TheRumpledOne
6,529 posts
msg #29435
- Ignore TheRumpledOne |
10/23/2003 2:41:46 PM
I usually check the indices on www.prophet.net before the markets opens.
Nasdaq hit the lower linear regression line and bounced on the intraday. It also had a positive divergence. It is below the 26 ema but the uptrend looks intact so far.
Some of my favs like GENR, SONS and EXTR are ready to be loaded on the boat...lol Also PACW, may bounce soon.
For the "penny pinchers" ADOT showed life today. MOBL and CESY give a nice daily scalp. AACS may bust out soon.
MAY ALL YOUR FILLS BE COMPLETE.
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EWZuber
1,373 posts
msg #29437
- Ignore EWZuber |
10/23/2003 2:45:43 PM
A short term precision entry ( 5 minute chart ) into NVDA is at 2:40 PM @$17.32 where NVDA came down to test old trendline resistance as support.
The trendline runs from the high on 10/21 @ 2:55 @ $17.88 across the high of 10/22 @ 3:50 @ $17.53 to the present.
A more aggressive entry was at 12:50 @ $17.03 where a more aggressive trendline formed from the high of 10/22 @ 4:55 @ $17.46 to a high today at 11:25 @ $17.27 and down. Notice how the stock perfectly follows the trendline down today. Where the trendline is broken at 12:50 draw a horizontal line to the right and see where the stock rises above this resistance. This is an excellent entry and will be very difficult to get shaken out of without due justification.
As I write this the short term ( a daytraders trendline ) is being tested as support @ $17.45.
For the swing trader, trendline support is at about $17.36. From the low @ 12:50 to the low @ 1:35 & up. JMHO
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EWZuber
1,373 posts
msg #29438
- Ignore EWZuber |
10/23/2003 3:03:28 PM
Correction last line should read $17.25.
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EWZuber
1,373 posts
msg #29439
- Ignore EWZuber |
10/23/2003 3:09:32 PM
NASDAQ has risen and tested the gap as resistance @ 1,891 and bounced down confirming it as resistance for now. JMHO
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EWZuber
1,373 posts
msg #29440
- Ignore EWZuber |
10/23/2003 3:45:24 PM
NVDA struggled for a while at $17.25 and appears to have just tested it as resistance and bounced down and stochastics on the 5 minute chart are -xover at the top of the cycle which was rather muted.
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EWZuber
1,373 posts
msg #29441
- Ignore EWZuber |
10/23/2003 4:02:38 PM
NVDA testing final short term supporting trendline drawn from the low of 10:40 @ $16.97 to 12:50 @ $17.02. Present TL support for this line @ $17.10.
NVDA is oversold on 5 Min. chart too so the possibility for a bounce here is decent.
Also looking at NASDAQ daily chart one can see that a short term trading channel has formed with NASDAQ bouncing up off the bottom of that channel today. This puts the odds of having an up day tomorrow much greater.
Of course with earnings coming out every night there is added risk. JMHO
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EWZuber
1,373 posts
msg #29442
- Ignore EWZuber |
10/23/2003 5:27:47 PM
Notice how all 3 areas where these short term intraday trendlines intersected the price there was a decisive action.
The first and most aggressive TL at about $17.45 was broken at 3:46.
From here the stock avalanched to the next trendline at $17.25 where it struggled a while then broke through to the final supporting TL at $17.10.
Here it managed a bounce with very aggressive buying volume creating a new buy signal as the trendline formed from the high of 3:35 @ $17.48 to the high at 4:25 @ $17.26 was broken creating a buy signal at 4:55 @ $17.15 as this 5 min. candlestick tested this TL as support while at the same time tested TL support that was formed at the start of the day @ $17.10. NVDA went on to then test the price resistance at $17.25 and also the 4 HR.MA ( 50 periods on the 5 minute chart ) as resistance. I suspect traders are expecting the NASDAQ to bounce tomorrow and test the upper channel as resistance so they took up positions in NVDA at the end of the session.
This is why In think it is a good idea to pay close attention to trendlines. I suspect that most technical traders are also and it is on these intraday charts where the first signs of strength and weakness are often seen. These strategies can be used with any chart periodicity for taking positions ( depending on your trading time frame & technical picture ) and for conserving capitol.
I used the 5 minute chart because a lot happens in a short time and one can see these formations occur throughout the session.
Notice that a position taken this morning as NVDA broke trendline resistance would not have lost any money had TLs been used for buy and sell signals. For the aggressive day trader a buy at around $17.03 ~ $17.05 and close at around $17.45 ~ $17.40 would have been a quick 2% just using trend lines.
JMHO
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TheRumpledOne
6,529 posts
msg #29445
- Ignore TheRumpledOne |
10/24/2003 12:54:41 AM
EWZuber:
Do you use candle charts?
I use 1, 3, 5, 15, 30 and 60 minute candle charts to signal entry/exit.
I draw trendlines on my esignal screen and use the fib lines on my quotetracker screen.
Would like to exchange screen shots if you like.
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EWZuber
1,373 posts
msg #29452
- Ignore EWZuber |
10/24/2003 11:03:31 AM
Yes, I use candlestick charts.
I don't have a JPG program right now so it isn't practical to send pictures.
Particularly with half a phone line connection.
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EWZuber
1,373 posts
msg #29453
- Ignore EWZuber |
10/24/2003 11:37:08 AM
The 50 DMA for NVDA is now in a slight downtrend so the opportunity for a quick move seems to be lost for now.
NVDA has followed along the 25 DMA down to where it has converged with the 15 DMA and bounced up off the 15 DMA as support for now.
Looking for a 15/50 DMA cross. Since the 15 & 200 DMAs are the only DMAs that NVDA has that are still in an uptrend it will just about have to use these if it's going to buck the market trend & move higher. JMHO
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