3SOF

Here is a shot of a UYG hourly chart with a perceived cup with handle.

Will it go for the target in the 27's?

We'll have to wait and see.

gl

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 22.17, sold at 23.71
#20 at 21.01, sold at 23.03
#19 at 23.57, open


SKF

#1 at 144.44, open
#2 at 137.57, open
#3 at 122.72, open

Sold #19 and #20 at a profit

but ended up re-entering too early at 23.57 for the new #19.

Let's see if emotion could be better handled today.

SKF charts

UYG charts

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 23.57, open
#20 at 21.53, open


SKF

#1 at 144.44, open
#2 at 137.57, open
#3 at 122.72, open





After brenda posted an intent to buy at the 21.47 mark, I  gave brenda a heads up that  I was looking at 19s for a possible 5 minute chart head and shoulder measured move.

I told her that I may also consider 20.76 but that the 21.53/21.42 area looked tempting.

I was also looking at the 5 minute chart for the bollinger band to expand and was trying to be patient for a momentum low entry.

When UYG paused around 21.53 and green started coming in the time and sales, I bought just to see the volume come in outside an expanded 5 minute bollinger band a little later at 20.96.

http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_U/threadview?m=te&bn=57417&tid=10943&mid=10943&tof=11&frt=2#10943

The chart below is the shot shortly after I bought.

Here's the "battlescreen" for today.

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 23.57, open
#20 at 21.53, open
#21 at 19.67, open


SKF

#1 at 144.44, open
#2 at 137.57, open
#3 at 122.72, sold at 128.97

Sold SKF for a profit at 128.97 from 122.72 because it looked like there was a #5 fakeout/volatility expansion.

I also bought UYG at 19.67 based on that set up.

This seems to be the second pattern I've seen near an intraday top.

I will continue to observe if this pattern repeats.

I also noted that if the red rtl gets broken, SKF may fall.

It looked like a possible wedge.

Here's my annotation of the SPX yesterday.

Here is my most recent annotaion on the 3 timeframes of SKF

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 23.57, open
#20 at 21.53, open
#21 at 19.67, sold at 21.07


SKF

#1 at 144.44, open
#2 at 137.57, open

Here is the SKF chart I was looking at yesterday that has a possible head and shoulder pattern.

There also looks to be a wolfewave pattern but I wasn't sure if it has the correct symmetry.

http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_U/threadview?m=te&bn=57417&tid=11196&mid=11196&tof=19&frt=2#11196

Here is a 1 minute chart of UYG on its 3rd (steep descending trendline) with what looks like a bounce on the green uptrending trendline.

UYG did bounce from the green rtl.

Here is where it went above on what I thought was a yellow channel (but now it looks like the there was no validation on the yellow rtl).

Here is a shot of what I thought was a cup and handle.

When price went above what I thought was the pivot point, I was thinking - this is it - it is going for wave 5.

It turned out to be a bull trap!