Category: Chart
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Pattern Recognition: What Traders Get Wrong Wrong Wrong
Pattern recognition is the key to becoming a successful chartist. Through practice and experience the best chartists have seen the same pattern thousands of times. It is all about noticing, but what is it that the chartist must notice? Please retweet if you liked this article! http://platform.twitter.com/widgets/tweet_button.baa54ded21a982344c4ced326592f3de.en.html#dnt=false&id=twitter-widget-1&lang=en&original_referer=http%3A%2F%2Fwww.themarketspeculator.blogspot.com%2F&size=m&text=Great%20Post%3A%20HowPattern%20Recogntion&time=1455633396912&type=share&url=http://themarketspeculator.blogspot.com/2016/02/pattern-recogntion-what-traders-get.html&via=PaulJSingh Notice the patterns that…
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Another Stock Showing Strong Distribution: WYNN
WYNN was on the long list for quite some time, but has now reversed and is the perfect short setup. A bear flag has formed, with volume that’s showing distribution. Many like to wait for price to breakdown out of the flag pattern. I prefer to enter early, when price…
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Strategy Session: Using Distribution Patterns to Predict Trends and Trend Failure
The second most important aspect of my trading strategy (behind support and resistance) is using volume to classify stocks that are under accumulation and distribution. Distribution is under way when, over a period of time, stocks show higher volume on down days and lower volume on up days. In a…
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4 Stocks For Tuesday
Here are the four stocks I am looking to enter on pullback Tuesday.
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Short Setup: NTRS
I went short NTRS this morning. The stock has broke down below support, pulled back and shows a negative volume pattern.
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Focus List Stock: AMZN
I currently only have one position (SPY at $84.03). I’m patiently waiting to add positions on a dip to support. One of my favorites is Amazon, which is consolidating after a monster run and breakout. I’m looking to enter on a pullback to the $80-81 range.
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Spy Chart
I currently have only one positions (SPY at $84.03). The chart below show looming resistance levels, which correspond with my targets.
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A Momentum Stock in a Sea of Bottoming Setups
NFLX is one of the few stocks that has been enfuego this year. It bottomed in December and has been on fire since. I like it on a pullback to the mid Bollinger Band level, which is also the 20 day moving average. This is a trend pullback setup.
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Breakout Stock: CTRN
During big down days, it pays to watch for stocks holding up well. CTRN, a recent breakout stocks, is doing just that.
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Definite Change in Market Character
Today marked a change in character for the market. SPY has now convincingly mounted the 50 day moving average, the volume pattern shows accumulation, RSI is steady above 50 and the price bar is of the “breakout” variety. I’ll be looking for a pullback to initiate longs.
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The Gold Short: AEM
The short gold trade I mentioned yesterday is working great so far. I entered AEM at $49.80.
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Short Setups in the Even of a Bounce
If the market gives us a multi-day bounce, I would like to use it to initiate a few short positions. I am currently watching broken stocks that are bouncing towards resistance levels. ALXN is a good example. A few days of bounce would put it near the 50 day moving…
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Energy Looks Good: PBR
Energy stocks are showing good accumulation patterns while coming off bottom price patterns. Of the energies that I monitor, PBR is showing the best relative strength compared to the sector. It is at 30 day highs. I’d like to enter on pullback to support.
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Trade Setup: USO
As noted yesterday, I entered USO at $28.32. Setup: Oversold bounce, possible bottom formation. Stochastics are extremely oversold, which has provided for quick counter trend trades with this stock. Risk: My stop is under price support around $26.50, with the 50 day moving average providing the initial target at $33.50.…
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Monday Game Plan
Here is my game plan to being the week. This is taken from the Trade Report, sent today to subscribers: January 26, 2009 1. Market Notes: While the focus of my swing trading style is daily charts, I look at a few weekly charts every Sunday. I do not use the weekly…
Paul J Singh 