| Welcome Guest, please sign in to participate in a discussion. | Search | Active Topics | |
Registered User
Joined: 11/25/2006
Posts: 51
|
DD looks like a short with the Decending Triangle and the Island Top inside of the triangle.
|
|
Registered User
Joined: 7/1/2008
Posts: 889
|
patterns have been extremely tricky and unreliable lately. This also looks like a inverse H&S bottom. Although my evidence is only anecdotal, more patterns seem to be failing than working...breakouts are fakeouts, and breakdowns are the lows. Good luck out there.
|
|
Registered User
Joined: 9/2/2009
Posts: 85
|
QUOTE (PRRWB)
DD looks like a short with the Decending Triangle and the Island Top inside of the triangle.
Hey PRRWB,
I do not follow the stock DuPont, but ben is absolutely right in his pattern recognition. Although, not exactly symmetrical or classic, this is a reverse head-n- shoulders trying to form. I have seen many of these form and break out as of late, because of the market- skid in early Oct. of 2011, forming a reverse head. Many of these once they breakout can increase by as much as the distance from the head to the so-called neckline.
With DuPont, its' neckline looks to be 52ish. In addition, it has lots of overhead resistance at 49 to 50. Support is in the very low 40's, or let's say 41ish. So my guess would be a short-term trading range beween $41-$52. Currently about 46ish, I think it will go towards 49ish and never make it higher to test its' neckline at 52. It should then slide lower into the lower 40's( or 3pt. upside vs. 5-6 pt. downside.)
Good luck,
StarWoodIp
|
|
Registered User
Joined: 11/25/2006
Posts: 51
|
Hi StarWoodIP & Ben,
I appreicate your input.
|
|
Registered User
Joined: 9/2/2009
Posts: 85
|
QUOTE (PRRWB) Hi StarWoodIP & Ben,
I appreicate your input.
No problem PRRWB,
Had a little time to do a little studying and scanning, and came up with four names to study their charts and to COMPARE them with your DD(DuPont.) I would create a simple, Daily chart with only H-L-C bars and a 200 day sMa . So here are the names by stock symbol: SD, USG, MU, and MHR. The most impressive one to me appears to be MHR. I came up with a load of other names, but kept the list short for simplicity. I hope you can gain some insight from these.
Thanks,
StarWoodIp
|
|
Registered User
Joined: 11/25/2006
Posts: 51
|
Shorted at 46.98 (puts) sold 80% of the postion today nice gain. Probably will not post any ideas in the future all the happens is it throws doubts on any plans.
|
|
Registered User
Joined: 1/28/2005
Posts: 6,049
|
QUOTE (PRRWB)
Shorted at 46.98 (puts) sold 80% of the postion today nice gain. Probably will not post any ideas in the future all the happens is it throws doubts on any plans.
You mean traders dont agree on everything? 
|
|
Registered User
Joined: 6/13/2011
Posts: 88
|
QUOTE (PRRWB)
Shorted at 46.98 (puts) sold 80% of the postion today nice gain. Probably will not post any ideas in the future all the happens is it throws doubts on any plans.
what do you mean you shorted at 46.98 (puts)?
You mean you bought puts? When? What strike? How much per contract?
And you sold when?
Thanks. what a great trade.
|
|
Registered User
Joined: 11/25/2006
Posts: 51
|
QUOTE (Bill Baker) QUOTE (PRRWB) Shorted at 46.98 (puts) sold 80% of the postion today nice gain. Probably will not post any ideas in the future all the happens is it throws doubts on any plans. what do you mean you shorted at 46.98 (puts)? You mean you bought puts? When? What strike? How much per contract? And you sold when? Thanks. what a great trade.
Since I am trading in an Ira my only "option" was to buy puts. I bought 46 strike Jan 20 exp. on the 4th sold some on the 5th and bought some back again near the close. I sold most today. Really the pattern is just underway (technically speaking) but I wanted to lock in some of the returns,. It is so tricky with options since they can gain/lose 50% in a day. I wish shorting was possible in an IRA but that will never happen.
|
|
|
Guest-1 |