3SOF

I'm with you on this AussieTrader. Nice move so far, resistance comes at $8.80 and we did get a bounce off of it.

Good luck!

uc.

Following the news release regarding investment and 'possible' CECT IPO XING touched the 50sma and powered back above resistance and near 52 week high close on great volume. Technically very strong and should provide perfect stage for follow through to new highs next week. The action prior to the financing release was classic shakeout activity, interestingly seems there is 2M+ shares short on a current 18.6M shares outstanding.

I think the news has negated what did appear H&S top as Melf correctly pointed out a few days back. News can always change the chart.

Good luck to those back in.

Breakout continuation on nice volume.

Quote from: AussieTrader on April 29, 2006, 12:21:26 AM
I think the news has negated what did appear H&S top as Melf correctly pointed out a few days back. News can always change the chart.

Good luck to those back in.

Aussie,

By the time that I was convinced that the rally back above 8.50 looked for real, it had gotten too far away from me, and I decided not to chase it.  The 9.62 target MADE without me.   

Nice job catching the rip to the upside early.  Applause.  Also applause to Frederick for the original pick.  A win is a win. 

Thanks Melf, keep up your good work on the boards

Aussie and Melf,

You guys have a target in mind on this recent breakout?

Quote from: bocasva on May 03, 2006, 10:14:30 AM
Aussie and Melf,

You guys have a target in mind on this recent breakout?

bocasva,

The last of my targets from the November, 2005 and March, 2006 pattern breakouts, 9.96 MADE yesterday.

When the neckline at 8.50 broke last Thursday, I thought that my 9.62 target was an "almost MADE," (the high of the pattern was 9.51), and that we'd correct some more on that breakdown, then make the upside targets later.

The fundamental news reported by Aussie (applauded) trumped the technicals (the break of 8.50 put a downside target of 7.49 IN PLAY) as we now know.  XING  got only to 8.08, then took off to the upside, making both the 9.62 and 9.96 targets sooner, rather than later.

The Right Shoulder of the April H&S Top pattern, as you might remember, has two defects: it's too tall and too wide, however, it sure looks like a H&S pattern, and it acted like one when 8.50 broke to the downside.  I think we got to 8.18 in just one minute when it broke to the downside.  "Everybody knew 8.50 was support."

Since we've taken out the high (9.51) of the H&S pattern, that puts Target: 10.52 IN PLAY, as long as XING remains above 9.51.

Math:

9.51 - High of the Head of the H&S pattern
8.50 - Neckline

9.51 - 8.50 = 1.01 points added to the breakout above 9.51 = Target: 10.52 IN PLAY

Reinforcing that idea is the fact that, after Monday's breakout above 9.51, Tuesday's low was 9.52.  "Former resistance at 9.51 became support," which is good.

If XING goes back below 9.51, the 10.52 target goes ON HOLD.  If XING goes back below 8.50, the 10.52 target gets CANCELLED.

Since the 9.62 and 9.96 targets have MADE, you might want to consider taking some profits, if you haven't already.  Just a suggestion.  "Take profits when targets get MADE."

On the upside, XING could go much higher than 10.52.  That's just what's IN PLAY from the H&S pattern breakout.

Good luck!

Thanks Melf, really appreciate it.

Not setting a sell target just yet, put my stop at $9.49 just below the breakout.

Thanks Melf Elf for your detailed answer, it really helps out a lot(and thanks to Aussie, too).  I sold 1/2 my position today at open to protect some profits and will let the other 1/2 ride as far up as XING wants to (have placed a 9.49 stop just in case it doesn't work out).

Quote from: bocasva on May 04, 2006, 11:06:24 AM
I sold 1/2 my position today at open to protect some profits

bocasva,

You caught the high of the day so far, and that was a good idea to protect some of your profits.  Applause.

Quote
and will let the other 1/2 ride as far up as XING wants to (have placed a 9.49 stop just in case it doesn't work out).

There you go!  Aussie's plan sounds like a good one.

Good luck.  I hope you guys make MORE $$$. 

Quote from: Melf Elf on May 04, 2006, 05:02:34 AM
9.51 - 8.50 = 1.01 points added to the breakout above 9.51 = Target: 10.52 IN PLAY

bocasva, Aussie, and usedcasting,

Al-l-mos-st got the 10.52.    Nice going, guys.  Applaud you all.

Quote from: AussieTrader on May 04, 2006, 10:48:19 AM
Not setting a sell target just yet, put my stop at $9.49 just below the breakout.

Yesterday XING tested support and found it nice and strong, touching almost exactly the rising 9ema. My stop was at $9.49 and I will revise upwards following yesterdays action later today. My strategy with XING is to let it run for now I don't have an exit target....yet.

Quote from: AussieTrader on May 09, 2006, 08:54:09 AM

Quote from: AussieTrader on May 04, 2006, 10:48:19 AM
Not setting a sell target just yet, put my stop at $9.49 just below the breakout.

Yesterday XING tested support and found it nice and strong, touching almost exactly the rising 9ema. My stop was at $9.49 and I will revise upwards following yesterdays action later today. My strategy with XING is to let it run for now I don't have an exit target....yet.

Same thing here, I've moved my stop to 9.89.....

stopped out at $9.87