*For reference only.
Friday, May 27, 2011
Universal Robina Corp (URC)
One crazy idea:
It was suggested that the wave 3 is the longest wave. If I recall it correctly, wave 3 is like x2-x3 of wave 1.
Please take note that I do not practice Elliot wave theory, thus this is just one crazy idea that I have.
It was suggested that the wave 3 is the longest wave. If I recall it correctly, wave 3 is like x2-x3 of wave 1.
Please take note that I do not practice Elliot wave theory, thus this is just one crazy idea that I have.
Trader's Toolbox: Reversals
Rules to mark a reversal high:
1. The market must make a new high for the last six to eight weeks.
2. The market must close lower than the previous day’s (or week’s) close.
3. The market must reverse the previous day’s (or week’s) action.
From CLUB.INO.COM. Original post linked on the title.
1. The market must make a new high for the last six to eight weeks.
2. The market must close lower than the previous day’s (or week’s) close.
3. The market must reverse the previous day’s (or week’s) action.
-To clarify rule three, the day or week preceding the reversal must have posted a positive close.
4. The market must post follow through action the next day (or week).
-To clarify, the market must close lower on the day (or week) following the reversal.
5. Fifth, the reversal must be accompanied by moderate to high volume. And, finally, the reversal must occur in a terminal (critical) area.
5. Fifth, the reversal must be accompanied by moderate to high volume. And, finally, the reversal must occur in a terminal (critical) area.
From CLUB.INO.COM. Original post linked on the title.
Philex Mining (PX)
Broke into a new 52-week high (on a Friday).
My initial entry is @19.22(1) but I decided to sell 60% of the position(2) that resulted -0.06% of capital as the price of LC that day looked pretty attractive.
My calculated breakout buying price is @20.03.
However, RSI is relatively weaker vs price with bearish RSI divergence which are bugging me so I am keeping a tight trailing stop for the meantime. Long white candlestick accompanied by huge volume suggests a short term overly bullish sentiment.
My initial entry is @19.22(1) but I decided to sell 60% of the position(2) that resulted -0.06% of capital as the price of LC that day looked pretty attractive.
Position is now up by 4.65% from adjusted entry price.
Looking closer at the 5-minute chart:
MACD bullish divergence was seen on the 5-minute chart but the price reversed only after RSI divergence.
Crazy juice flowing on the weekly charts:
Pullback after breakout(red circle) from symmetrical triangle pattern with (+/-) 22 as target.
RSI historical resistance 86.
It took 14 weeks to resume its uptrend after breaking out which is kinda hard to time. lol.
Maybe I can (much later on)when I get better in trading.