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The Gonzo Lounge>Investing megathread extravaganza
DaFace 11:23 AM 06-27-2016
A place to talk about investing stuff.
[Reply]
petegz28 10:25 PM Yesterday
Originally Posted by lewdog:
Here's a pattern than can sometimes be a good entry, as long as the risk looks low as far as total loss. It's almost a falling wedge pattern (not sure where this fits) back to a previous breakout pivot. If the stock gaps up and then sells off back to the breakout, on lowish volume, it could be a good entry. If this sold off on high volume, then it's NEVER a good entry.

Prior high of the May/June base was 58.20 before it gapped up. It's falling back slightly below this pivot point as marked by horizontal line on graph. Entry would be buy stop market order 58.20 with stop loss 56.60 (50 day MA) for 2.7% risk. I never risk more than 4% on this type of entry as there is absolutely still possible to see more selling off. The reward here is 58.20 entry with possibly retrace back to $65 for 11% gain. 4:1 risk/reward.

I wouldn't call that a wedge but that's me. What it is though is "filling the gap" which stocks have a strong tendency to do. That being said it is a good entry point.

Also from a purely technical analysis perspective your "pivot point" isn't a true pivot point. Pivot points are calculated for day trading based on the previous day's OHLC.

What you have highlighted is a classic example of resistance becoming support, assuming it holds. Again, you are right about the approach but I think your verbiage is a bit off is all.
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Hog's Gone Fishin 02:51 AM Today
Originally Posted by Hog's Gone Fishin:
Anybody researching TRCH ? They are being taken over by another company and when the assets of Torchlight are liquidated , 25% will be paid to shareholders . Estimates are $3 to $5 for every share you own. For a $6 stock that's significant.

Seems like I saw it mentioned here recently but can't find the post.
Looks like its blowing up premarket
[Reply]
neech 05:54 AM Today
Originally Posted by Hog's Gone Fishin:
Looks like its blowing up premarket
I might have to monitor that, I've seen where it goes up initially premarket then comes down some after the open. People are selling to make money off the gains, one might wait for a dip.
[Reply]
lewdog 06:50 AM Today
Originally Posted by petegz28:
I wouldn't call that a wedge but that's me. What it is though is "filling the gap" which stocks have a strong tendency to do. That being said it is a good entry point.

Also from a purely technical analysis perspective your "pivot point" isn't a true pivot point. Pivot points are calculated for day trading based on the previous day's OHLC.

What you have highlighted is a classic example of resistance becoming support, assuming it holds. Again, you are right about the approach but I think your verbiage is a bit off is all.
All correct. The 30 minute chart makes it look more similar to a falling wedge but itís still a stretch. Is there a name for this?

And yes, Iím being generous with pivot point too. Didnít know how else to show/name a ďchangeĒ in direction point. Trying to provide some basic guidance for these meme stock bros in here.
[Reply]
neech 07:05 AM Today
Bitcoin taking an uppercut to the chin today Mike Tyson style.
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petegz28 08:19 AM Today
Originally Posted by lewdog:
All correct. The 30 minute chart makes it look more similar to a falling wedge but itís still a stretch. Is there a name for this?

And yes, Iím being generous with pivot point too. Didnít know how else to show/name a ďchangeĒ in direction point. Trying to provide some basic guidance for these meme stock bros in here.
If I had to assign a pattern to it I would call it a flag because it is a fairly symmetrical pattern. I mean I guess depending on how you wanted to draw the lines it could be a wedge. But , imo, it's such a sharp pullback I would just call it a re-tracement and not overthink it too much.

I tend to not try to force a particular name to the proposed pattern because when it comes to trend line and support\resistance analysis it can all get very subjective. The important thing is to recognize a consolidation pattern in general.

But this particular chart is almost one for the text books if it holds. You have some classic teaching examples.

Breakout above resistance on the 5th attempt with high volume no less

Gap to the upside

Re-filling the gap

Returning to the resistance line which has now become support (assuming it holds)

That's a classic chart to teach many aspects of chart reading right there.
[Reply]
petegz28 08:26 AM Today
Originally Posted by neech:
Bitcoin taking an uppercut to the chin today Mike Tyson style.
China shut down 90% of the mining is the story this morning.
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lewdog 10:02 AM Today
Whoís fucking with AMC today!?!?!
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TambaBerry 10:28 AM Today
Originally Posted by lewdog:
Whoís fucking with AMC today!?!?!
Hedgefunds are creating synthetic shares
[Reply]
stumppy 10:29 AM Today
CTXR has taken off again.
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