XING

[Melf Elf]

If XING finishes near here, that would put a Bearish Inverted Hangman on the chart (it would need downside confirmation), so it might consolidate a bit since the 17.20 target MADE.

XING finished with a Bearish Long-legged Doji Star, which is an important reversal signal if there is downside confirmation.

A gap down in today's session, that isn't filled, would leave the Long-legged Doji Star as an Abandonded Baby on the chart, and if XING closes today at 16.27, or lower, the 3-day pattern, including today's session, would form a Bearish Evening Star pattern, suggesting more on the downside.

A selloff here wouldn't be unreasonable, given the 39% rally off the 12.50 - 12.52 QUADRUPLE bottom, in just over two weeks.

A bullish consolidation/continuation pattern now, like a Bull Flag...Symmetrical Triangle...would be healthy for the chart, structurally.

[ScottishTrader]

The 30 minute chart gives an idea of the trendline that has been supporting this move.  I'm placing my stop on the remainder of my position just below his level.  Yesterdays candle does look dangerously toppy, and I wouldn't like to see downside confirmation, but I'm willing to give XING the benefit of the doubt, she's been good to me...

[David Randolph]

Well, XING opened with a gap up, attacked the $17.17 resistance level, but couldn't hold above it. It ended with a doji candlestick, so maybe it will go down a bit today to close the micro gap opened between $16.68 and $16.75.

Anyway, that doesn't matter at all for the long term prospects of the stock, which point to a much higher than the current share price, so I'll keep holding.

[Melf Elf]

A gap down in today's session, that isn't filled, would leave the Long-legged Doji Star as an Abandonded Baby on the chart, and if XING closes today at 16.27, or lower, the 3-day pattern, including today's session, would form a Bearish Evening Star pattern, suggesting more on the downside.

This morning's gap down wasn't below yesterday's low, so no Abandoned Baby, but if XING closes near here, it puts the 3-day Bearish Evening Star on the Daily chart.

To complete a Bearish Evening Star pattern, today needs to close 50% or more into Monday's white candle, which would be 16.27, or lower.

Sometimes, that pattern gets negated when a stock takes out the high of the pattern, which in this case is yesterday's high of 17.42, but until it does, the Bearish Evening Star pattern gives a strong suggestion of a reversal.

[ScottishTrader]

Applauds Melf, you really nailed it on XING this time, certainly makes up for the loss you took on it before!  The remainder of my position got stopped out this morning, but at 16.40!! My stop was at 16.63!  The gap down and ugly first red candle must have have hit a lot of tight stops this morning.

XING is currently riding a bear channel on the intraday - looks like it could base around 16.00, today at least, but still looks bearish.  I think we could see some continuation down to 15.50 support (previous resistance).   I may look to get back in around there, we'll see.

[David Randolph]

It ended with a doji candlestick, so maybe it will go down a bit today to close the micro gap opened between $16.68 and $16.75.

Yep, people took some money out of the table on XING, as it filled the gap left opened on the rise. Probably the traders that took profits will be forced to get back in after XING breaks out above the $17.17 resistance level to a new 7 year high.

I'm confident that $17.17 won't be a problem for long, since fundamentals are as attractive as they can be, as you can read on the rest of this thread.

[ScottishTrader]

XING formed an H&S top on the 15 minute intraday chart, breaking down below the neckline at 16.42 yesterday.  It rallied late in the day to test this neckline, but failed to close above it.  Looks like a good short term short setup to me, as it gives a good risk:reward on the trade with a tight stop above 16.50, provided XING opens near where it closed yesterday.  Target of the H&S top is 15.42.

Your kinda pattern Melf, thought you'd like it 

[Melf Elf]

XING formed an H&S top on the 15 minute intraday chart, breaking down below the neckline at 16.42 yesterday.

Scotsman,

Right. 

The Head was a Descending Triangle, that put 16.20 IN PLAY when 16.81 broke on yesterday's gap down below the 16.81 lows.

Math:

17.42 - High

16.81 - Identical lows

17.42 - 16.81 = 0.61 points

16.81 - 0.61 = Target 16.20 IN PLAY

16.20 MADE ten minutes after the neckline of you H&S Top broke to the downside.

This morning's rally to 16.90 was a gap-filling Bull Trap, back to Tuesday's 16.88 close, so that gap was filled, and XING went back below the neckline.

We took out yesterday's 16.00 low and did a partial gap fill of 15.82 - 15.75, from Monday's gap up to 15.89.  The low thus far today is 15.81.

Target of the H&S top is 15.42.

Yeah, I get about 15.35, so those are close. 

We might not get it, since the trend is bullish.   The partial gap fill of 15.82- 15.75 could have been good enough for this selloff.  Targets against the dominant trend are less like to get MADE, so we'll keep that in mind.

Your kinda pattern Melf, thought you'd like it 

Yes, I liked that.  Nice work! 

XING currently is BID 16.03...ASK 16.04

[Melf Elf]

Scotsman,

I'm daytrading this Ascending Triangle.  Needs to print 16.36 to breakout.

XING currently is right there, at BID 16.34...ASK 16.35.

A breakout should get it back to your neckline, at least.

[Melf Elf]

Okay, there's 16.36.

Actually, it jumped right over 16.36, and printed 16.37..16.39...16.40...

Probably a crowd right there, wanting the little breakout.

XING now is BID 16.41...ASK 16.42

[Melf Elf]

She's making another little move higher here. 

I'll stop it out at 16.30, below the 16.31 low, prior to the breakout above 16.34.  We've got to be pretty close to your neckline now, but I'll play it into the close.

XING currently is BID 16.48...ASK 16.50

[Melf Elf]

Another little breakout above 16.52.  Raising my stop to 16.42, below the last low, at 16.43.

[Melf Elf]

Sold at 16.64. 

 

[ScottishTrader]

Well thats an afternoon's entertainment...   

[ygtrdr]

Nice trade melf!