3SOF

Hey profits are profits, and that is what matters!!

The worst thing that I always do when I sell for a profit is to jump straight back in because I think it is going to run away from me.  Often those are the times when it will reverse on you and chew up thos hard earned profits.  I would hold off for now and look at it in the light of the end of day.  If the breakout holds and looks set to continue, buy back in tomorrow or Monday once you have a better feel for it.  Terliso could be right (and me wrong) about this one, and you don't want to lose what you just made by being hasty.  Even if you end up getting in at a higher price, if subsequent action confirms your opinion about the legitimacy of this move, then you can buy back in with confidence.

Just my thoughts on the matter....  good luck in any case!

ST

I haven't looked at GIGM since I decided to pass on the trade because of the heavy volume reversal, at earnings.  There was a golden opportunity to buy it at the open this morning, but with so many stocks...so little time...I wasn't watching this one.

Quote from: rickjust on September 07, 2006, 10:38:29 AM
on fire!

Yep!

Quote from: tokyopua on September 07, 2006, 12:15:59 PM
No kidding! Nice volume too, and without any news. Only about .15 away from the all time high of 10.78 as I type...

This is what's known as "a technically driven rally."  There might be some news that wer'e missing, but GIGM didn't need any news to rally today.  Here's why:

1. Look at the channel that formed off the August 10 low, at 8.01.  There were 3 hits to the top of the channel, labeled on the chart below.  The third hit validates the trendline and "suggests" that if it gets taken out to the upside, it should have some significance. 

This is a good example of how Rising Channels aren't always bearish, although often, they are.

2. There was a gap up breakout on August 31, where I have the arrow.  As near as I can tell, the breakout was above 9.42, so that breakout put a target of 10.82 IN PLAY, (EDIT: sorry, it's 10.83 IN PLAY) as long as GIGM remained above the breakout.

3. GIGM not only remained above the breakout, look at the beautiful technical work, after the breakout.  The stock came back and tagged the top of the channel right after the breakout, then went into a Symmetrical Triangle formation.

There were three hits to the top of the Channel/Symmetrical Triangle, at 9.43...9.46...9.49.  That was THREE confirmations of the technical breakout above the channel, and in the process, GIGM formed a Symmetrical Triangle pattern, giving the chart further strength.

4. At yesterday's close, the chart was "champing at the bit" for the upside breakout.  The technical work was done, and the chart looked very strong. 

The breakout came right at the open, GIGM raced higher on volume, and the 10.83 target MADE.

My philosophy is "Take profits when targets get MADE," but that doesn't mean that the stock won't go higher.  It already has gone a little higher, over 11.00.  This is a new multi-year high in the stock, so there's NO RESISTANCE overhead, to stop it from going higher.  That's a big positive for more rally.

There's always risk in stocks, as we know, and we don't want to turn a winner like this into a loser.  To defend against that, I'd suggest a stop near where all of that nice technical work was done at the channel and the Symmetrical Triangle.  Something like 9.50, for now.  That's a lot of give back from here, but it gives you room to see what the stock is going to do next, and allows you to have a big winner.  You always can adjust the stop higher as the chart plays out.

Just a suggestion, of course.

Congratulations to all of you holding long.  That's wonderful!

Quote from: ScottishTrader on September 07, 2006, 02:03:53 PM
Hey profits are profits, and that is what matters!!

Exactly, the worst thing that I always do when I sell for a profit is that I usually sell too late so that most of my profits are gone, so don't get me wrong, I'm quite happy now, even if it goes higher from here!

Quote from: Melf Elf on September 07, 2006, 02:06:43 PM
This is a new multi-year high in the stock, so there's NO RESISTANCE overhead, to stop it from going higher.  That's a big positive for more rally.

Sorry, I should clarify that: There's NO RESISTANCE going back to the Summer, 2000, when GIGM last was at this price level.

"The farther out in time that resistance is, the less resistance it becomes."  In this case, it was six years ago, so anyone who rode GIGM down from this price level to a low of $0.20 and is still holding it they are long-term investors, for sure, and they aren't as likely to sell as they would be if that kind of horrilbe paper loss had been recent.

By the way, GIGM was over $90 in March, 2000.  Imagining riding it down to a low of $0.20!    I would show you that on the chart, but then the last six years of trading at this level looks like a tiny little blip on the chart, and it's barely discernible.

"Honor Thy Stops!" 

The heavy reversal volume at earnings on August 8 was 4.6 million.  Volume on today's breakout is right a 4 million with about 1½ hrs. of trading remaining before the close.  That's very nice.

Good luck everyone! 

Quote from: Se7en on September 07, 2006, 01:54:30 PM
I'm just a beginner but I always find it difficult to determine when it's a 'good' time to sell!
Maybe there will be a sell off but on the other hand this puppy could keep on going the next few days, how can we  know what it will be ... 

profits are profits. as a begginer learning to take profits is the most important . and don't worry if it runs away from you. we all can say woulda coulda but it is better to move on look at the next opportunity , there is always another chance in the market
maxi

Thanks Melf Elf, I'm in since 3soft recomended it.

Great day longs !

News are coming.

Regards

Quote from: Goldeneyes on September 07, 2006, 02:45:12 PM
Thanks Melf Elf, I'm in since 3soft recomended it.

Great day longs !

News are coming.

Regards

Probably... news must be coming
Anyway, GIGM is saving the 3SOF Portfolio today

I got out at $ 11,18. Got in a little earlier than 3SOF did. Great profit  ::)Love this stock. Definitly saving my portfolio at the moment  .

Will keep an eye on GIGM. See if there's a nice entering point again. Didn't want to let the profits run awau like I've done on some stocks. GIGM moves up and down a lot. Figure I can take another ride  .

Amarens

GIGM just passed the volume spike made on May 8th, and is running again into this close.  WOW! 

Nice close, let's see what tomorrow brings!

Quote from: AussieTrader on August 29, 2006, 09:41:24 AM
Technically GIGM really is doing all the right things. Higher highs, higher lows. Banging its head on rock hard resistance. Just lacking the power tool of VOLUME to break it convincingly.

I like todays 'power tool' You know you can have all the technical analysis in the world, bottom line though really comes down to VOLUME and BUYERS. When both coincide this is what happens. This is no news technical breakout, but I would suspect there is news lurking somewhere round the corner to do with Mahjong for money roll out (Q3 was the start date) or something along those lines, no doubt we will see in the coming days perhaps.

Quote from: jorgegr on September 07, 2006, 01:32:42 PM
Would sure like to read Aussie's opinion at this moment.
jorgegr

Not a bad day jorgegr

It was such a convincing day of heavy volume sustained throughout, no gap in the chart, closing near the high of the day, no resistance (except long ago so not really an issue) and now fully reversed the selloffs following the Q1 and Q2 earnings release. GIGM will have hit the momo radars today so I expect some follow through on Friday, everyone who bought GIGM in 2006 is 'in the money'

Somethimes there are stocks you always make money buying and somethimes there are stocks you always seem to lose money buying. GIGM is my 'always make' stock.

Haven't had time to assess targets or stops yet, On Sept 5th I moved my stop to $8.81, me thinks it needs revising now

Finally congrats to Smartwrasse, he just held his shares throughout these past fews months and probably is doing better than those of us who perhaps dipped in and out some.

Hey my GIGM friends.

Sorry for you the board has moved.

Today was a rock solid technical breakout, eclipsing the Q1 and Q2 earnings peaks (then sell offs!)
Volume was heavy all day, no gap in chart and above all resistance, all in all a 1st class breakout.

Double top could be in play, but my thought is not. I guess there is probably news lurking regarding Mahjong for money going live (Q3 was rollout time) or some licencing deal that will maybe come out over next few days.

Based on todays action I expect continuation Friday followed by consolidation above $10.

Good TRading

Hi,

Stock of the day...

Technical analysis :
1. Chart pattern : "Cup and handle" is formed
2. Volume : High volume on breakout
3. Candlestick : a long white day -> bullish signal.

Close at 11.16
Target : Sky is only THE limit
Stop loss at 9.65

Update:
GIGM breakout to new highs... well, not new highs but long term relative highs, since the last time GIGM was above $11 was during the 2000's correction from $91 (all time high).
Yesterday candle was a triple breakout, with GIGM closing above a descending resistance, last month's high and May's relative high, volume was huge, bigger than the earnings red candle.
This technical setup with no news in place suggests an upside continuation, or at least some consolidation above $10.35 for now. News is probably coming out soon (and probably explosive news), so we can't sell our position yet. As a precaution measure we're just moving our stop higher and let this beautiful chart developing

Trading Plan:
Hold GIGM with a stop @ $10.00

Regards !

Nice trade rams!

GIGM definatley looking bullish  (applauds)

-fous