Friday, April 3, 2009

GOODLUCK TO YOU NEXT WEEK







I will be leaving for Cancun in a few hours and I will be gone for an entire week, so just use your imagination here for the next few days. I went long several stocks for a swing trade, obviously not as a day trade. This is more of a test to see the effectiveness of high probability technical patterns. I added a few wave 1 symmetrical triangles, such as TSL, SIRI, FEED, and JASO. I also added MI and HBAN, both financials, showing ascending triangles. Immediate support levels are marked in orange, and targets are marked in purple.

As an emergency precaution, I have a direct line to my institutional broker if any of the patterns fail, in addition to wider stop losses in case all of Mexico goes out of power. This will be the first time that I leave open positions without daily intraday observation. Only technical analysis, and no fundamentals, have been used to select these stocks and the results will be marked the day I get back. I don't recommend people to do this, even though I'm the hypocrite doing it.

See you in a few.

1 comment:

Jack said...

John,

Have a good vacation.

The charts indicated in your blog have either sym or ascendant triangle with decrease volume. The break out of triangle can be either up or down. Do you use other technical indicators to assist you to conclude the breakout will be up-side?