Any opinion please.
something else for the watchlist. It would be great if a F/A could take a look. ;) Also if any other T/A have another approach that would be great.
wider look shows the "vacationing" channel nested inside the semi symetrical triangle. Channel breakout can give early entry on the upside for longs. One could also pick this up on a retest of the triangle bottom. ;) Notice the moving key 200 and 50 mvg avg right here for support. Its all about safety folks and this one technically has lots of it. :)
Ichimoku, Japanese for "at a glance...or, one look," is a quick visual that helps you ascertain what the trend is, if there is one.
During the formation of the Ascending Triangle, we can see that price went above and below the Kumo (cloud), which served neither as support nor resistance. There was a lttle bit of resistance at the end of April/early May at the top of the Kumo, but other than that, there was no trend, and it's probably a good idea not to play the stock until we see what's going on, like a pattern breakout.
We got that on May 25. Upside breakout out of an Ascending Triangle, but May 25 also was the high for the move. After that, the bears "strung it out," so to speak (no upside/forward progress), until INFA "ran out of bounds," and fell back into the Ascending Triangle pattern. :'(
That isn't good. Weak breakout. When that occurs, it better be doing that for some reason that makes sense to anyone who bought the 8.50 Ascending Triangle breakout on May 25, because they now are losing money on a pattern breakout that they thought was bullish.
Reason #1: INFA tested its 50DMA on June 26-June 27. It held.
Reason #2: On the Ichimoku, on June 27, the bottom of Kumo (cloud) was at 8.125. The print low on that day of the bullish hammer was 8.13. The Kumo (cloud) acted as support, as it should have, if a bullish trend has emerged.
Those reasons/explanations are fine, but anyone who is long wants price action, not reasons, explanations (read: excuses!) ;) Longs want to see INFA back above that Ascending Triangle. In a hurry!
INFA went back above the Ascending Triangle the day after the hammer off the bottom of the Kumo, but two days later, went back below the top of the Ascending Triangle. >:(
On Friday, INFA went back above the Ascending Triangle again. :D
Since the Ascending Triangle breakout on May 25, this has been pretty sloppy action for anyone who got long there, but sometimes "it ain't pretty." As long as INFA is above the top of that Ascending Triangle , which it is as of Friday's close, $10.18 is IN PLAY.
What I'd like to see, is INFA go back and test the top of that Ascending Triangle, now at about $8.43, and this time HOLD at the top of the darned thing, and not go back inside the triangle again. That might be a good place to enter the stock long (8.43 - 8.50).
The stop would be a CLOSE (or obvious tank) below the June 27 hammer low of 8.13, for a risk of about 4.3%. If the 10.18 target is made from an 8.50 entry long, the reward is 19.8%, or a 1:4 risk/reward ratio.
The Pattern is a Symmetrical Triangle...not an Ascending Triangle. Sorry. Implications are the same, though.
Melf - I must politely disagree with your analysis based on a triangle which has only two points each to justify its top and bottom. To me this is not valid. :-X
I enjoyed the Ichimoku portion of your chart. Do you have a good website to learn about them? :)
I am looking to make a buy on the next strong day(high volume up move) based on a channel break. 8)
Quote from: eliteG on July 03, 2005, 04:39:07 PM
Melf - I must politely disagree with your analysis based on a triangle which has only two points each to justify its top and bottom. To me this is not valid. :-X
Sorry, eliteG, I didn't see your post. No problem disagreeing. I like to see three data points or more, too, but you don't always get them, and the pattern target makes anyway. We'll see if this one does or not.
QuoteI enjoyed the Ichimoku portion of your chart. Do you have a good website to learn about them? :)
Sorry, no, I don't know of one.
QuoteI am looking to make a buy on the next strong day(high volume up move) based on a channel break. 8)
INFA is called to gap higher at the open BID 9.06...ASK 9.19. Any print over 9.02 would be a new high for the move. I haven't seen any news to account for a gap up opening. The company said after the bell that it will report on July 21 at 4:00PM. Maybe earnings leaked? ;)
Perhaps by confirming the earnings date it takes away the possibility to prerelease bad numbers??
there is a trend called earnings run...it may just decide to run-up into earnings ;) thanks for all the info guys
eliteG,
I didn't want to lead you astray about the Symmetrical Triangle, so I checked to make sure that I was telling you correctly. Here's the definition from Chart School at Stock Charts.com.
"The symmetrical triangle, which can also be referred to as a coil, usually forms during a trend as a continuation pattern. The pattern contains at least two lower highs and two higher lows. When these points are connected, the lines converge as they are extended and the symmetrical triangle takes shape."
no prob Melf ;) I like to see 3 or more data points always nowadays. You are right though it is a triangle. :)
rise INFA rise! ;D
Quote from: eliteG on July 11, 2005, 12:15:12 PM
rise INFA rise! ;D
Good Trading G!
I know you must be holding this .Just the way you put that,"rise INFA rise" :o in there tells me what I don't have to ask you.
applaud
LOL, the rise INFA rise worked ;)..over $10 >:D >:D
BABAM over $11 goin straight to $12 ;)
stock chart link:
http://stockcharts.com/def/servlet/SC.web?c=INFA,uu
This one hasn't been talked about lately...
Looks like INFA might be gearing up to challenge long term resistance...
(http://img273.imageshack.us/img273/5914/051221infa7tx.jpg)
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Should make the ibd 100 this week. Giving it some added expoxure. It did not hold it last time - has to stay above 15
http://finance.yahoo.com/q?s=infa
"INFA" Threads have been Merged.
Please use the search before starting new threads on a Stock Pick.
Chances are a thread already exist.
So why not post whatever you have to comment about on that pick to that thread.
"Simplicity" My fellow traders. ;)
All history on a stock pick in 1 thread is awesome. ;)
Just trying to get threads together,so we don't have a numerous amount floating around on the same stock.
Thank You....and good luck with all your trades....make some $$$ ;D
Friday's closing chart.......
chart update