Only one trade for me today as the market has become extremely choppy. CELG was a C&H BO at the base of R1. It took a while to get going, but eventually got the job done, extending 100% from the low of the cup to the base. The two big volume spikes foreshadow the end of the move so there's no point in trying to get more out of this trade.Wednesday, September 26, 2007
Cup & Handle - Celgene Corporation (Public, NASDAQ:CELG)
Only one trade for me today as the market has become extremely choppy. CELG was a C&H BO at the base of R1. It took a while to get going, but eventually got the job done, extending 100% from the low of the cup to the base. The two big volume spikes foreshadow the end of the move so there's no point in trying to get more out of this trade.
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It will take me a long time to spot a pattern like this.
BTW, do you look at the LEVEL II for clues? Do you think it helps?
PAY was nice on the 15 today.
Jerry,
Look for stocks making higher dips with a flat base. It's easier to spot on the 5 min. than 15 min.
No Level II for chart patterns, mainly for scalping.
GT,
PAY was sweet. Too bad it wasn't on the Briefing list. Too many gappers on briefing this morning. I can't get excited about these China plays anymore, they're just too extended.
Jamie,
I started out with a long list of gappers this morning (I always start from your pre-market list) but I eliminated quite a few of those China play. PLAY had a high virtual volume (Prophet) and ended up 4x average today.
I take it your pre-market gapper list from Briefing is by subscription ? I might have to subscribe for the odd time when you do not post Pre-Market.
And by the way thank you for your Pre-Market posts, again, I always start my day by reading it.
Welcome GT,
Briefing is by subscription, I think $30.00/mth. Trader Mike also posts Briefing gappers before market open, so if I'm not here, check his blog in the link list on my side panel.
How much is prophet subscription?
I missed two nice Gappers - shallow B&B GM today and SCON yesterday. Both were on the Briefing list. Have to get more religious about sorting through the gappers.
Prophet Silver sub is 31.95 with exchange fees. You can try it out free for 7 days. They have had some reliability problems but good recently.
I don't know about bringing religion into this :-)
GT,
LOL. Thanks, I will try it. Do they give credits, ie. extend your membership to offset reliability issues? I'm with stockcharts.com and this happens occasionally, however, they are quick to compensate for down time.
I am in my first month with Prophet, not enough sampling to ask for credits.
The service includes real time charts and portfolio. I only use ProphetScan for now but they have something called Prophet Signals in real time which might be worth looking into.
The cool thing about ProphetScan is that you can display your results as small charts, 16 per page, which is helpful when making your gapper list.
Thanks GT.
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