This is a lot more evident when looking the weekly chart. The range bound stock has a target of at least $19 over a longer time horizon. A break above 19 means it will return to the trading range it once held in the $20's. Again, this is why i dont invest, i trade. It is because it becomes more and more difficult to determine price targets, and relies more on fundamental analysis (which I dont really do) and less on technicals (which is my bread-and-butter).
As for GE, this stock is a train wreck. It is in a long term downtrend with no signs of slowing up. There have also been a lot of false bottoms, or kickback rallies, on the way down, making me even less trustful of any "bottom" that may form in the stock. Even though it is at $8 (down from a 3 year high of $42), there is nothing to say that it wont keep going. I do know this stock has been having a lot of problems with bad earnings and the like. So until those start to come back, and a low has been tested several times, I would stear clear of GE.
Hopefully I can have my video problems fixed soon. But in the meantime, keep your eye on GME(enter if it holds above 28.50), GENZ (nearing both horizontal and diagonal support, play the bounce), BIG (long play but earnings are next week), AOC(long at $39.5 or short at $38), PNRA(descending triangle), CRM (descending triangle), plus more bearish flags than I can count.
Just doubled up on GME, bringing my total shares to 1000.
ReplyDeleteTo old questions, PAYX is breaking below support, I would stay clear, or go short. No time horizon for a bottom in GE. And to the third question, as long as GME holds above 28.50, the buying range is 28.50 to 29.
ReplyDeleteAverage share price for my GME trade is 28.20
ReplyDeleteshorting aoc at 27.75.
ReplyDeleteEarly morning action, will close GME at 26.50 (my initial stop). Will also look to open shorts in ARLP, AYE,BTU, DE, DECK, EQ, MMM, SUN. Opening these shorts at price at 9:45.
ReplyDeleteARLP:25.60, AYE:23.45, BTU:22.63, DE:27.40, DECK: no action, EQ: no action, MMM: 45.25, SUN: 33.42.
ReplyDeleteI am determined to get my nextvideo up this weekend. keep a peek on my site. Sunday at the latest. But just in case it doesnt work, let me just say, I Have enjoyed the sparse criticism and questions so far. I will Putout a quick filler on what constitutes an ascending triangle, and after that, I will write about my stocks to watch on monday and tuesday. Cheers.
ReplyDeleteShorting 1000 in PNRA at 43.50
ReplyDeleteBLL short 1000 at 47.93
ReplyDeleteClosing ARLP 25.39, DE 26.42, may close others today also
ReplyDeleteLooking to buy ARO, CERN, CRM, DKS, DNR, JCG, RCII, TRA,
ReplyDeleteBought CERN and CRM at 30.00 and 35.19 respectively. 500 of CERN 1000 of CRM
ReplyDeleteClosing CRM at 30.02 and doubling up on CERN at 36.11 for average price of 35.65.
ReplyDeletehey Dylan, Im still holding shares of GME at 23.46 should I sell, for a huge loss or hold for it to get up.....Amazon and Toys R Us are thinking about selling used games too...is a everyine panicking and selling....????
ReplyDeleteI closed GME when it was at 26.50. Make sure when you open a trade that you have a stop in place where you will exit the trade if it goes against you. I always plan out every trade I make before I take on a position. Things i include in this plan are:
ReplyDelete1: where do I enter a trade (this goes with the reason for why i enter the trade, also do I double up at some point)
2: where do I exit if the trade goes against me
3: based on my stop, how big of a position should i take
4: What is the price target for the trade
5: What is my exit strategy for a winning trade (do I leg out or sell all at once)
About AMZN and Toysr-us, Keep in mind that my trading is based almost purely on technical analysis and not on fundamentals. I trade by identifying key areas of support and resistance and make my trades based on how I expect the stocks to behave at those levels. Ill go back to describing my trade plans as I open my positions to avoid any confusion in the future.
ReplyDeleteClosing all shorts except:AOC and BLL
ReplyDeleteClosed AYE at 21.03, MMM at 42.87, PNRA at 47.85, SUN at 28.08
shorting ASEI at 55.40. stop at 56.81
ReplyDeleteshorting ATK at 62.24. stop at 65.31.
shorting ESRX at 45.24. Stop at 47.50.
shorting GENZ at 52.94. stop at 55.25
shorting SAM at 19.25. Stop at 20.00
shorting SUN at 28.04. Stop at 30.00
bought 500 shares of ARO at 25.22. Stop is at 23.75. Price target in the 29-30 area.
ReplyDelete