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On just about any pattern confirmation, you are waiting for the close. You do not discount the intra-day activity, as it could also provide indicators or clues in the direction of the share price, but the close is a stronger indicator than the intra-day activity
EDIT: Here is a close up of the right shoulder as of this morning. The close yesterday was above the neckline.
Attachment 735
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Originally Posted by yoda4x4
It looks like the neckline is sitting right around 500 so unless a miracle happens today, AAPL will confirm the head and shoulders pattern; it's going lower. How much lower is to be discussed, but as of right now it's down to the 590s, -11 or so. For those like myself who have been wanting to buy in, this is giving you an awesome opportunity at a low sp to buy in once it's bottomed.
David
Any of you guys actively trade (swing, etc.)? Started late today, but see setups... AMPE, BGFV has vol coming in, could break, GFA good $5 break, lol - good old IVAN with an ugly pennant break, PLG past $1, RSYS breaking down at the moment, but could run still, likely for tomorrow, day late on TA (funny ticker)... all have vol coming in. Sorry to derail aapl talk.
So AAPL is basically at support on the High/Low chart. As I had stated earlier, if it breaks this support level, there's alot of downside movement that this stock has room to move to. Hopefully nobody is long at this price. I know I'm glad I'm not.Quote:
Originally Posted by yoda4x4
David
I bought in at $500, looking UGLY right now. Hoping for a stellar report next week or big ouch!
cant win em all, just gotta win most.
Well, I guess AAPL is out of my league so I have to gloat about lesser priced equities such as Starbucks (SBUX) which has been very kind to me over time, and as of this morning I re-entered at $54 based on the following signals: First, note that the price has bounced off of the lower trend line again (after many previous such moves), and in so doing has entered the gap that lies between $53 and $54. Ironically, this action immediately follows the formation of a Golden Cross (50 dma ascending across the 200dma). Consequently, I decided that if I need any more encouragement than what I saw this morning, then likely I would never be in this game. Sure hope I am right again. Check it out in this chart of earlier this morning.
EDIT: PS. I almost overlooked the formation of the ascending triangle which gives credence to the thought that we should see a breakout to the high side, especially in light of the afore-mentioned Golden Cross.
Is MJNA breaking out on high volume?
http://finance.yahoo.com/echarts?s=M...rce=undefined;
How should we celebrate?
Zoom out farther, you have 3 months of serious turnover between 51 and 55, so clear 55, then you can form a handle, and perhaps break 60, market permitting - that scenario looks like it'll take months to play out.... which gives time for the market to do whatever it's gonna do.Quote:
Originally Posted by siriusly_invested
lol, where did my avatar go?
definitely looks interesting SI....if i didn't have dropped so much into DECK i would have probably jumped on thisQuote:
Originally Posted by siriusly_invested
Dr. Dave, thanks for your observation and input. Maybe I'm too focused on short term to fully envision or appreciate what you have pointed out. I follow your insight as I zoomed out to a year, but in reality I'm not patient enough to wait so long for payback. I'm actually quite a rookie in investing, and so far I've settled into short term swing trades as my comfort zone. I'll keep an eye on that developing cup and handle however, and make a play if or when I think I am ready (meaning confident and patient).Quote:
Originally Posted by Dr. Dave
Thanks again for your input.
its running alright....it would be risky to jump in on this point unless you were just adding to a position though...its kind of on the "high" side of some of my trend lines...:thumbup:
even though i do show it breaking out of a symmetrical triangle pattern (red triangle)...it also has decent above average volume on this breakout, a good sign for the short term......maybe it can reach for the top of the original retracement with this triangle breakout??
Attachment 738
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Originally Posted by radejs
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Originally Posted by Limit5Bass
Thanks for the analysis. I have a little for fun, up 28% in a couple weeks since I finally bought in. I keep saying this, but I may just hold it for a while and see what happens. The next Phillip Morris? LOL
lol, man.... some of these guys took off and turned into DTsQuote:
Originally Posted by Dr. Dave
BGFV broke out, PLG ran big time, IVAN trucking, as is TA
Oh well, I'm starting with a new broker here in a few days, so hopefully will repeat.
Lol, yeah, even if you swing trade (which is 95% of what I do), you should always zoom out so you can see what's happening globally so you can refine what you believe the probabilities are for momentum and targets. A lot of folks do it backwards, ie. long term holders staring at intraday prices all the time (including pre- and post-market).Quote:
Originally Posted by siriusly_invested
Apple is now trading under 10x forward earnings :annoyed: :banghead: :annoyed:
All three of my kids just bought in. Long term no brainer.Quote:
Originally Posted by SiriusBuzz
I absolutely agree with DR Dave. zoom out to the 5 year chart and just see, it helps in case you get negative and losing on a swing trade to find your possible time frame to wait it out. And you'll see a support level so you know if you should just exit.Quote:
Originally Posted by Dr. Dave
Im actually about to have a kid so, I need something a little more short term.Quote:
Originally Posted by radejs
Long term this stock should recover nicely, but IMO they bought in too early. Based upon the fact that the sp broke below the neckline of the head and shoulders pattern on high volume, the possibility that the sp is going much lower is highly likely. I'm staying on the sidelines until I see a technical indicator giving me reason to do so.Quote:
Originally Posted by radejs
David