I have a Crystal Ball and it works! Only in hindsight J… Here it is I pondered if BRCD would run to $8 on 4/15 before what I consider to be a bear market rally runs out of steam… http://spiketradeblog.blogspot.com/2009/04/brcd-bull-or-bear-y-eric-f.html Looks like the rally has got more room to run. But the BRCD daily chart is flashing some interesting signals…I digress, I don’t want to get caught up in semantics, I don’t really like to use the term bull market or bear market, it is sort of like a label because I can be both based on what time frame I am looking at. I think the market is either trending higher or lower or chopping about going sideways. All I can say about this week is WOW! What goes up fast tends to come down fast also! I would not be surprised to see all these gains wiped out to set up a “double bottom” for some… at this intermediate pull back point…”We shall see said the blind man” is my mantra. The monthly indexes are showing the uptrend to sideways chop is intact and I figure it will likely be several months before value is reached and another major direction may be set...
Now back to the BRCD chart at hand…Not sure when this thing will run out of gas but it is looking to me like a weak advance…The 52 week high lies at $8.42 all former gaps in the daily are now closed…Somebody once said- “sell new highs”…Looks like a short opportunity may be coming in this one…
Good Trading,
Eric F
Wow. Talk about indicator overload! Sorry, but that post was the most incomprehensible post I have seen on this blog in a long while. All I can really say in response- good luck!
ReplyDeleteThanks Mike!
ReplyDeleteEveryone develops their own methods- I like mine "full" so to speak! And to me it is hardly indicator overload- it gives me a clear picture of what is going on...especially when it is combined with triple screen analysis.
It you can't figure out the meaning of the post- sorry that is just my ramblings...I will try to spell it out.
1) I recommended a trade on BRCD that would have netted anyone on this blog 100% gain in 3 months!
2) I called the "bottom" on March 7 as a comment to Alex's already bullish views...and was waiting for this multi-month rally to begin...now the question remains how many months? http://spiketradeblog.blogspot.com/2009/03/preparing-for-bullish-market.html
So I hope this makes it clear!
I never have a problem reading my charts. I have been doing it for almost 10 years. And I can understand how someone might think it is "Indicator Overload"...I have been told the same by Alex! And have told him the same. I always can come up with an opinion or decision looking at my charts.
Good Trading,
Eric F
Dear All,
ReplyDeletethe ultimate goal is to trade well and to make profit!
We have our preferences, but we all are open minded; otherwise, we would not like to discuss on this blog.
I enjoy allways reading and going over the presented charts and comments.
Keep up with these great discussions.
Andreas R.
I respect that. I definitely have my quirky trading strategy as well. Cheers!
ReplyDelete