track the stocks that way. There are basically two risks: 1. here in no little correction - so you miss the move 2. Wnen I do something for 20 min - and waw - the move is already gone. Loo late to partisipare; I try to get these little disadvantages.
Hi Retire again. I respect a lot your thread! Anyway for the BOs with daily candles (for example), I'd switch to the hourly candles in order to pinpoint the entry and SL levels.