Rise or Fall - 9/01/07
And the next Rise or Fall installment. Take a look at the last candle on the chart and let me know if you would go long, short or stay out based on the information on the chart and the last candle. I will let you know what I did (or didn't do) on Monday. I took the dates out so you all don't cheat!!! :) Of course, you can figure it out on the daily, but you wouldn't do that, right????
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6 comments:
This stock will fall. I would have liked to have shorted it on a break of those two yellow inside bars. I don't like to short after WRB like this especially since price is in close proximity to ORL. Very weak because it can't even rally up to the previous day close. However, it will consolidate around ORL and previous day low. Previous day looks WR so that might be the prelim. target.
Stay out until consolidation. Would short on break of ORL. Since my stop would be just above the high of the last candle, potential profit would be less than 2 to 1 with the fibs as drawn. Would wait for narrower candle with at least 3 to 1 potential.
What idiot would figure out the Stock on the dailies ???? :-)
Go Short!
- if/when prices breach Day-low
- Target = $37.21, which should be near the Opening Price of the previous day
Justifications
1) The 8th and 9th bar formed an almost-Bearish-Engulfing
2) There's an Upper-shadow on almost on the the bars, with a long one from the 5th bar
3) The last bar on the Daily closes weakly with more than 2 times the volume
I won't trade it.
If target was $37 (minor support on daily). If so, Risk 20 cents for 50 cents Return may not be worth the time.
Did you cover time and date on purpose? LOL
If I was aggressive, the 5th bar hit the 62 fib retracement and I would have shorted it there. Might have shorted the 6 bar break with stop at 5th bar high. Otherwise, wait for some consolidation after the current bar which is wide
I would wait till it breaks the ORL and put my stop above the candle which breaks the ORL. Volume is high on the last two bars which is good but need to wait till the ORL support is broken
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