EWZuber
1,373 posts
msg #30870
- Ignore EWZuber |
1/28/2004 1:43:52 PM
GLGS...closing this mornings gap. 30 Min. chart stochastics +xover. JMHO
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petrolpeter
439 posts
msg #30871
- Ignore petrolpeter |
1/28/2004 2:18:33 PM
Hi TXT and Zube Put KRY on watch at 2.51 yesterday looking for it to 'hold the line'.TXT, you mentioned DIGL,did you see VITX,spotted it on the same momentum screen as DIGL and look at the nice follow through today,did not spot early enough,once again making me a spectator.
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EWZuber
1,373 posts
msg #30872
- Ignore EWZuber |
1/28/2004 3:27:36 PM
Market has gotten downright ugly. I closed everything.
GLGS broke trendline support at the bottom of a wedge pattern @ $1.38 & closed it immediately.
My index streamer has 16 indexes, all are red except the SOX today which is up fractionally.
In 2 hours the HUI ( Gold Bug Index ) dropped $10.
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txtrapper
548 posts
msg #30874
- Ignore txtrapper |
1/28/2004 6:24:41 PM
Zuber
GLGS....$1.34...broke $1.36 support read by 25 Wk.MA, steady downtrend all day. It may bounce @ $1.32, I read support @ $1.29, I determine support by looking at the 15 day MA. Let's see what happens here.
TxTrapper
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txtrapper
548 posts
msg #30875
- Ignore txtrapper |
1/28/2004 6:35:28 PM
petrolpeter
KRY...sitting on the LBB on a 20d/30m chart, may pop tomorrow, wait for green.
DIGL...bounced off the WMA(30)today up +.10.
VITX...yea, increased volume, bounced after two down days up +.30
TxTrapper
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EWZuber
1,373 posts
msg #30879
- Ignore EWZuber |
1/28/2004 10:26:35 PM
txtrapper
Different view of GLGS action here.
The stock formed a wedge pattern ( 30 Min. 5 day chart ) starting with the high formed on 1/22 at 3:30 @ $1.52 across the high on 1/27 at 11:00 @ $1.46 and the high this morning at $1.44.
The bottom of the wedge started at the low of 1/23 at 9:30 @ $1.33 to the low of 1/27 at 3:30 @ $1.37.
At the open GLGS broke a short term resistance trendline at $1.39 and moved higher to test resistance at the top of the wedge pattern at $1.44. Resistance held as GLGS bounced down and then traded slightly lower and sideways until 1:00.
At 1:30 the mornings gap up was closed @ $1.39. GLGS bounced up from here to $1.41.
At 2:20 NASDAQ fell off a cliff and GLGS went down with it.
The supporting TL was at $1.39 late in todays session when it was violated. At this point I decided to bail because primary short term support was being violated.
GLGS is extremely oversold on hourly chart now and may offer another entry but I will wait for a Res. TL break before entering.
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txtrapper
548 posts
msg #30883
- Ignore txtrapper |
1/29/2004 7:09:52 AM
Zuber
The 15 day MA works like a charm for finding short term support. And it's simple too!
TxTrapper
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EWZuber
1,373 posts
msg #30891
- Ignore EWZuber |
1/29/2004 5:28:38 PM
TxTrapper
I have used the 15 DMA extensively and still use it for end of day analysis but
I prefer to use day trading techniques to enter positions rather than end of day data.
It is like putting a microscope on the action. When done correctly it offers the possibility for a much more accurate entry with less loss when the position goes the wrong and more gain when it goes right.
Also I noticed that you and wallman talk about entering after volume has picked up. This is not my style. I don't want to follow, I want to be one of the first ones into a good position. This is before the volume appears. The NVDA entry was a good example.
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txtrapper
548 posts
msg #30893
- Ignore txtrapper |
1/29/2004 5:59:38 PM
Zuber
http://www.incrediblecharts.com/technical/volume_patterns.htm
Volume is used for two major purposes:
If a trend is not accompanied by an increase in volume it is considered to be weak and lacking commitment.
Increases in volume often precede changes in price.
http://www.investors.com/learn/C01f.asp
Tracking Institutional Demand for a Stock
One of the most useful ways to spot current institutional trading is to study Volume. This is often the first sign that institutions are moving in or out of a stock in a major way.
This should clarfify the use of volume before entry.
TxTrapper
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jthehut
124 posts
msg #30895
- Ignore jthehut |
1/29/2004 7:32:17 PM
Zuber:
does it look like we are testing support for the DJ/NAS yet?
Looks like we touched bottom of long term lri anyways...
And, how do you see the future, near and longer term?
Any insight, as always, is much appreciated!
~the hut~
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