Wednesday, April 9, 2008

Rising Wedge Patterns taking Shape Now





7 comments:

upsidetrader said...

Stew
speaKing off the Russell, look at the head and shoulders on IWM

Bluedog said...

Stewie, are you still in FDG? It looks to still be consolidating...

-BD

Stewie said...

hey BD> no i sold out of FDG with a $2000 loss. OUCH! oh well, I will re-enter once the time if right. This market is just too shady right now. this morning it looked like we were ready to tank and then out of nowhere we rallied like a bat out of hell. I am back in day trade mode and will focus on MELI, MTL, ANR and MOS in tmrw's session. I will buy any weakness.

Bluedog said...

Well, you did okay in ANR and VMW. :) I'm in MELI and have held for months. Over time it should do well. Technicals continue to improve.

Jtrend said...

Thanks for hard work, after reading your blog last night, and going through all archives, I found a nice counter trend trade HG in FCSX April 11, 10:10), beautiful wedge to 20 MA, good for two points. Did I trade it, no of course not, still not enough confidence in myself yet.
Is there anything special besides your trained eye, MACD and RSI you use to catch the better HG pattern.

Stewie said...

hi jtrend.
yeah. any day where do see a trend day in the markt whether up or day, be assured you'll see plenty of HGs. check out TWM, RIMM, QID, QLD as a good example today. I use MACD and RSI primarily to detect how sustainable or unsustainable a move is. weak RSI and MACD action point to weakening action and high probablility of failure.

Jtrend said...

TWM very nice, had support of ORB High as well as HG. Are you looking for any break of support/resistance to enhance trade, QID broke out to day high pulled back to HG, perfect trade. I realize this is not an exact science, but do you negate trade if if pierces 20MA by a certain amount. I notice also volume on the best patterns falls off during HG. wedge pullback.

Anyway thanks again, lots of prep work over the weekend, Have a Great weekend.

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