Nov 7 More Upside Action Market Update and Stock Scan

Nov 7, 2014: 2:13 PM CST

We have “more of the same” upside action in the stock market, defying bears all the way to new highs.

The short-squeeze continues and we have a repetitive morning pattern to study on the intraday frame.

Here’s our updated levels as the S&P trades through all-time highs:

Our key pattern is the highlighted region where price traded down in the morning session, only to see a surge of impulsive, intervention buying that helped propel the market higher and trigger the stop-losses of the bears (short-sellers) at each breakout to new highs.

Patterns repeat and we continue to observe this pattern propelling price to new highs.

It’s difficult to buy a grossly extended market, but this ‘creeper trend’ has become the norm lately, so keep that in mind (we have to apply different tactics to impulsive movements like this).

Continue Reading…


Retracement Candidates from 12 Stocks Extended 10 Days Straight Up

Nov 6, 2014: 1:45 PM CST

An amazing 12 stocks in the S&P 500 have traded ten days straight up – and may be ripe for a pullback after such a stellar rise.

Let’s chart these names which may be attractive to aggressive traders as a short-sell potential candidate list:

This list highlights the most overextended stocks, defined by those which have closed the most consecutive days higher.

Some stocks are already forming reversal candles during today’s session, and may be pulling back like EBAY, American Express (AXP) and T. Row Price (TROW).

Keep in mind that shorting an extended rally – trying to capture a piece of a potential downside retracement – is an aggressive strategy. Continue Reading…


Join Me and 50 Other Speakers Live at the Las Vegas Traders Expo

Nov 6, 2014: 8:27 AM CST

Be our guest live at the rapidly approaching Las Vegas Traders Expo!

The special event will take place November 19 – 22 at Caesar’s Palace.

You’ll be able to meet fellow traders, hear in-depth presentations from leading trading educators, tour the exhibit hall to see new products and software (and ask questions directly to experts), and network with colleagues whether you are a new or experienced trader.

Register today and start planning your trip to Vegas!  This is the link to learn more information and register.

I’ll be presenting live Saturday, November 22nd on “Insider Strategies to Trading Three Classic Price Patterns

I will incorporate real-time market examples that are showing these patterns (and discuss trading opportunities).

You’ll also be able to hear from more than 50 leading educators including John Bollinger, Rob Hanna, Toni Turner, Larry Williams, John Hoffman, Andrew Cardwell, Al Brooks, Tom DeMark (just to name a few!).

Live events allow you to network with fellow traders and share your stories of success and struggle – all designed to build a community and friendships among colleagues.

I’ve always enjoyed the Traders Expos and will look forward to seeing you there!


Continue Reading…


Stepping Inside the Breakdown in Gold to Plan Nov 5

Nov 5, 2014: 1:19 PM CST

Gold can’t seem to find a suitable support level from which to rally as the downtrend continues.

Let’s update our Gold charts, note the breakdown, and then identify price levels to watch.

Here’s two quick perspectives on the Daily Chart (a near and far perspective):

The first chart shows the longer term downtrend that began with the 2011 high just shy of $2,000 per ounce.

Price has traded in a downtrend against this level ever since the lofty peak.

However, the $1,175 and $1,200 level was supposed to hold as a support level, but sellers instead took price lower, resulting in a breakout impulse as buyers and funds were forced to liquidate positions bought into the expected support target.

Here’s a zoomed-in view of the most recent action:

The tighter perspective emphasizes the most recent price action and the failure to hold $1,200 as support.

Clues were present in the distribution volume where the bullish price rallies were met with reduced volume compared to the more active selling pressure on the price declines (which were actually in the direction of the higher frame).

As logical as reversal trading strategies may be, Gold reminds us why they are riskier than pro-trend strategies and why new traders should avoid the strong temptation to call tops and bottoms. Continue Reading…


Apple AAPL Overextended into 110 – Planning the Next Swing

Nov 5, 2014: 11:33 AM CST

Apple (AAPL) shares achieved their $110 upside target on an overextended price swing.

Let’s update our Apple (AAPL) charts and plot the next trading signal from the next likely price swing.

Here’s two quick perspectives on the Daily Chart (a near and far perspective):

The first chart shows the near-term (zoomed in) Daily Chart with the two most recent large price swings.

Apple traveled just over $10.00 per share during the August rally and then consolidated throughout September.

We now see the impulsive gap and extended rally from the $96.00 low to the current $110.00 target. Continue Reading…

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