i guess you guys are talking about SHOO...i calcuated confluence to be between 25.27 and 17.37..... so 25 will be the first area to watch the volume....if volume is very light......that would be a good place to start nibbling and then put your stop on the otherside of it.
I definitely see Gap Fill written all over this one and possible retest of support at $21 - maybe scale in at the gap and jump all in if reached support, would be my approach - the double top of May 1 to June 4 would indicate it may want to at least fill the gap. - Stoch's have not really embedded yet either
I'll watch it.
Currently I'm loaded on CLF and airlines (UAUA and JBLU) along with MGM (which I thought would be short term trade), which has become like holding for retirement for me. Until I can unload some of this, I'm riding on about 20% cash reserves which I am needing to increase pretty soon.
good to hear you made some money....starting a small position is the smart way to play it...it still looks like it testing the lower trend line of the longer term trend line ....its doing it on lower volume which is constructive...another stock im watching is SHOO (i found late last night) however , i would bite at the moment cus its probably going lower yet...watching for a rejection around the april 22 23 area.
Yeah, I started a new (small) longer term position, but the trade I made two days ago netted $700.00 thanks to your advice - I probably should have held, but I like to dip my toes in first and start observing.
I sent you an invite on IM so maybe we could have stock talk sessions - I'm usually on hour before and after markets and in evenings doing research
Yeah, it's great talking to you as well - do you IM? It would be easier to bounce ideas rather than through mssg boards
In regards to ETF's - I just read them like any chart - say like SKF, a few days ago it had a bottoming pattern around $38.50 - I bought in at $39 sold three days later at $45+ , Also, I trade in much smaller quantities and use them to counter any stocks I am trading in opposing sector strengh/weakness. Just soemthing I'm working on in preparation for any mass market selloff. Need to make money both ways.
Hadn't seen you around for a while, so I thought I'd catch up to you.
Looking at this BKE - chart looks good. I'm going to watch it tomorrow to see if it holds above $30 and make an entry and may add if it breaks above $32
What else you been up to? I'm trimming back on some positions and lightly approaching ETF's - just kinda balancing some things until July then I look to make some strong swing trades until early-mid September - then I'll be heavy into ETF's and shorts