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I need to re-record a trading room that had issues this morning.

The topic: Price Patterns

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Long: Freebies :)

Short: Late Notices (for all the e-mails I will be getting later today)

That was great Jeff thanks - nice to have all of the printables. Thanks for including us :o)

Jodi

Your welcome. Thanks for showing up. It's nice to not have to present to myself.

Thank you as well. Great presentation.

Jeff,

I need some tickets for that Chicago thing on the preso.

Great call as always. And if I hadn't said it enough....you rule!

ATW feels a little like an old favorite of mine SNHY.

Cheers,
ARTY

Thank you Jeff for the class.

Thanks Jeff for the class.

What happened to BCSI?

thats great Jeff! when i read it was too late to join the meeting.

Do you guys look at Virtual Volume on the Market Matrix. It is volume project for the day based on volume so far in the day.

It can give an indication that volume is higher with a breakout or not.

I decided not to take BCSI and to wait till the end of the day based on that its V volume was lower then average

in case of GRMN the volume 40% higher so I took that one. We will see how this works out

Jeff, can you shed some light on this Virtual Volume

sorry i meant projection. I need a proof reader for my comments :-(

thanks for all you do. Appreciate the help.

BETRED

Yeah, virtual volume....

It's like volume, but not quite.

It's volume that hasn't really happened yet (forecasted volume).

I prefer the real thing.

Jeff,

You are a bastard. I missed the call.

Nate

Bastard is maybe a little strong - don't ya think???

Anyone have any bearish ideas out there?

Jeff, thanks for the class and your comments on GRMN. I need all the help I can get -- still have so much to learn. Your instruction is greatly appreciated.

VeroBarbara

brett,
look at SHLD, RTI, VMC

please give you read on them

Brett,
I posted my bearish plays before the last clean cups. They are:
AIV
VMC
CVH
ABC

I'm also in NYXbut I think I have to ditch that one.

ISIL just came out with news guiding higher. It just surged about $1.6 in 10 minutes. Wasn't this stock in Jeff's watch list a long time ago as one that could have a lot of short covering?

It also just hit a new 52 week high.

Anyone have any input?

DG,
Thanks for doing my homework for me. I owe ya one. Have missed most of the trading day, but will try to catch up tonight.

Michelle

Nate,

Ease up their Cheif. Jeff offered it FREE...you missed the call, such is life........

Brett I like
SGR for REE

BETRED

BMRN - breakout of Asc. Triangle today - good volume too. Brett, I believe you mentioned this a few days ago right?

Jodi

Brett you also might look at
KDN
KSS?

BETRED

Laney,

I thought your comment to Jeff during the trading patterns class today was great. You mentioned about occasionally deleting all drawings on a chart and redrawing them. I do this frequently and it is amazing how focused I can become on the pattern I originally followed that, once I redraw, I see a new pattern developing or even one I missed. Anyway, yours was a good point.

VSEA still going - I went ahead and got in. It just hit $58.00 (currently $57.88). For those who missed my posts last week and today. Semi stock just hit 52 week high - broke through today - support is at $56.80. I added to RIMM today on the downgrade, added to GRMN on the break above $105, added to DAKT on the break above 28, FCX on the break above 90, and added to my position in OI after it went above $40 (then it proceeded to drop below 40 (grr).

Took new positions in BCSI - that one is yukko so far not sure what happened there but I liked the movement this morning on blog advice. I got back into VIP (took profits last week after the jump).

Anyways - good luck to all. I might throw a couple contracts into AAPL again before tomorrow for the news. The conferences always seem to spur the stock onwards for a week or two.

Also still long BOOM, CAM, DRYS, ELON, ESRX, FCX (glad to see some others come on board), GMCR, JNPR, JSDA (I have not yet begun to defy myself), NVDA, POT, SWHC, UA

SHORT: Nothing - got out of the homebuilders for a bit - and waiting on other short plays til after Bernanke

James H.

Uh-oh GMCR - looking ugly. Fallen down $1.00 down to 30 day MA.

James H.

JCP for the bears.

Brett,
BXP and CAT look like REE. If the market keeps heading up, easy to get out without a lot of loss.

Michelle

James,
Bernake, isn't that a couple weeks away?

Michelle

$RUT broke above 800. Will it hold?

Michelle

Tonya, sorry I took off the past couple of days and now trying to catch up. I am two clean cups behind. eZine is electronic magazine. Cute huh?

I am too busy to get into the market today and I had all these trades lined up... Made a few points off the SPY though.

Oh and yep I missed the presentation! My fault not ours Jeff.

Yes Michelle, I'm out of puts til then. Bulls are treating me right. There are plenty of Inverted H&S plays to jump into, and nice 52 week high breakouts. If market goes south at all - I'll just jump out and sit and wait on the decision for 2 weeks. I'm not getting bearish at all for 2 weeks.

At that point, I'll re-evaluate and see what happens. I'll probably do a 50-50 mix unless the market is really strong one way or the other. Odds are the market will either really react one way or the other to how much or how little the Fed reduces (or doesn't reduce at all) the rates. Until that point. I'm not going to do much of anything as far as adding any major bear positions with the market expecting fed rate cuts.

I may actually just reduce positions gradually until then - except for positions like GRMN and VSEA that are no-brainers.

James H.

So Guru's,

BCSI - OK? or something wicked this way comes? People were talking good about it this morning and now it has dropped $2 and I see worried posts. Anything wrong or just profit takers?

James H.

James, I just read that there is an options investigation going on bcsi. I was announced this morning

my guess the breakout this morning is now not active anymore.

just my opinion

BCSI - heard something about investigation of stock options but can't verify it. In any case, if I heard it then so did the people who are dumping it now.

Aye thanks after I posted I watched it keep going down I got out of it shortly after it went below down $2 for the day - ugly. Oh well, themz da breakz. It has been a good day otherwise. Thanks for the fast replies.

James H.

Brett...

Later for the bears buddy.

ATW..where else in life can you make nearly 300% in two weeks??
Huh, aye, hey??

And I know you JUMPED it, LOL

(I did too)

ASTE...breakout

CVH at REE....

HPQ a little bird!

ATW - another instance where I bailed too early. sigh.

DWSN..breakout

Raimo,

I have been looking for what REE is but so far I have gone through May and June. Can you save me some hours of search and post again what you mean by REE.

Jeff, Is it possible to add search that will look in comments also. current search only works on articles.

Thanks guys

RADS - bull flag/bounce

Sean,
I would love to take credit for the comment but I think Jeff said it. When he deleted the lines from the chart was when I actually saw that ATI was making higer highs. I get stuck in what I want to see, you know? :-)

It was a great point, one that I plan on usiing from now on.

Geeez....no sooner than I jump in to GRMN and it drops 1.5 points in no time. So is this break out now a fake out??

If you've been trying to convince yourself to buy one of those boring water stocks. CCC is breaking out.

Mahmood,
REE means Raimo entry/exit. REE is getting into a position where you would exit it if it went against you to limit losses.

Michelle

Sure Mahmood,

REE (raimo entry/exit)

I define the trade as bullish or bearish of course..

Then, once the trade is in my watchlist,I wait and try to get in at my exit. For example, right now, CVH is at a resistance level..this is about as close to REE asyou can get. I am bearish on the trade, so taking it today at $57 looking for a move to the downside is at REE,meanning, if it closes ABOVE $58, I am out...minimal loss.

Try to get in the trade at your exit, be it long or short....this minimizes your risk, and MAXIMIZES your profit.

Another example....

I felt ATW was at support at 62.50 on 8/6, so took the trade then. a close below that , I am out. that was a perfect REE, for me...and today, I sold half and pocketed my gains..yeah baby...the rest i will let run, and kee a tight rein on them.


Hope this helps...

DG,
I did the same thing since I was away from the computer this a.m.

Michelle

If you don't like the markets nowadays, just wait until 30 minutes prior to close and they will most likely change! Same thing happened Friday. Interesting.

DG,,,,

This is why we wait till the last hour to place trades...

Michelle and Raimo,

thanks for the explanation. Makes perfect sense, then you can add to the position if it breaks out.

If you look at PSA with a line chart as opposed to a candle chart. It appears as though it has broke out of triple bottom today.

If you look at it with candles, not so much.

Anybody have any insight towards this????

Jodi

BCSI and GRMN were perfect set ups.
Someone made money, not me. I think I will hedge the market and my trading style (ie. if I think its a good time to buy I will sell and vice versa).

I hope the SEC finds something on BCSI.

I now know what BSCI stands for ....Blasted Crime Scene Investigation. I think I need to really keep up my end of this blog family. I'll post what I'm in and the rest of you do the opposite! I get a cut of the profits though. LOL. Well tomorrow is another day.

Barbara

I am an end of day trader, but broke my rule on BCSI and GRMN. Guess what happens when you break a rule ....get smacked! quickly exited BCSI, still in GRMN(should follow through). once again paid for information.

Sarah..

I feel your pain...been there done that...

Hopefully for those that jumped GRMN todya, it breaks out...

Raimo,

thanks for the support, fortunately a small loss, but I know better. Still working on the discipline part of trading. On an up note I still made money today:)

I'm more of a revengeful, impulsive end of day trader. Hopefully CNX will turn out. Also in KLAC, lets hope it breaks out.

DG, Sarah and Others,

I did the same damn thing on GRMN--got in before the end of the day. Mad at myself for it now, of course. Maybe one of these days I'll learn....

i did not take the BCSI trade since I did not see the volume. But the main thing is Like the Guru says, for breakout wait till the end of the day.

I am chanting to my self until it is engraved in my nurons that I am an end of the trader of the breakout.

Riamo, this makes a support bounce entry even a better choice that way you loss point is just on the other side of the line.

By the way guys what do you guys typically use for stops on breakout like a 3% below the breakout point or something like that.

Many thanks to folks here who put so much efforts into mentoring us new guys

Thanks

Mahmood,

You may already know this but if you pull up a thread and are looking for something in "comments", just hit Control-F and type in the word you are looking for, such as REE. Let Windows find it for you.

Sean,

Yes actually that is what I was using but the problem since Janurary the traffic on this blog site is high (that is excellent news) and so now to search comments I have to open each posting and then do the search, so typcaily in a day there 2 - 3 posts so I am looking at searching each post for each day a month at a time. Not complaining because knowledge has a price but tryting to see if there is a better way.

Any way I got my answer thanks to Raimo. Now I will go back to reading the history instead of skimming it.

Jodi .. I almost took PSA today .. On my chart, it did break resistance by about $.18. My line is at 77.51. I always check that with LINE and not candles ... I waited because for my rules ... this thing is fighting trend to go up .. even though volume was there today - in nice style - I decided to wait one more day to confirm.

Fits my style better to wait but it is sure close.

Hope this helps!

DG, I know how you feel. It did the same thing Friday. The market was going up nicely (dare I say bullish) and then the last hour it gave it all back. Still I'm long GRMN, GES, NSM, JCG, and ELON :)

(sorry if this is a double post .. .I wasn't sure if the first one went.)
Jay

Thx Benton
Looks like we are in the same boat. I didn't take it because I wasn't sure for sure. The candles were tricking me. But the volume....

I've gone back and looked at it a few times since I posted, and decided it was still too close (crayon line as opposed to a fine point pen) to not actually count as a breakout...yet.

Jodi

Jeff,

The trading Gods were hard on me today. If you could just e-mail me in private, I will give you my account # and password to my TOS account. This learning stuff is hard. Can you make trades for me for a month or two? I am sure I will learn more watching my account grow without my blundering.


After you double the account I will swing back in and look real smart.

Everyone, but Jeff,
If Jeff does this for me I will let you know.... Then you can e-mail him in private and maybe, just maybe.....

I only dumped 3 positions today, but i have about 4 that are on the line.

Anyone else still short GS. I am so glad I waited until the end of the day. Almost sold at 2:15, by 2:55 I thought, not so bad...

I'm not exactly short GS but I do have a bear call spread on it which is still 10 points from making me nervous. Also have one on MA which is a little closer to worry about.

DG and Flying-Pro,

I thought GS had broken the down trend when it had a higher low and now it has a higher high on the charts. Can you please point is out if I am wrong or missing something

as for MA i am waiting for the breakout of the decending triangle.

Just trying to learn and grow

flying-pro... imagine he did that for everyone... he would never sleep. But um.... if he does, let me know! :-D Maybe some profit sharing would convince him?

Jeff, maybe you should send out buy and sell alerts kind of like stockoptionking.com does. Buy now option xyz for $123, sell now option xyz for $231. Well optionking gives a 30 day test, signed up for the 30 day free test but never took an actial trade recommendation they issued but I would receive emails like : buy xyz for $100 and then a week later I would get an email like this: minimize your loss and sell xyz now for $50. :-/

Mahmood,
I agree that today at least GS looks to have broken its trend line. I've been in this one since about 8/20 at which time it was making lower lows & highs and the volatility was much higher. I just need it to stay below 190 for the next week and a half and I will be happy.

Brett,
Are you really wanting Bear plays or are you messing with us?

All of the indexes I am looking at made higher highs today.

On that note how bout gettin' short a lil' AKAM on the ole Bear flag?

Cheers,
ARTY

DG,
Look at the bright side, if GRMN breaks out tomorrow you are in early. It always seems to go crazy intra day. Bang those drums and wave that wand.......up up and away.

Cheers,
ARTY

Arty,
Thanks for the encouragement. Tonight is a dancing night so I'll be sure to dance hard.

It's interesting that this was the first breakout I decided to take in a long time. I have been taking only support/resistance trades and doing very well during these rocky few weeks. I remember reading somewhere (IBD?) that in markets like this breakouts are more likely to fail so I've been avoiding them. Until today.

ATI closes above $100 and GRMN closes below $105 - given the looks of things a week or so ago ... how many would have bet both would wind up there, especially with both being on the opposite sides of those numbers halfway through the day?

Fun stuff, good times - did anyone jump on VSEA?

James H.

CLEAN CUPS!!

New here...please explain to me what CLEAN CUPS mean...thanks.

Lis,
Clean Cups means Jeff posted a new article and we need to move our comments to this new article

The phrase was coined by Doji Girl and sort of stuck with us :-)

this is why you do not see anymore comments here, they all are going to the new article now

new thread

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  • I am a professional trader and an instructor for Investools. I've had relations with the markets for 9 years. Born in Concord, CA, but reside in Saratoga Springs, Utah. Father of THREE, Husband of one.
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