Im still very new so take this for what its worth. This is just my interpretation of the daily chart. Yesterdays candle created a point 3 of the ST up channel, price confirmed this when it moved higher today on strong volume, so thats a good sign (to me anyways). Also, stochastics (14,1,3) is pointed up and is currently above the 80 line. According to the intermediate hold rules you would hold until stoch (14,1,3,) dips below the 80, but you could exit before that for other reasons if necessary. My MACD is also still diverging up so thats good as well. With todays high, the price is about 13.5% into its next 20% run. Making the 20% run would bring it up to $11.02, which is almost right at the top of my IT channel. I am by no means an expert and much a beginner, so please dont take my interpretations as fact, im just trying to learn as well. This stock could very well turn around and head back south. P.S. I got a signal yesterday for this too but avoided it b/c of the bulk trades at the open and around the 10:26 signal time. But nice job staying in it.
Thanks TimDog, that's exactly what I was looking for... points to consider and research, as I'm very new to this. It's only a paper trade so don't worry if it takes a dive
I also picked up GIGM yesterday morning at 10:35 at $10.10 as price was taking off, it was hitting pro rata FRV and the MACD and STOCH gave buy signals. Midday, it reversed directions and headed south. As I was down more than 2% at the end of the first day (Ross's Rule) of a position, I exited about 30 minutes before the market closed at $9.79. I didn't feel very good when I saw it shoot up at the open this morning. <sigh> Waiting for the next bus...
According to my channels GIGM hit the left side of a longer term channel today, as well as it's shorter term channel. Look at my chart. Longer term lines are in blue. Maybe this will help you make a decision. Does it have enough gas to break through?
Anyone short GROW today, wish I had. If it stays in the down channel(now that it broke the up IT channel) it could keep falling far.
Bummer. I had GROW as a potential short today, but there where no shares available to short from MB trading.
As I work my way through the learning process, I like to reflect on prior analysis to see where I can improve. A week ago I posted a series of charts with a brief description. This analysis was made using only my current understanding of FTT's (very incomplete, I'm sure) and the current methods for the Hershey Equities system. Hopefully to spur a discussion on this, I will post the same charts from today, one week after I originally posted them. Note, I have not modified the channels at all. In looking back, I was quite, quite surprised. Here is the first chart (BITS). If you compare it to the one I posted a week ago, you'll notice that it did signal, according to our rules a day or two after I posted it, and it did break out of the channel. It also looks like a P2 of the new upwards channel may have formed.
CTRN was pretty much to the day, and never looked back. I don't remember if this one signalled or not, but I think it might have.
Although I wasn't sure how to handle this one, it's amazing to see how the price followed the channel almost perfectly. Also, the dates on the last two charts should read the same as this one (1_17_07) not 1_12_07 like they do, sorry for the confusion.