Long Entry on TSLPrice action close on Friday should lead to prices retesting the 13.50s. We have a solid support level along with some bullish momentum divergence. We also saw volume increase as prices faded back to the opening prices of 5-21. Institutions holding this stock would not want to see it break back below 11.00 from here, but you should give yourself room below this swing point for a retest of the level.
Momentum Indicator (MOM)
Ebay Long Entry OpportunityBounce off support yesterday brings a safe entry opportunity for Ebay at a good support level. Any institutions which are long this stock should be buying up more at these levels; otherwise, capitulation will ensue. I would look for at least a retest of 52.00. We have some bullish momentum divergence on the histogram and stochastic, and with the markets taking a noticeable breather today, Ebay is holding some buying pressure. One would want to keep stops fairly tight, but give it some room to come back and retest actual lows from 11-26. I would think stops around $46 should be enough and still give you a nice Risk/Reward ratio.
SWKS Up 20% Heading into EarningsWith earnings right around the corner in July, SWKS has continued its' impressive run up. I have been following the stock closely since May when I entered at 43 with August calls. After hitting my first target of $48 and seeing my options more then double, I have taken half off and am allowing the rest to ride into earnings. SWKS continues to flex its' muscle and shows no signs of slowing down. If I were holding stock instead of options I would not have sold any today.
SWKS Consolidating; 50 on the Horizon?With SWKS running from 40 to 47 in less than a month, it is finally taking a breather. Price is currently consolidating just under the 47 mark. If SWKS can close above $47, it will trigger a buy signal for the next run up to $50.
FB Breakout is a Buy SignalAfter making a $10 run from its' April low, FB formed a flagging consolidation pattern. Today FB has broken above that consolidation pattern with conviction to start its' next run up. Look for FB to test resistance at the 67-68 area. If that doesn't hold then FB can easily test its' ATH
Trend trading is trading support and resistanceI wanted to point out that trend trading is trading support and resistance. What do i mean by that?
the first thing i want to point out is you need to spot out support and resistance before you place a trade on the long or short side.
Did price close above a key level? did momentum break out with it? if the answer is yes then there is a strong indication to the market going higher of off a break out.
For instance, 2 moving averages crossed indicating that the market gave a cross to the upside ot the down side depending which moving average crossed above the other one. in the chart above the 9 moving average crossed above the 26. Along with the cross above the cloud, Now just because it crossed does not mean you should take the trade, is there resistance above the cross? in this case yes there was.
I REPEAT i do not take trades before a close above a key level ( close not a break out). By doing so my accuracy has drastically improved.
i do not give out where my stops, what strike price or month of a option are because i have had to learn on my own. However i do like to help traders from new to experienced with sharing how to use an indicator an how to use it with market conditions.
Thanks for reading.
EBAY broke down of major supporteBay broke down major support at $50 and closed on dead lows at $49.60 on Friday showing relative weakness as markets trading on highs.
Today, it opened with gap and caught some early follow through. Gap open could be new point of reference at $49.30, then we have $49.50 previous low of the day and then $50 psychological level which should act like resistance if sellers want to keep control on price.
I want to see few days of consolidation below, so then we can expect continuation move lower.
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Read my earlier thoughts on EBAY in the link below
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SWKS is Going Skyward- $50SWKS is on fire. Recent earnings revisions, and analyst upgrades has provided the catalyst for Skyworks to make its' next leg higher. May 29 marked its' highest 52 week close since the earnings release made in April. This cash rich company has an amazing Quick and Current ratio of 5.76 and 6.94 respectively, and no debt. Short term price target is set at 50.00, but with earnings coming out in July this stock can easily surpass my price target.
Pin Bar Reversal at Support with HUGE volume SPIKEFriday saw a huge institutional volume spike on a shortened trading day. This came at great support for YOKU and we have very clear bullish momentum divergences on the stochastic and mac-d histogram indicators. Of course, the bullish pin bar that developed due to this strong support bounce is confirmation that this stock is poised to go higher from here.
I would look to get in close as possible to Friday's closing price with my stop loss just below the lows of Friday's session. No real resistance for the stock until about $24.
Buy breakout APPL on MOO strengthNice consolidation above previous resistence (strong Close above), ATR very low probably will expand right from the OPEN, higher timeframe is clear, WWDC is coming soon (speculators may be building smaller positions). Buy only if market very strong or consolidating on low ATR above yClose.
Alternate Bullish Bat Pattern for CNOMonday brought a bounce off of the 1.128 extension to form an Harmonic 'Alternate' Bat Pattern. I would look to get long the stock at the Monday close price with stop loss tightly below the lows of Monday with profit target just in front of the next resistance level. We also have a stochastic cross along with bullish momentum divergence on the mac-d histogram.
Entry: 16.03 Limit
Stop loss: 15.49
Target: 16.89
R/R : 1:1.6
GOOGL $GOOGL....Looks bearish as it has retraced much of its recent uptrend from 10/13'........that usually doesn't bode well for longs when a bullish uptrend is retraced quickly.....also it doesn't seem to have much bullish volume for a reversal to happen....if it breaks support around 525 then it could test the 501 level which is the .618% Fib from the uptrend.....if that level doesn't hold then it could go to retest the original b/o level around 455 level.....as always watch volume for confirmation
CBS Long - Pin bar bounce on support with VolumeFriday brought a huge bounce on very high volume at a great support level for CBS. There is also very strong bullish momentum divergence seen on the mac-d histogram and the stochastic oscillator makes it seem price is making plans to pop off hard. I would play a limit order for the closing price at 56.74 with my stop loss 5 cents below the low of Friday. Sticking with a straight 1:2 risk reward ratio would have one selling around the first resistance level.
Entry: 56.74 Limit
Stop Loss: 54.96
Profit Target: 60.30
R/R: 1:2
AAPL mapped out intraday opportunitiesApple (AAPL) was down yeasterday 1% . In the morning it went through prev high of the day and gave another $3 up move but reversed and get back below our pivot point at $601 with engulfing bear move right to $597.29. I started to trade it for Short on retest of failure point at $601 and when it confirmed resistance there from another side it built some consolidation support at $599.70ish. I mentioned that with comment on the link chart.
On the chart I mapped out selling and buying opportunities.
Apple closed on low of the day. And I expect to see some follow through below $594.43. Level of resistance at $597.29 could give another selling opportunity.
Potential Bullish Bat Pattern on TJXBullish Bat Pattern on TJX if price reaches 56.63. We saw increased volume on the advance of the 'XA' leg and lower volume behind the decline to pattern maturity. There also is bullish momentum divergence from the last swing point within the 'D' leg of the pattern to where price is currently.
There also seems to be a rough bat pattern behind this pattern that started with the October 8th lows - with rejection candles that probed previous highs of that 'XA' leg ; however, the 'D' point of that pattern, (or the 'X' point of this pattern) never officially touched the .886 retracement level - but is still worth noting in my opinion.
Entry: 56.63
Stop Loss: 55.72
Profit Target: 58.45
Risk/Reward: 1:2
Bat Pattern Long on CCJBat Pattern Long along with some bullish momentum divergence for CCJ. We touch the 886 3 days ago, but today might be an opportunity to jump in at a good price if you missed the first touch.
We saw increase volume at the 'XA' leg and lower volume through the maturity of the pattern with increased volume at the .886 level.
I would like to wait for a retest of 20.50 for entry to ensure a nice R/R profile, but some might just hop in at this point.
Entry: 20.50
Stop Loss: 19.68
Profit Target: 22.14
Pine Script - Relative Momentum IndicatorThis indicator was developed by Roger Altman and was introduced in the February 1993 issue of "Technical Analysis of Stocks & Commodities" magazine. The RSI was developed by J. Welles Wilder and is discussed in his book "New Concepts in Technical Trading".
Get the source here: pastebin.com
Installation video by @ChrisMoody here : vimeopro.com
After I got done coding this, I saw that www.tradingview.com had already coded the same indicator. Small differences, but same indicator, just want to give credit to a line leader.
It is very clear the Bears want to take control of NZDJPY**BET** A pretty strong level of support has been broken and it has been broken with conviction. A break past point B of a bat pattern and a retracement back into what was before a strong level of supply/demand is signaling me to go short. I like this play set up very much, let's see if it plays out.
