3SOF

Quote from: nullzero on May 19, 2006, 10:58:42 AM
nice trade melf... I screwed up and bought 1k more at 9.14 thinking it was going to hit below 9.

nullzero,

Thanks.  Yeah, you want to be careful about your entries.  Applause for your honesty with yourself about that, and for sharing it.

See the bottom trendline of the Bearish Rising Wedge?  You want to short relatively close to that, like you did iniitally.  Once it falls away from that like it did this morning, you're putting yourself at a disadvantange on the trade, the farther away it falls.  You're giving up more and more of the profit that you would have had, shorting closer to the pattern breakdown.  Same with breakouts on long positions.

I don't mean just GIGM.  Any short.

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Im doing good now though 9.16

Great!  I hope it's a winner for you. 

Quote from: beroznikmal on May 19, 2006, 11:10:59 AM
Still shirt.. initiated short at $9.78

B.,

So far, so good!  Be sure to have a stop.  Nothing wrong with taking partial profits, either.

QuoteTMTA/GIGM.. The rasing wedge is beginning to be a godd friend of mine...

Thanks MELF....................

If you keep this up, you'll be able to write a book on Rising Wedges.    

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ESLR would of been a great short this morning or yesterday.

Quote from: nullzero on May 19, 2006, 12:02:21 PM
ESLR would of been a great short this morning or yesterday.

nullzero,

You're reading my mind...I just was looking at ESLR.  It's taken out the low of those two Doji Stars, at the 200DMA.  The market is wicked this week.

Personally, I don't like to short stocks that are this far into a move.  The place to have shorted it, in my opinion, was early May after the Bull Trap fakeout that got me, when ESLR went back below the neckline of the H&S Top.

I can read minds what can I say . I feel bad gave you opinion to cover back then the way it was looking at the time it was bullish but like you said was a bull trap.

Quote from: nullzero on May 19, 2006, 12:18:04 PM
I can read minds what can I say .

Psychicnullzero,

   

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I feel bad gave you opinion to cover back then the way it was looking at the time it was bullish but like you said was a bull trap.

Thanks, but don't feel bad at all.  I agreed with your opinion, and I still do.

I always respect a takeout of a Right Shoulder in a H&S Top, even if it turns out to be a Bull Trap, like ESLR.  I cover it because if it isn't a Bull Trap, you can get squeezed horribly, if it really is bullish.

GIGM is an excellent case in point.

GIGM put in a DOUBLE neckline of a H&S Top in early February, at 3.90.  The Right Shoulder was 4.96.

Look what happened when GIGM gapped above the Right Shoulder, on March 20.  Imagine remaining short, and NOT covering the print of 4.97, above the Right Shoulder...4.98, above the Left Shoulder!

   

HONOR THY STOPS!

yes no question that is my problem... hehe if you read my thread I loose myself not selling when i should with max loss.

Quote from: nullzero on May 19, 2006, 12:49:30 PM
yes no question that is my problem... hehe if you read my thread I loose myself not selling when i should with max loss.

nullzero,

Very common mistake.  "If I don't sell, it isn't a loss...maybe it will bounce back...etc."  Very costly, too.  I find it best to "steel yourself to your own emotions," and HONOR THY STOP.  It hurts to take a loss, but you "live to play another day."

I bought GIGM today @ 9.19 and sold at 9.40.. but I have been watching and there is a big buyer just taking on as much shares as he can @ 9.40.. again shorts keep an eye out. 

hi,
i shorted today at960 and closed at 927. had to go to work.
small profit in this market,
maxi

im still short... been short since open:P will close position shortly:P

Quote from: eliteG on May 19, 2006, 03:00:22 PM
I bought GIGM today @ 9.19 and sold at 9.40.. but I have been watching and there is a big buyer just taking on as much shares as he can @ 9.40..

G.,

Nice trade, and thank you for all of your yeoman's work  in David's absence. (Applauded earlier).  What an awful, awful week and a half (excepting today...whew!)

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again shorts keep an eye out. 

Here's what my eye is seeing, so far. 

1. Did the Bearish Wedge break to the downside? Yes. On Wednesday.

2. Did the second rally attempt to get back inside the Bearish Wedge fail? Yes, it failed at 10.27.

3. Did it close again, below the Bearish Rising Wedge? Yes. On Thursday.

4. Was the H&S Top in the 13/21RSI confirmed, by price moving down? Yes. Today.

5. Did the stock go down when MACD crossed below its signal line? Yes. Today.

6. Did the stock react well to great earnings? No.  That was the top, so far.

7. Did the stock react well to the analyst upgrade that Oliver posted? No.

8. Did the stock react well to the sale of the ADSL business? No.

9. Did the stock bounce today, off the bullish synchronicity in the 34/55 RSI? No.

10. Did the stock bounce today, in an overall up market.  No.

I'm definitely keeping my eye out for anything over 10.30, because I'll be stopped out for 1.2% loss on that ½ position, unless the danged thing gaps up on me.

 

But I did have a 10.2% gain in the other ½ postion, so that will ease the blow a bit.



Go and have a good weekend!  You have to be exhausted, more than the rest of us, for all of the burden that you shoulder around here.  I greatly appreciate all of your hard work!

Im still short in GIGM 1/2 at 9.71 and 1/2 at 9.30... holder over weekend my stop is at 9.57 hopefully I dont get knocked out.

-- The Bull Measured move for GIGM has met, GIGM needs to retrace.
-- GIGM still a good short to own my estimated target would be about $7.90 to $7.50

New to the site here and I just wanted to say how helpful your charts are Terl, the graphics are great.  I finally opened a margin account and am now able to short stocks and your knowledge and charts are helping me to learn what to look for.  Thanks for all of your insight 

Quote from: Melf Elf on May 19, 2006, 06:35:27 PM

Quote from: eliteG on May 19, 2006, 03:00:22 PM
I bought GIGM today @ 9.19 and sold at 9.40.. but I have been watching and there is a big buyer just taking on as much shares as he can @ 9.40..

G.,

Nice trade, and thank you for all of your yeoman's work  in David's absence. (Applauded earlier).  What an awful, awful week and a half (excepting today...whew!)

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again shorts keep an eye out. 

Here's what my eye is seeing, so far. 

1. Did the Bearish Wedge break to the downside? Yes. On Wednesday.

2. Did the second rally attempt to get back inside the Bearish Wedge fail? Yes, it failed at 10.27.

3. Did it close again, below the Bearish Rising Wedge? Yes. On Thursday.

4. Was the H&S Top in the 13/21RSI confirmed, by price moving down? Yes. Today.

5. Did the stock go down when MACD crossed below its signal line? Yes. Today.

6. Did the stock react well to great earnings? No.  That was the top, so far.

7. Did the stock react well to the analyst upgrade that Oliver posted? No.

8. Did the stock react well to the sale of the ADSL business? No.

9. Did the stock bounce today, off the bullish synchronicity in the 34/55 RSI? No.

10. Did the stock bounce today, in an overall up market.  No.

I'm definitely keeping my eye out for anything over 10.30, because I'll be stopped out for 1.2% loss on that ½ position, unless the danged thing gaps up on me.

 

But I did have a 10.2% gain in the other ½ postion, so that will ease the blow a bit.



Go and have a good weekend!  You have to be exhausted, more than the rest of us, for all of the burden that you shoulder around here.  I greatly appreciate all of your hard work!

Thank you Melf!    It was a tough week... no doubt but we live on to fight another day. 

Great analysis on GIGM and great trade!  The shorts definately have a setup in GIGM.

This is my view on the chart.. after witnessing many momentum, short-trigger and wild moves I feel GIGM's strength lies in the contrarian position(long) at this point.. and while shorts defiantely have a setup technically(as your chart shows) .. I feel with the 20ema pierce and the increase in volume yesterday that GIGM is set for a runaway gap chain reaction type rally that could send it to 15.  I have no position in GIGM though just a theory.