In at 3.85.
Bull flag breakout. Nice pattern, though it got a little close to the apex for my tastes.
Update 6/4/09: Decent pattern so far, not perfect,but not failed.
UPDATE 6/15: Still holding:
Update 6/16: Not sure if I wanna keep holding these breakouts when the market is stalling. Still holding until SPX breaks down:
In at 11.42 on the bull flag. Check image for technical pattern info:
Another 2.8 move will put us at 14.22. If we look at it percentage wise, a 32% move up would put us at 15.04. Chart resistance is at levels shown:
UPDATE 5/19: Sold out of this because it was never really a "breakout". It certainly is a potential future breakout, but I'd rather wait for confirmation before holding it for another full swing down then up.
Awesome bull flag setup. 3% above buy point, confirming strength with price and volume:
"Mets - Look at RC's PPT blog post with a target. Also, refer to the rule of thumb about flag patterns: "the explosion in price then practically duplicates the original price movement of the “mast” formation." RC puts a target around 6.75, and the rule of thumb would duplicate the move from 3.86 to 5.19, a $1.33 move, to a breakout target of 6.58 "
Here's why i'm going to sell THQI at 6.45:
UPDATE 5/19: SOLD at 6.16. I think this has some room to run, but I don't have a real idea of what to expect for the overall market. I got cold feet and decided to walk away with 8.5%
Some Triangles, and some bull flags. My goal this week is to make one disciplined, well thought out trade.
These are some prospects:
FLAGS:
"Usually forms after a rapid and fairly extensive advance which produces a nearly verticle, or at least quite steep price track on the charts. On such moves, volume normally shows a progressive increase until it reaches a high rate. Eventually profit-taking halts the markup. Then follows a series of minor fluctuations, sloping down somewhat, with volume shrinking markedly. and constantly as the pattern develops. The pattern might go on for five days, or three weeks. The explosion in price then practically duplicates the original price movement of the "mast" formation."
Wait until the example is clear - a nearly vertical, almost unbelievable rise, followed by several days of congestion with practically no volume.
Triangles:
Need to research this position a little more.
I put down an arbitrary stop before leaving the house, and behold- it stopped out at a low open then jumped back up.
I would like to get back into this stock, as it's set to run up, but I'm tired of chasing stocks right now. It feels like I'm chasing my own tail.
No.. some money is going to sit on the sidelines for now. I'm going to cool the jets for the time being.
Update: FSIN about a week later:
The lesson learned on triangle breakouts is to allow them to move back down to their previous uptrend. Don't get jerked around by volatility. If need be, scale back a little bit.
