3SOF

hi ares,
if you are a daytrader how come you keep averaging down on  losing position. particularly one that is below the 50ma . i hope these turn around for you .
max

Here's my previous annotation (trendlines unchanged but added some notes) on the possible bullish Wolfewave on UYG.

Hopefully this recent chart reflects the correct numbering ( I labeled WW #4 as WW#5 before).

Quote from: rickjust on July 16, 2008, 11:37:03 AM
hi ares,
if you are a daytrader how come you keep averaging down on  losing position. particularly one that is below the 50ma . i hope these turn around for you .
max

I changed my strategy maxi.

You are the true daytrader.

I just continue to post on this thread (Daytrading - lol) with consensus to keep track of my progress (hopefully) and to see the mistakes and the successes that I've done in the past.

It should probably be renamed to reflect more as Ares' trading journal.

SKF went below the hourly red uptrending rtl adn closed as a red candle on the daily chart after a doji that went outside the uptrending channel.

Will this new hourly downtrend continue?

If it does, which channel to follow?

Pink or red descending hourly channel?

Maybe something else - we'll see.

your UYG  having a good couple of days here for you.
good luck,
max

Another thing, UYG closed above the blue line (WW#5 of the daily chart) on the TOS chart (stockcharts was showing 17.30).

A lot of UYG posters seem to consider the 17.30 close as incorrect.

How many will "run with the wolves" today?

gl

SKF

Daily chart: Doji near the rtl.

Hourly chart:  Price went below the rtl of an uptrending channel.

Drew a red descending channel and added a volaitily expansion line.
Drew a pink descending channel which price broke out of.

5 minute chart:

It looked like a head and shoulder at first.

UYG

5 minute chart:

It looked like a wolfe wave at first.

The 5 minute UYG wolfewave pattern that I saw did not follow through this time.

Hmmm. Wonder what's in store for tommorow.

TD update:

UYG
#1 at 29.11, open
#2 at 30.55, open
#3 at 33.45, open
#4 at 36.25, open
#5 at 34.56, open
#6 at 32.10, open
#7 at 32.05, open
#8 at 31.51, open
#9 at 30.58, open
#10 at 30.09, open
#11 at 29.12, open
#12 at 29.01, open
#13 at 28.71, open
#14 at 27.91, open
#15 at 27.66, open
#16 at 27.52, open
#17 at 26.47, open
#18 at 24.56, open
#19 at 22.23, open
#20 at 20.58, open
#21 at 19.01, sold at 20.49
#22 at 16.85, sold at 19.49

Interesting how the ltl of the pink descending trendline was the high of the doji on the TOS chart. " Tea leaves"?

Also attached is a chart from stockcharts (to have a different perspective) showing a close above the 8ema.

It's nice to see Divergencereport (from yahoo UYG board) become a member in here.

I'm looking forward to your comments/charts divergencereport. 

Attached is a wide angle of the 4 charts that I look at with a lot of my "scribbles".

I'm about to erase some lines so I decided to make a copy and post it here for easy future reference.

Here's a shot of the UYG daily chart. (wide angle view and close-up).

Interesting to see how price seemed to have used the ltl of the pink channel as support (the close sitting on the pink ltl) after it went above it.

Here's another perspective of UYG using stockcharts with comments on the side.

The daily macd cross may be a signal for short term bulls ( I wrote mid term on the side)  to enter a long position?

Added some additional notes on UYG's daily chart.

There seems to be more and more bullishness on UYG from these links:

Divergencereport's blog: http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID2945369

Mojo's Youtube presentation: http://ca.youtube.com/watch?v=ItZXCaUZhmw

Melf's UYG 10 minute bearish wolfewave getting made:
http://melfsworkshop.blogspot.com/
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_U/threadview?m=te&bn=57417&tid=8206&mid=8206&tof=27&frt=2#8206

On the TOS chart attached,

Price hit the "yellow resistance line" of the 5 minute SKF chart earlier - but - ended up breaking above it.

The hourly chart is currently showing price right at the ltl of the bear flag (yellow channel) that I was looking at today.

I was expecting a sell off on SKF today (since there seemed to be a lot of indicators that were giving a sell off signal).

When UYG made a higher high above the 5 minute opening range, I said to myself - "that's the signal for bulls to go long".

When UYG made a higher high above the 15 minute opening range - it felt like that was a confirmation.

I then placed and order to sell UYG at 23.99 and 27.29 to sell into strength - it expired

Now, I'm considering taking a long position on SKF because " I may miss the bounce off the rtl of the daily uptrending channel" (fear of missing out).
Still battling a bit with these emotions: FEAR and GREED

If the bear flag pattern on the hourly chart of SKF fails and goes up instead, I could ride it up while UYG retraces.

If the hourly bear flag of SKF does break to the downside, the measured move would be at ...? (not too sure how to calculate it - Melf, help! - or anyone).

Which would be a better entry if going long SKF?:

Wait for a daily higher high and look for an intraday entry or
Wait for SKF to tank - then enter?

Hopefully, I'll get a better perspective tommorow (and make the right decision).

Looking forward to your logical opinions.

Decided to take a look a t the UYG daily chart.

Interesting that the low seems to have just touched the ltl of the pink descending channel and used it as support.

Yesterday, it was the close that touched the pink ltl.

UYG is still currently above the blue line (WW#5) and outside the "protection" of the descending pink channel.

Wolfewave still in play?

Seems hard to think right now that price can break through those resistances ( but we recently saw how the Wolfewave taget got made on SKF at Melf's blog).

We'll have to wait and see if UYG's target will also get made (if this is a valid Wolfewave in the first place).

(When UYG made a higher high above the 5 minute opening range, I said to myself - "that's the signal for bulls to go long".

When UYG made a higher high above the 15 minute opening range - it felt like that was a confirmation.)

Good Morning, Jegejig,

Those "higher highs" and "higher lows" can be tricky because they're "supposed to be" bullish, but they also occur in Bear Flags, Bearish Rising Wedges and Bearish Wolfe Waves, and they aren't the least bit bullish. They're BEARISH. Annoying, isn't?!

Volume can help with that. Look at the 10-Minute Wolfe Wave chart that I posted yesterday. At yesterday morning's Wave 5 upside fakeout to 21.63, volume was less than it was at the push higher at Friday's open, and MUCH less than it was at the Wave 1 high.

The UYG then made "lower highs" and "lower lows" which "should have been" a BULL Flag (the pattern was OPPOSITE of the upward direction off the 14.08 low), but it broke to the downside, and the Bearish Wolfe Wave also broke to the downside, to 20.50, at noon. That's an "uh-oh."

Noon to 1:30PM was the Bear Flag rally (pattern in yellow on yesterday's chart), chasing the underside of the rising broken Wolfe Wave. On that rally from 20.50 to 21.06, volume went lower and lower. Another "uh-oh." Then the Bear Flag broke down, sealing the deal. TWO bearish patterns had broken down.

(If the bear flag pattern on the hourly chart of SKF fails and goes up instead, I could ride it up while UYG retraces).

That isn't a Bear flag. Flags always are formed in the OPPOSITE direction of the flag pole. Your flag pole is the downward sloping channel in pink. Your flag also is sloping downward, so it's a BULL flag. I can see where you got confused on that one. You kind of have to think upside down on those. LOL.

It also isn't a flag because it's gone on much too long. Flags are continuation patterns that form after a strong directional move (the flag pole), then it's "let's get on with it" in terms of the overall trend, within a reasonably swift period of time. Flags don't drag on like that (your pattern in yellow).

Good luck, you're doing great! Thanks for all of your effort.

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Melf,

That's the kind of response I'm looking for!

Thank you so much for your generosity.

I feel like you are my personal mentor

You have been a great help before and still are.