Jan 12, 2008

Rise or Fall - 1/11

Been a while since I last posted a Rise or Fall candidate but I hope to make this a more regular feature. 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 provided.
 
30-min view



 
Daily view

5 comments:

LP said...

Short under the lows of the 3rd candle and then 1/2 at OR Low and keep 1/2 till eod.

anarco said...

1. Two days before the current session the stock gapped down and followed through with two consecutive bear sessions (bearish sign)

2. The current session is gap dow (bearish)

3. 290 is a resistence area (daily chart) and none of the first 3 candles are able to close above that area (bearish)

4. None of the first 3 candles manages to close above the 5EMA (bearish)

5. The first three candles are green (bulish)

6. The first three volume bars display a nice consolidation pattern. the second candle closes higher than the first one and the third candle higher than the second one (bulish)

7. The first three candles have long upper shadows (bearish)

8. The forth candle erases all gains made by the bulls during the first three candles and takes the stock price near the opening price (bearish)

Ooverall I feel that the bulls tried to rally at the beginning of the session but did not have the strength to make a significant move. the bears might be back in control now.
I could go short at the break of the 4th candle, but I would keep my eyes open because the ORL is very close to that point. Additionally, the 4th candle is a long candle, so this might not be the best dummy entry point.

bl said...

Textbook short -4/30 cover .38 ext, or close above 5 ema, or reverse at some recent support level.

Anonymous said...

Hi!
• In the daily chart it looks like a head-and-shoulders tops. We r in the right shoulder, as we see highest volume on left shoulder, then head and right one. So volume confirmed it’s a head –and –shoulder pattern.

• There is a support line in 290, it seems like it broke the support line.

• Also it is trading below 50 EMA which also works as a support line.

• So I am interested in going short after the ORL.

Anonymous said...

Short-

Closed below the low of the Inside Bar and

trading below the ema line.

Quentin