NBR - POTENTIAL BOTTOM08.05.17
Signal of a potential bottom from my dBFIr on DAILY chart
Awaiting confirmation
0A6M trade ideas
NBR - Potential Bottom26.04.17
Signal of a potential bottom from my dBFI on weekly chart
Awaiting confirmation
LONG - NBR - JUST SOME POINTS TO CONSIDER OK SO HERE WE HAVE A DECENT LOOKING TRADE - GRANTED THIS ISN'T THE BIGGEST TRADE IN THE WORLD THOUGH JUST A COUPLE OF POINTS TO CONSIDER
LOOKING AT THIS CHART WE CAN SEE THAT A STRONG AREA OF RESISTANCE HAS JUST TURNED SUPPORT
PRICE HAS CROSSED THE MOVING AVERAGES AND THE MOMENTUM NOW LOOKS BULLISH TRADING ABOVE THE 50,100,200 MA
SO WHAT ABOUT FIBONACCI ? FROM THE OVERALL DOWNTREND WE HAVEN'T YET RETRACED TO A FIBONACCI LEVEL A 0.382% RETRACEMENT COULD BE OUR FIRST TARGET (ALTHOUGH WE COULD EXPECT MORE JUDGING OFF PREVIOUS REVERSALS) ARE THERE OTHER LEVELS OF RESISTANCE IN THIS AREA? YES OUR TARGET IS JUST IN RANGE OF A GOOD PIVOT AND RESISTANCE AREA.
FROM THE CURRENT PRICE PATTERN WE BROKE THROUGH RESISTANCE AND RETRACED 0.618% AND BOUNCED OFF THE NEW SUPPORT, LOOKS TO ME WE COULD HAVE AN AB=CD COMPLETION WHICH WOULD COMPLETE AT 1.272% RIGHT ON OUR 1ST TARGET POINT THE 0.382% MARK
PRICE ACTION DO WE HAVE AN ENTRY - I WOULD SAY YES WE HAVE CONFIRMED THAT THE MOMENTUM IS NOW BULLISH AND WE HAVE A 3 WHITE SOLDIERS PATTERN WE CAN ENTER AT THIS LEVEL.
CAN WE CONFIRM WITH INDICATORS ITS NOT COMPULSORY BUT JUST LOOKING AT THE MACD WE HAVE GOOD BULLISH CROSS ON THE SIGNAL LINE
VOLUME - WE HAVE HAD SOME HIGH VOLUME LEVELS COMING INTO THIS BOTTOM AND HAS NOW BEGUN TO DECLINE THIS COULD ALSO CONFIRM WE ARE GOING UP HERE
FOR OUR STOP HERE ON THIS TRADE TO CONFIRM WE HAVE A GOOD SIGNAL WE CAN USE THE LOW OF THE PREVIOUS DAY IF WE GO LOWER THERE OUR SIGNAL WOULD BE NO GOOD
THERE ARE MORE POINTS I WOULD LIKE TO CONSIDER BUT I'M OUT OF TIME
SO HERE ARE SOME BASIC GUIDELINES I USE BEFORE TAKING A TRADE
What stage is this stock in?
Is this stock in an uptrend or a downtrend?
Is the stock at the beginning, middle, or end of the trend?
How strong is the trend?
Where are the trend lines?
What wave is this stock in?
What do the moving averages tell me?
Was there a breakout recently?
Is the chart "smooth" or "sloppy"?
Are there any chart patterns?
Are there wide range candles in the direction of the trend?
Are there any gaps in the direction of the trend?
Are the pros selling strength or buying weakness?
Where are the support and resistance areas?
Do we have any divergence?
Is this stock at a Fibonacci level?
What does volume tell me?
Price action do we have confirmed entry?
Long Nabors to close the gap$NBR Nabors looking strong with #3 Excess Demand calculated yesterday (see side legend). Run looks good into earnings.
Nabors Industries - Going to retest the topNot to much explanation to be done here. I believe this stock is going to 30$ again. Tops don't form that easily, there are many retests.
Histogram is going up and impulse is green.
Nabors Industries - Double bearish divergenceAfter a very nice rally, Nabors Industries has 2 very ugly bearish divergences, on the MACD lines, on the Histogram and on the FI. Two days ago there was a false breakout over the last swing high, but the price couldn't stay there, and a gravestone doji was drawn. Yesterday was a bad day for this stock, and an evening star (without a star) pattern emerged. I have 3 targets for this trade. I do not want to stay in it for the long term, because there was a very nice rally these last weeks so I expect only a correction. The trade plan is labeled on the chart.
