From G Pattern to STEPS

[422fwhp]

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[for3J1M]

aussietrader-great thread.  i have been following it on IRSN. hoping we are heading into the run!!

[dhiraj19]

Great education. Can you tell me if CGR is in STEPS or not?
Thanks,
Dhiraj

[AussieTrader]

aussietrader-great thread.  i have been following it on IRSN. hoping we are heading into the run!!

Good luck with IRSN for3J1M, watch out for resistance failure around that $2.40 zone.

Great education. Can you tell me if CGR is in STEPS or not?
Thanks,
Dhiraj

Hey Dhiraj, For me the CGR chart does not display the type of conditions STEPS tries to find, the most obvious being volume, there is no volume signal that stands out from the chart. That's not to say CGR will do well, just that it doesn't pass the STEPS trigger.  Take a look to for3J1M's IRSN chart or the MAMA chart then you will clearly see what STEPS tries to catch - Volume (on the trigger) must stand out from the chart.

Good luck with CGR.

[OneStockMind]

OK, does BANY now qualify for STEPS?

[jerom]

AVVW is looking nice for a possible STEPS set-up

[rickjust]

hi,
this should qualify as a steps play. huge volume on the first day. nice pullback. and a bullish candle today. what do you think?
got in pmed today .021
decent volume today . and a touch of the 10ma . might be ready for another run up. didn't end the day on the high so might open lower . a good chance to get in .
maxi

[rickjust]

hi,
well i hoped for continuation from yesterday, instead i got a close at the low of the day. bummer. i should have known yesterdays close and today's open weren't too promising for a quick swing trade . now either it will consolidate and move higher or just drift lower over the next few days. pennies don't usually stick around too long .
i will hold for a couple of more days to see.
maxi

[tokyopua]

hi,
well i hoped for continuation from yesterday, instead i got a close at the low of the day. bummer. i should have known yesterdays close and today's open weren't too promising for a quick swing trade . now either it will consolidate and move higher or just drift lower over the next few days. pennies don't usually stick around too long .
i will hold for a couple of more days to see.
maxi

I have noticed that a lot of these will consolidate around the (9 or 10)ema for awhile before taking off again.  I have a few like this on watch, like HBSC which is a few days into that kind of consolidation. 

My intraday scan is actually bringing up all kinds of STEPS candidates, but I havent been playing because the other aspect I want is to see if they are solvent companies using fundamental analysis like David is doing in the new portfolio.  Just got "Mastering Fundamental Analysis" in the mail today towards that goal

The hard part seems to be how to know whether the gspot breakout will happen in a few days, or a month later.   I wonder if Aussie has gotten enough information to release STEPSv2.0 yet, maybe that will be one of the topics covered? 

[rickjust]

hi tokyopua,
yes it is tough to know when it wil take off. i was  pretty sure after yesterdays bullish candle that we would get two days out of it. given that it went up 700%
in one day and is now down more than 350% from those levels it should still be able to run but who knows . maybe 68fib will hold support
maxi

[Ares]

Hi Aussie Trader,

ECGI may capture your interest.

1 Big volume and price spike
2 Pullback on on low volume
3 Below $5

Please let me know what you think.

Thanks,

Ares

[rickjust]

hi,
still in pmed,
here is the daily chart
maxi