First off, thanks to all of you who have been patient through some of the changes in technology. Most importantly, a big thanks to Tim who has helped me with these changes. I appreciate it, Tim.
I will be further organizing this site over the weekend, which will include a new video tutorial, a new link that explains how to proceed on the site, etc. This ought to direct traffic a lot better and fulfill my vision of what I am trying to do here.
Anyhow, I wanted to kick off the day by looking over a few charts...the topic is triangles. These are a few that you'll see on next weeks watchlist.
IDXX- I am surprised that this hasn't broke today...but it will. Once it does it is good for a 4-5 point move. I find it hard to anticipate trades in symmetrical triangles, because they are the most unreliable pattern as far as direction is concerned- so don't anticipate here.
CYN- Yesterday the volume was there, but the breakout wasn't by a significant amount. Now that this trade has opened lower, you could take this trade at any point you want, as long as your risk is managed by an exit above old support. No volume, time of day requirement or anything else needed.
IHP- I don't like the idea of being an option owner in iHop whatsoever...unless it is via put options. Notice the long term consolidation of volume during this pattern. I like the pattern, hate the company. This trade will require a little longer dated options due to the length of time it has taken to form.
PCLN- Well, it looks like it is happening again. I took a small position ahead of what I thought was an upcoming breakout. I used support as the level in which I would manage my risk. So far this doesn't look good...
If prices stay below this level by the end of the day, I am out. It could have been worse, it could have been a full position size.
Outside these few patterns there are a lot of great bearish set-ups out there to take advantage of. Of course I bought the dip yesterday and am paying for it today, but it's not like I don't own plenty of puts to keep my call plays from sending me to the poor house this morning- HOLX, SYK, AGN, SNP, CAH, MGM, CALM, IGT, TJX.
