Hi guys,
Some people asked me why i thought AGM was a short and why i took the trade. Here it goes:
AGM setup is best described as a BLOW OFF TOP trade.
A blow off top: See exact definition here:
http://www.investopedia.com/
See attached chart for details.
6 comments:
Wasnt a typical blowoff top and therefore risky imo. Look at 08/11/09. Compared to history we are only little above avg volume despite the powerful run day by day. Looks strange but happens if no major selling force is involved anymore.
Dont take me wrong: that was a good catch of you but not in perfect shape when you take volume into account.
How would scan for such candidates?
Hi anon, yes you are absolutely correct, this was NOT a typical blow off but it is was getting a little climactic in nature.
Hi "Is It Possible":
You are the second guy to ask me that question and to that i answer: I don;t know if you scan for these but i keep these big runners on my watchlists and just watch them daily.
Based on AGM pattern, I created a scan and found around 8/9 out of which this one looks promising for Monday:
BANR (What say!!!)
BANR looks like a very nice short tmorrow. Good luck!
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