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Registered User
Joined: 12/2/2004
Posts: 1,775
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Some serious volume going on in DRYS past few months. Excellent volume breakout today over March resistance. Note the second bottom put in early March and how it ideally undercut the first bottom in November.
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Registered User
Joined: 12/2/2004
Posts: 1,775
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Forgot to mention, the conventional wisdom is that a W or double bottom pattern happens or comes to fruition when the top of the W is taken out, in this case 17.35, quite a long ways off. Seems most of the material I've read on W patterns is to buy only when price takes out that high in the W. Obviously the price ranges in DRYS are extreme, so waiting to buy above 17 when price is only 6+ ain't worth waiting for in this case. Just wanted to make sure no one thought I was gonna sit and wait for an 11 pt. gain before entering:) A move to top of that W and that's is high as it goes would be Heaven sent.
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Registered User
Joined: 12/2/2004
Posts: 1,775
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QUOTE (fpetry) when the top of the W is taken out
Meant to say middle peak of W, not top. Wish this board would allow editing after the post is made for first few minutes as some boards do, would save from having to make extra posts.
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Registered User
Joined: 5/12/2008
Posts: 102
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DRYS looks great, however I just cannot go long at this point. There are too many factors pointing to a bearish reversal at the moment.
I'm thinking of starting a position in BGZ, but I'd be in DRYS like a shot if I'm proved wrong about a reversal.
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Registered User
Joined: 12/2/2004
Posts: 1,775
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QUOTE (operandi) DRYS looks great, however I just cannot go long at this point. There are too many factors pointing to a bearish reversal at the moment.
I'm thinking of starting a position in BGZ, but I'd be in DRYS like a shot if I'm proved wrong about a reversal.
Good point about reversal, was just looking at T2108 chart with weekly bars and it sure has seemed reliable when indicating topping action in the markets.
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Registered User
Joined: 5/12/2008
Posts: 102
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T2108 is showing 92.25% on the daily chart, which must be of concern to the bulls
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Registered User
Joined: 10/7/2004
Posts: 2,181
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DRYS was in my list from 4/7. We are up 50% on this already. Going long has been working well for me with the right timing.
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Registered User
Joined: 12/31/2005
Posts: 266
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QUOTE (tobydad) Going long has been working well for me with the right timing.
Although you've written a lot about going long in a bear market, and trading against the trend, i'm glad you realize that, in fact, you are currently trading with the market trend. And that this rally is the strongest rally since the bull market ended. Now just think of of how much you would have made going short over the last year and a half. You have proven "the trend is your friend."
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Registered User
Joined: 10/7/2004
Posts: 2,181
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Yes, thank you, I understand. My point was that, with the correct timing, I'm trying to show that there are ways to time market movement and get in and back out during the bounces.
Many people do not have the accounts to go short or are just uncomfortable doing so.
I go short and have made good money doing that as well. But just like going long in a bull market, it doesn't take a lot to figure out how to go short in a market that has dropped off a cliff.
You are right, the trend is your friend, and an oft overlooked part of the trend is the fact that they bounce. And I like the bounces.
Thanks for your input.
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