Originally Posted by KCUnited:
Far from it. Mostly just money coming back into tech and driving up stuff I already owned.
I am following some of his strategies. I had just got past the part identifying charts poised for breakout. So I was really digging it and need to pull the trigger on buying it again.
I was also interested in a non-investment book he referenced in an early section along the lines of identifying and breaking your own behavior trends and habits. Can't remember the name of it though.
If you ever want to message me your thoughts on charts, I would definitely give them a look. It takes a decent amount of practice to put those theories in play and was pretty confusing for me the first few months.
If you've got it, tell me to fuck off!
Originally Posted by scho63:
CALLOUT TO LEWDOG:
If you could look at Apple's chart and tell me what you see. Greatly appreciated.
I am home with a sick kid so ANYTHING to get him away from me!
It's current base is May 11th through today. Decent contracted wave pattern, which is what you want to see since we're screening for breakouts. It's RS is lower than I'd like but it's Apple, so that's not as concerning. It is more concerning for smaller stocks/companies so I'd prefer the RS to be more near 70+.
The following is marked on chart:
1. Hit a high of 128.32 on 5-25 and closed lower than open.
2. Hit a high of 128.46 on 6-8 but squatted lower into close.
I would be looking for breakout above that mark, so stop market buy order at 128.47. I would just use a stop at the 20 day MA on this, so 125.65, which is 2.2% risk.
This is a decent pattern with good chance of a strong pivot back to highs over 135 in the short term. But if not, it's only a 2.2% risk for this trade, so the risk/reward is very good. [Reply]
