3SOF

http://finance.yahoo.com/q?s=PRTY.L

PartyGaming dropping 60%. Not sure if we want to re-enter at $10

Update:

All the online gaming related stocks should be down today; although GIGM is not a direct player on the US we'll quit this re-entry strategy for the moment and wait on the sidelines.

Trading Plan:
No plan / cancel any entry order in place and wait on the sidelines.

njshiva and valueseeker,

Thanks for the alerts.  Applauds.

If GIGM gets trashed with the sector and gaps down, or falls below, the Bearish Wolfe Wave target line at #6 (about 10.61 at the open), I'm thinking that it will test DOUBLE support around 10.10.  If that doesn't hold, possibly 9.55 - 9.60.  See next two posts for those two.

Quote from: Melf Elf on October 02, 2006, 07:53:56 AM
I'm thinking that it will test DOUBLE support around 10.10. 

Roughly 10.10 is both the top of the big pattern breakout (purple trendline), and the top of the little Rising Channel (pattern in green) that provided support on three occasions, at 9.43, 9.46 and 9.49, prior to the big pattern breakout.

If GIGM falls below the purple trendline, the upside target of 14.88 goes ON HOLD.

Quote from: Melf Elf on October 02, 2006, 07:53:56 AM
If that doesn't hold, possibly 9.55 - 9.60. See next two posts for those two.

Basis the intraday chart, the Bearish Wolfe Wave also has the look of a H&S Top.  Neckline: 11.10 and 11.03.  The neckline was at about 11.08 when the 12.55 high of the Head was put in, so if it breaks to the downside, that would put a target of 9.55 IN PLAY.

Math:

12.55 - 11.08 = 1.47 points

A break at 11.02 - 1.47 points = Target: 9.55 IN PLAY

The 50DMA was at 9.59 on Friday's close.

Just some patterns/price levels to watch.

GIGM gapping down hard on the news that the US Congress passed a bill cracking down on internet gambling.  This totally killed a lot of other UK based gaming companies today (e.g. Partygaming, one of the biggest in the UK down over 60%).  Now while we know that GIGM have no interests in US gambling markets, how heavy do people think this is going to affect GIGM?  Could we see a move back to the $7 range here?

Any thoughts on whether this should be seen as a buying op (presumably GIGM is still fine despite this) or will the market repercussions will weigh on GIGM for some time?

Quote from: Melf Elf on October 02, 2006, 08:11:56 AM
The 50DMA was at 9.59 on Friday's close.

CORRECTION: Sorry, 9.59 was Thursday's reading.  The 50DMA was 9.67 at Friday's close.

GIGM currently is indicated at BID 9.90 - ASK 9.99.  We'll see if it can climb a little, to 10.10  DOUBLE support, or if that's going to get broken at the open.

Frederick, your 11.50 exit and 25% profit looks even better than it already did! 

Wow!  Thank you 3SoF for helping me out of this position.  GIGM was a huge gainer for me from last year.

down  $1.5  in less that 10mins... more than 1million trade. 
glad 3sof pulled the trigger on this one last week.

Quote from: Melf Elf on October 02, 2006, 08:41:14 AM
We'll see if it can climb a little, to 10.10  DOUBLE support, or if that's going to get broken at the open.

Gap down below 10.10, and in the early going, 10.10 - 10-11 is RESISTANCE, rather than the support that it "should have been."

broke the 10.10.  Anybody reentering?

D

Quote from: danman3459 on October 02, 2006, 10:11:12 AM
broke the 10.10.  Anybody reentering?

D

I decided to take a speculative position at $9.4... I think the market overreacted.. looking good so far 

I also reentered at 9.40 and lookng forward to sell today around 10.35

Just got confirmation out again  at 10.37

Quote from: jorgegr on October 02, 2006, 10:55:57 AM
Just got confirmation out again  at 10.37

So you're the bastard who blocked my 10.39.   

JK.