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dj28rd 263 posts  |  Last Activity: Jun 25, 2014 1:05 PM Member since: Nov 8, 2009
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  • Reply to

    Overbought

    by dj28rd Jun 25, 2014 11:56 AM
    dj28rd dj28rd Jun 25, 2014 1:05 PM Flag

    Good eye, sharpie. Not very many people will notice that chart patterns form on the RSI.

  • Reply to

    Trend Line

    by elkster08 Jun 25, 2014 10:01 AM
    dj28rd dj28rd Jun 25, 2014 1:04 PM Flag

    Hello, cowboy and sharpie. Good to hear from you. Don't know if you follow the The Dow, but it made a rare candlestick formation on the weekly........a bearish Stick Sandwich. I noticed it on Sunday. It could be the reason the market was down yesterday. It takes one indice to lead, and the others will follow. Of course, stocks will follow the indices.

    dj

  • Reply to

    Trend Line

    by elkster08 Jun 25, 2014 10:01 AM
    dj28rd dj28rd Jun 25, 2014 12:53 PM Flag

    You are welcome. I forgot to mention that there is candlestick support at 24.59, but I believe it will break; if not the first time, then the second time.

  • Reply to

    Head & Shoulders

    by dj28rd Jun 25, 2014 6:05 AM
    dj28rd dj28rd Jun 25, 2014 12:07 PM Flag

    A Symmetrical Triangle is made up of smaller chart patterns. They are often H&Ss and IH&Ss. Strong possibility the IH&S you mentioned will be contained by the Symmetrical Triangle.........for now anyway.

  • dj28rd by dj28rd Jun 25, 2014 11:56 AM Flag

    RSI 14 indicates an overbought condition.

  • Reply to

    Head & Shoulders

    by dj28rd Jun 25, 2014 6:05 AM
    dj28rd dj28rd Jun 25, 2014 11:49 AM Flag

    Now that I agree with. Same story with gold. Buy physical gold as well.

  • Reply to

    Trend Line

    by elkster08 Jun 25, 2014 10:01 AM
    dj28rd dj28rd Jun 25, 2014 11:42 AM Flag

    Go to a 2 yr weekly chart. It will filter out all the noise. I use a candlestick chart. Now draw your trendline. You should have 2 touches from 6/26/13 at 17.75 to 20.03 which happened (if I remember correctly) 2 days ago.

    Now draw your trendline at the top. You should get a Symmetrical Triangle chart pattern somewhere between 20.03 and 26. These figures at this time are your support and resistance areas for this chart pattern, but these figures will change as the chart pattern is formed. The bottom trendline will move higher and the top trendline will move lower until one of the trendlines breaks.

    Inside the Symmetrical Triangle, there will be smaller chart patterns. I mentioned in a previous thread that a Head & Shoulders appears to be forming. This pattern is inside the Symmetrical Triangle. A larger chart pattern will usually contain a smaller chart pattern until eventually the smaller pattern breaks thru.

    Gaps are filled 95% of the time so there is a strong possibility the gap will be filled. GL

    dj

  • On the 5 d chart, there is a H&S. This is a bearish chart pattern; and if it plays out, target is 24.

    It appears a H&S is forming on the 3 mo d chart. If it completes and plays out, target is about 23. However, it still needs to move up to form the right shoulder. There is an open gap at 23.60 which will likely be filled.

  • Reply to

    21.74

    by cowboyinill Apr 16, 2014 10:23 AM
    dj28rd dj28rd Apr 16, 2014 11:47 AM Flag

    Agree with you. There appears to be an Inverted Head & Shoulders pattern forming on the 3 d 15 min chart. This is a bullish chart pattern.

  • Reply to

    Possible Head & Shoulders

    by dj28rd Feb 19, 2014 10:55 PM
    dj28rd dj28rd Feb 21, 2014 1:09 AM Flag

    Thanks sharpie. The RSI forms chart patterns such as a Double Top or H&S which may not show up in the stock's price pattern. Look at the 6 mo d chart, and look at the RSI 14. Looks like a possible H&S is still setting up at this time. We'll see what happens today.

    dj

  • A possible H&S chart pattern appears to be setting up. This is a bearish pattern. If this pattern plays out, target is 21.61; however, the 50 DMA presently located at 22.54 could keep it from reaching that level. GL

    dj

  • Per article I read 2 days ago. By the way, anyone see the Yahoo headlines this weekend?..... "As the stock market comes back, commodities tell a scarier story." Will commodities be the canary in the coal mine? Are they warning us

    dj

  • Reply to

    See you @ 26 by EOW

    by shostakovich_quartet Feb 11, 2014 8:04 PM
    dj28rd dj28rd Feb 14, 2014 10:38 AM Flag

    You are right....... ma's are lagging indicators If you use the 5/9 EMAs, they hug price action a little tighter. I taught myself to read Japanese cs's. They are leading indicators. I look at those first. Then the 5/9 EMA to see how it is acting.

    Also be aware that if price action moves too far away from the ma's, the stock must revert to the means to allow the ma's to catch up. The stock will either move sideways or move down to meet up with the ma's.

    By the way, thanks to you and cowboy for your reads. Keep it up.

    dj

  • Reply to

    See you @ 26 by EOW

    by shostakovich_quartet Feb 11, 2014 8:04 PM
    dj28rd dj28rd Feb 14, 2014 1:44 AM Flag

    Sharpie, I tried to respond an hour after you posted but was blocked.

    First of all, I stated previously that the Fed has created a parabola in the markets. A parabola will always collapse. There is no exception. I suspect it may happen in May or June.

    You should also pay attention to the moving averages. The bullish 13/34 EMA indicates SLW is uptrending. A bearish 13/34 EMA indicates a downtrend. I believe the gaps at 20.37 and 17.78 will fill when the 13/34 EMAs breakdown.

    dj

  • Reply to

    See you @ 26 by EOW

    by shostakovich_quartet Feb 11, 2014 8:04 PM
    dj28rd dj28rd Feb 13, 2014 12:35 PM Flag

    Technically, to fill a gap, price action of a following or future following candlestick must revert to the close of the previous day. (Sometimes, gaps are not filled the following day and may take days, weeks, months or even years to fill, but they are filled 95% of the time.) If it only reverts to the previous candlestick shadow, then it closes a void on the daily chart and some traders consider this to be a gap fill, but actually it is not. The gap remains open until at some future date, it is filled.

    If you cannot locate a gap on your chart, you can go to the yahoo historical price list. For example on Feb 10, SLW closed at 23.38. The low on Feb 11 was 23.56. The difference between the two is 18 cents. Therefore, you have an 18 cent gap. Gap size matters. The market can forgive a 3 cent gap for SLW, but a 3 cent gap on a dollar stock is considered to be large.

    Here is a list of the gaps:
    23.38/23.56 = 18 cent gap
    22.62/22.82 = 20 cent gap
    20.37/20.71 = 34 cent gap
    17.78/18.01 = 23 cent gap

    All of these gaps will be filled at some future date.

    dj

  • Reply to

    See you @ 26 by EOW

    by shostakovich_quartet Feb 11, 2014 8:04 PM
    dj28rd dj28rd Feb 12, 2014 2:02 PM Flag

    Agree with you, Sharpie. Sold @ 24.51. SLW has some gaps to fill, but do not have time to list. Will be back this evening to post them.

    dj

  • There is an Inverted H&S chart pattern on the 3 mo d chart. You can see it better on a 6 mo d chart. This is a bullish pattern. Target is about 26.65.

    SLW still has a bullish 13/34 EMA crossover. This is a good thing. GL

    dj

  • Reply to

    Alert

    by dj28rd Feb 1, 2014 10:47 PM
    dj28rd dj28rd Feb 3, 2014 12:44 PM Flag

    BPSPX is now located at 66.40. The bears have it now. The bulls could not push it above 70.

    dj

  • May take the markets with it. GL

    dj

  • Reply to

    News

    by sharpie3444 Jan 31, 2014 9:09 AM
    dj28rd dj28rd Feb 1, 2014 10:59 PM Flag

    The Fed has created a parabola in the market. A parabola will always collapse. There is no exception. I agree, this will end very badly. When the market goes, it will take the world economy with it.

    dj

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