Hi all
Yet again, apologies for the delay in getting back to you.
AV.
A lovely triangle developing here and depending on which way it breaks, governs my entry.
NI – I can see why you decided to go long at 392 but I would expect the trendline to hold it back. If 392 went, then I would think it would get to the trendline pretty quickly. Nice tight stop though, would soon get you out if you were wrong.
SoldierOfOne – I like the way your planning on trading this one. For your enty to be meet the trendline would have to be taken out, so the trade might be a long way off – maybe one for the watchlist.
Esiotrot – It is evident that your looking at a longer-term chart, so naturally you will be looking to hold the shares for longer as part of a portfolio, as apposed to trading – Nothing wrong with that at all
I agree with everything you have said. My worry would be that the bounces off the 310 mark are getting weaker (creating the descending triangle), so I would be looking for it to make a positive move upwards after testing 310.
BAY
Interesting chart with an ascending triangle being completed. The problem comes with the old support at 132, so once it breaks above the triangle, it will be instantly meet with resistance. I would be looking for a break of 132 to go long. On the short side, I would want a test of 132, followed by the trendline getting taken out on the way down.
NI – It looks like you plan on making a short-term trade on this. As I’ve said before, on that basis you should be looking at a 60min chart. Having said that, as a day trade it has possibilities as the price is heading upwards off the ascending triangle.
SoldierOfOne – Looks like a good trade plan. I agree the target to 125 is a bit short so maybe the trade isn’t on from there (unless you think the 125 level will get taken out).
Esiotrot – I can see what you mean about a BIG descending triangle. I think the downtrend line has now been broken (by the gap in early April). Would be great if the double bottom was completed
MRW
This stock made a large gap down in January, and gaps are naturally strong support and resistance points, so I would be looking for a short at around 200 with a tight stop just the other side.
NI – If the gap wasn’t there, then I would completely agree with you.
SoldierOfOne – I’ll go with that.
Esiotrot – Your right with your support and resistance points, and as you’re a longer term trader, MRW probably wouldn’t interest you – I know it wouldn’t interest me on a longer time-scale.
VOD
I would be looking to trade off the trendline, keeping an eye on the uptrend line, to make sure it didn’t hold strong. I doubt it would because the trendline is very steep.
NI – That’s ok, no-one says you have to have a view – thank you for being honest
SoldierOfOne – I wouldn’t call it a double top, because it isn’t “clean”, i.e. the 2 highs weren’t exactly the same, but it would give a good shorting place using the trendline as resistance.
Esiotrot – I would agree with that as a Long trade
Thank you once again to those who posted up their views – always interesting to see how different people read the same chart. It was also great to see how Esiotrot was using Technical Analysis for longer term trades.
Take care all.