Showing posts with label CVNS. Show all posts
Showing posts with label CVNS. Show all posts
Friday, November 17, 2006
Blow-Off Bottom - Again
Yet another great example of a blow-off bottom. 30-minute chart of CVNS. I didn't play this one either but it is such a beautiful example I couldn't not show it to you.
Thursday, November 16, 2006
Blow-off Bottom
We've talked about blow-off bottoms before. They happen to be my absolutely favorite kind of trade. First they are extremely obvious on just about any time frame, second, they can occur either on a gap up or a gap down (but more prevalent on gap downs) and third, they result in high probability trades. Here is CVNS - I've played this one before and did not play it today but I was looking through my watch lists after the market closed and this stood out like a sore thumb. This is being played on the 30 minute charts and note what happened with the 6th bar - it formed a high volume red hammer. Unfortunately I wasn't paying attention at the time and didn't see it.
The 30-minute charts provide slow developing set ups that, once established, will last for some time. While you could have picked this up from the 15-minute charts it is more crisp and obvious from the 30's. This is why many of our contemporaries prefer the 30-minute charts.
The 30-minute charts provide slow developing set ups that, once established, will last for some time. While you could have picked this up from the 15-minute charts it is more crisp and obvious from the 30's. This is why many of our contemporaries prefer the 30-minute charts.
Tuesday, November 14, 2006
Tuesday Wraps Up
What happened? I go out for a couple of hours and bang look out above - what is going on? Irrational exuberance that's what.
Well I had planned to sit by and watch but when they hand them to you from out of nowhere you have to make the play. The main play was CVNS off a drop that I played as if the first 15 minute candle was a dummy spot. Fact is the drop was from a news report that was totally meaningless. By the end of the day most of the 2 buck drop had been recovered. I was out of it long before that but for a nice profit anyway. I also played GLW and made a small profit, very small. I had CTXS overnight as I mentioned yesterday and for some reason or other - oh yeah because I thought the market was going to collapse today - I sold it off its spike in the first 5 minutes. That's ok, I made some pocket change after commissions.
People say you should post your losing trades - well - when I have them I post them - I'm just not making as many plays any more and I'm trying to adhere to a very successful process. (I'll publish that this weekend if I don't have anything else to say). Anyway as I was saying if I have a loss I'll let you know in the meantime these are my winners.
For tomorrow - I haven't a clue as usual. The up/down ratio sits at 51% which is neutral, the new 20 day highs went up 8 to 766 and the lows went up 9 to 301 - what all that means - your guess is as good as mine. The three sisters finished the last hour in the green. The ugly step sister (who was the first to turn around this morning) finished very strong and GS, the proxy for the 22nd century finished red.
I'm beginning to think that that signal doesn't signal anything. I have to start looking at it and trying to find a correlation somewhere. The VIX finally got into the game and stands now at 5% under its 10-day moving average. If that continues (which I doubt) we might have some trouble on the horizon.
The magic coin, Mr. Majestic, is 30 and 16 having nailed yet another day using just pure plain blind luck - I should be so lucky - for tomorrow ... tails - bear again - maybe, who knows.
Well I had planned to sit by and watch but when they hand them to you from out of nowhere you have to make the play. The main play was CVNS off a drop that I played as if the first 15 minute candle was a dummy spot. Fact is the drop was from a news report that was totally meaningless. By the end of the day most of the 2 buck drop had been recovered. I was out of it long before that but for a nice profit anyway. I also played GLW and made a small profit, very small. I had CTXS overnight as I mentioned yesterday and for some reason or other - oh yeah because I thought the market was going to collapse today - I sold it off its spike in the first 5 minutes. That's ok, I made some pocket change after commissions.
People say you should post your losing trades - well - when I have them I post them - I'm just not making as many plays any more and I'm trying to adhere to a very successful process. (I'll publish that this weekend if I don't have anything else to say). Anyway as I was saying if I have a loss I'll let you know in the meantime these are my winners.
For tomorrow - I haven't a clue as usual. The up/down ratio sits at 51% which is neutral, the new 20 day highs went up 8 to 766 and the lows went up 9 to 301 - what all that means - your guess is as good as mine. The three sisters finished the last hour in the green. The ugly step sister (who was the first to turn around this morning) finished very strong and GS, the proxy for the 22nd century finished red.
I'm beginning to think that that signal doesn't signal anything. I have to start looking at it and trying to find a correlation somewhere. The VIX finally got into the game and stands now at 5% under its 10-day moving average. If that continues (which I doubt) we might have some trouble on the horizon.
The magic coin, Mr. Majestic, is 30 and 16 having nailed yet another day using just pure plain blind luck - I should be so lucky - for tomorrow ... tails - bear again - maybe, who knows.
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