That is the bad news. The good news is that we have plenty of cash to enter two trades. This time, however, I will try to be more disciplined about my choices. It seems to me I have been rushing into some of the trades that are now exited.
As for AMLN, I think that the fundamentals are there, but we are short term overextended. The stock has now completed a zigzag from the top (look at a 60 min chart if you can. My target continues to be in the low 40's.
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XLNX has triggered my system today. I am looking for a good entry point. I am looking at the 60min chart. the Stochastics Oscillator is oversold, so a small bounce may occur. However, the charts indicate that the stock may be still in decline. I am going to wait of a bounce before entering the trade. As usual, I will keep the Fibonacci ratios as entry as well as exit signals. I will keep posting on my actions. Please DO Post your own candidates, it may be helpful to me not to any good opportunities.
RRGB I entered a trade on RRGB and it filled immediately, despite the wide spread between bid and ask. I got immediate sellers remorse because of the spread. Oh, well.... I place my contingency order too. So we will have to wait and see.
8 comments:
Juan,
DBD is creeping lower again. It has broken the recent low.
As for XLNX, there is a lot of side ways trading on this Stock. Generally it appears 'stabilise', then it moves in a day or two or three, up or down. There are exceptions though. Need to monitor.
As to WCN, I just wonder if there will be an explosive move. Might be worth monitoring its volatility in the run up to the earnings call date. Just a hunch, no more than that.
Juan,
RIMM has retraced 23.6% today at its trading range day high, from Fridays dramatic low.
http://platinum.optionetics.com/cgi-bin/platinumv30/op4email.php?trade_name=RIMM|10-10-05|Oct05-Jan06|65|PRat|Cal&trade_date=2005-10-10&sym=RUL&num_legs=2&tra0=-1:V05:65.000:2.300:RIMM:2005-10-10:44.11299896:FFFFFF:0:0&tra1=2:M06:65.000:6.200:RIMM:2005-10-10:45.44300079:FFFFFF:0:0
perhaps make money selling the volatility, because I think it will go down further. Another one of my hunches. I could be wrong, I could right. Just some thoughts.
It would interesting to see some of your Elliotician projectiuons for these recent trade discussions please. Thanks again.
I agree with you about RIMM, I am not entering a position in my account because I already have one in another account.
I also have 2 positions in oil, so I am avoiding WCN for that reason only. I am not following that stock, but let us know how you make out.
Gald toknow that DBD is working out for you. I have not been looking into it. I just have too many positions on my plate right now. A quick look to DBD and I think it is oversold right now. It could bounce to 37.5 or so, at which point I might enter.
Thanks for your contributions Fortitude.
Look for DNA tomorrow..... Possibly we'll see a big jump.
Juan,
For the first time, I am in the same four tickers you are showing in your current trading account. I exited DBD, although I made some money, I exited on the retracement, which of course is also the entry point too **Smiles**.
So for the system, review the elliott wave, look at the Fibonacci lines, then look at the candlesticks. If you review AMLN, look at the day of the high, that is what Steve Nison would term the 'Gravestone Doji'....
DNA,
Double bottom, with a good upbeat earnings report coming according to SEVERAL news reports. If the jump is up, the 161.8% Fibonacci is at $105, using the 2nd Sept 2005 high and the 27th Sept and 7th Oct 2005 double lows.
The correct approach, according to my system, would be to exit AMLN and enter DNA, since they are in the same sector. I think that DNA will trigger my system this morning. I don't think one needs to wait much for DNA, since it has made a short-term bottom (double bottom, I agree).
I could right books about the INCONVENIENCE of jumping from one trade to another that looks more promising, so I leave it up to everyone to take on their DNA trades if they do not have AMLN in their portfolio. As for me, I am sticking with AMLN for a while longer.
I understand Fortitude's Greavestone Doji. I am an avid user of candlesticks, but in my mind candlesticks should not be used to call a change of trend, but a potential end of one. I use it to get out of positions that have met my Elliott wave expectations.
Thanks again Fortitude for your insights. I am sure that DNA will bear fruits.
Juan,
Even Piper Jaffray agrees with me. **Smiles**
8:53 AM 10/11/05 Piper Jaffray lifts Genentech price target to $105 - MarketWatch
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