3SOF

Quote from: thai626 on April 03, 2006, 11:23:48 AM
I just didn't want Calven to think I meant any disrespect.  He's an awesome trader much like the vast majority of the members of this website.   

Thai,

You're such a great guy, Calven would know that you meant no disrespect.

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Good luck with MCU...........I saw that you jumped in!

Thanks.  MCU is so thinly traded, I put in an ALL OR NONE order like I did at the last pattern breakout,  not expecting to get filled.  This time, they let me have it at 1.78.  I'm not sure if that's "a good thing, " or not.  I don't like to play thinly traded stocks, but I like the three nested bullish patterns in MCU.  We'll see...

   

MCU currently is BID 1.76...ASK 1.80, with only 55,600 shares traded.

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I'm waiting to pick up shares of LVLT at 4.50 or so.   

Good job exiting LVLT when you did.  Nice trade!  Applause.  4.50 might be a nice re-entry.  You've got some house money to play with.

There's a gap from 4.47-4.54.  The Tenkan-Sen (solid green line) and Kijun-Sen (solid red line) currently are at 4.615 and 4.51, respectively. 

Quote from: Melf Elf on April 02, 2006, 09:33:49 AM
The top of the pattern comes in on Monday, April 3, at 4.065, so a print of 4.07 is a technical breakout

Thai,

BBI reversed yesterday at 4.06 and put in a Bearish Engulfing pattern, so we now know that trendline has been validated as resistance.  A breakout above it "should" have some significance, if only a rally to horizontal resistance.

The gap just below here, at the 50DMA, is 3.79 - 3.81.

Quote from: Melf Elf on April 04, 2006, 08:44:25 AM

BBI reversed yesterday at 4.06 and put in a Bearish Engulfing pattern, so we now know that trendline has been validated as resistance.  A breakout above it "should" have some significance, if only a rally to horizontal resistance.

The gap just below here, at the 50DMA, is 3.79 - 3.81.

Yup.....Looks like it Melf.  Applauds!  Yesterday's close was one ugly candlestick and the price action today verifies it.  I guess you win some you lose some!   

Thai

Might be time to start trading these bear WW's in this red market...

Heres another one Im thinking about...

The Scotsman identified this Bearish Wolfe Wave possibility on The World Market Indices Board.  It has the Fakeout at Wave 5, and the rally from Wave 4 to Wave 5 is a nice Fibonacci extension of the rally from Wave 2 to Wave 3.  It's double the length of time, by 1 week.

Quote from: calven on May 22, 2006, 07:04:35 PM
Might be time to start trading these bear WW's in this red market...

Heres another one Im thinking about...

Nice bounce off the 1-4 line - FTO target of 59-60 in play.

59$ target in play 

Weird Wolfe Wave (7 Waves, instead of 5 Waves)

Can't put up a chart right now, but it looks like GRMN is a WW from May through early July

GRWW Perfect WW!!!!!

Hey guys,

I know the chart bellow is not a stock but I appreciate some advice since I'm not sure if it qualifies as WW ??


Thanks

Classic bullish WolfeWave set-up on OMNI - target for the move around 10.25.  This also corresponds with the W-bottom breakout target of (8.47-6.75= 1.72)+ 8.47 = 10.19.  Just needs to get over near term resistance at 8.45-8.47.  Nice move yesterday though   (See further comments on the OMNI thread).

Keep a watch on ABP as it approaches its LT resistance line.... 


Also keep a watch on that NAT GAS WW pattern - we are at point 6!

I'm trying to learn this wolwave pattern and it looks very interesting.
Would someone please analyze GNBT?
I don't have drawing tools for my charts in the computer.
I printed a copy of the GNBT chart from Stock Charts and drew lines in it.
I'm just wondering if identified the WW properly.

Nope, sorry doesn't look like a WolfeWave in GNBT to me.  If you go right to the top of this thread you should find the key points to a WW.  The main thing is that the stock should have been trending strongly either up or down.  It then forms a wedge in the SAME dierction as the trend.  WW can either form in ascending or descending trends.  If we talk about the bearish case, we would have a sustaned uptrend that started to form a rising wedge.  It then produces a spike to the upside, outside the rising wedge, essentially a bull trap, and breaks back down below both the top and bottom rails of the wedge formation. 

Often the wedge contains 5 points, the first being the first high before the initial retracement and then next 3 being a low, high and another low.  Point 5 is the spike outside the pattern.  WW targets are then measured by drawing a line from point 1 through 4.  What makes a WolfeWave powerful (and we have discussed t here) is that they often form as a result of imbalance in a stocks price.  The point 5 fakeout si a key part of this,  as it traps traders into thinking the chart will have the opposite resolution to what the WW would predict.  These trapped traders then add fuel to the next countertrend movement.

I would mention however, that WolfeWaves are notoriously tricky to spot (and trade) at the point you want them, i.e., just when it has made point 5.  We have found quite a few, but mostly after it has broken down.  The target line doesn't always get made, but as Melf Would say, its a target IN PLAY, so keep an eye out for it. 

Sorry I don't have a chart as an example off-hand, but going back over this thread should give you an idea of what the often look like.