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Use Fast Stochastics as a "confirmation" and watch the profits roll in...
The following 5-Minute Chart shows how Fast Stochastics can be used at Gathering Support to confirm that a reversal up is immanent.
When Fast Stochastics is below 20 (oversold territory) and rising, the confirmation of an immanent reversal up from Gathering Support is issued when the thick black line crosses above the thin red line. A cross above the 20 line represents a further confirmation.
The 5-Minute Chart also shows how Fast Stochastics can be used at Gathering Resistance to confirm that a reversal down is immanent.
When Fast Stochastics is above 80 (overbought territory) and falling, the confirmation of an immanent reversal down from Gathering Resistance is issued when the thick black line crosses below the thin red line. A cross below the 80 line represents a further confirmation.
The QQQQ printed another new high for its Summer Rally on Tuesday when it rose to $40.80.
$40.80 was the front door of Tuesday's narrow band of "Gathering Resistance" between $40.80 and $40.82. Resistance was found and the QQQQ fell to a subsequent low of $40.40.
Tuesday's 5-Minute Chart shows the QQQQ rising to "Gathering Resistance", pulling back $0.40, then, recovering in the afternoon:
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For Wednesday, the QQQQ is poised for a second challenge of Tuesday's area of "Gathering Resistance" between $40.80 - $40.82.
If that Resistance is captured, there is another substantial area of "Gathering Resistance" not far away (see the Support & Resistance Report spreadsheet for details).
As for the decent into the October Low ... it could begin at any moment from current lofty levels ... if not this week, then, likely, next week, after end of quarter "window dressing" is finished.
The QQQQ printed another new high for its Summer Rally on Tuesday when it rose to $40.80.
$40.80 was the front door of Tuesday's narrow band of "Gathering Resistance" between $40.80 and $40.82. Resistance was found and the QQQQ fell to a subsequent low of $40.40.
Tuesday's 5-Minute Chart shows the QQQQ rising to "Gathering Resistance", pulling back $0.40, then, recovering in the afternoon:
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For Wednesday, the QQQQ is poised for a second challenge of Tuesday's area of "Gathering Resistance" between $40.80 - $40.82.
If that Resistance is captured, there is another substantial area of "Gathering Resistance" not far away (see the Support & Resistance Report spreadsheet for details).
As for the decent into the October Low ... it could begin at any moment from current lofty levels ... if not this week, then, likely, next week, after end of quarter "window dressing" is finished.
The QQQQ printed another new high for its Summer Rally on Tuesday when it rose to $40.80.
$40.80 was the front door of Tuesday's narrow band of "Gathering Resistance" between $40.80 and $40.82. Resistance was found and the QQQQ fell to a subsequent low of $40.40.
Tuesday's 5-Minute Chart shows the QQQQ rising to "Gathering Resistance", pulling back $0.40, then, recovering in the afternoon:
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For Wednesday, the QQQQ is poised for a second challenge of Tuesday's area of "Gathering Resistance" between $40.80 - $40.82.
If that Resistance is captured, there is another substantial area of "Gathering Resistance" not far away (see the Support & Resistance Report spreadsheet for details).
As for the decent into the October Low ... it could begin at any moment from current lofty levels ... if not this week, then, likely, next week, after end of quarter "window dressing" is finished.
QQQQ - A Swing Trade Long - No Muss, No Fuss...
The following observations were sent to subscribers to the Support & Resistance Report along with Tuesday's areas of "Gathering Support" (Buy Triggers) and "Gathering Resistance" (Sell Triggers) for the QQQQ and 70 other popularly traded Stocks, ETFs, Indexes and Funds.
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The QQQQ delivered a day of wild volatility on Monday. It opened strong and tested Resistance at Friday's high only to pull back to test Support at Friday's low. Support was found from which the QQQQ rallied impressively into the close.
Monday's 5-Minute Chart shows how a "swing trade long" established at Friday's area of "Gathering Support" between $40.63 and $40.72 could have been closed at Monday's area of "Gathering Resistance" between $40.24 and $40.37. It also shows how Monday's area of "Gathering Resistance" was captured by that day's unrelenting rally:
For Tuesday, the QQQQ is in position to test Resistance at the high of its Summer Rally ($40.67). It came within 1 cent of that line of Resistance on Monday.
How much higher the QQQQ can go upon the capture of that Resistance is another question. The price action on the 5-Minute Chart has the look of a bearish "Rising Wedge". Nevertheless, there is room within the wedge to rise to $41.00 and higher on Tuesday.
As for the decent into the October Low ... it could begin at any moment from current lofty levels.
QQQQ - A Swing Trade Long - No Muss, No Fuss...
The following observations were sent to subscribers to the Support & Resistance Report along with Tuesday's areas of "Gathering Support" (Buy Triggers) and "Gathering Resistance" (Sell Triggers) for the QQQQ and 70 other popularly traded Stocks, ETFs, Indexes and Funds.
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The QQQQ delivered a day of wild volatility on Monday. It opened strong and tested Resistance at Friday's high only to pull back to test Support at Friday's low. Support was found from which the QQQQ rallied impressively into the close.
Monday's 5-Minute Chart shows how a "swing trade long" established at Friday's area of "Gathering Support" between $40.63 and $40.72 could have been closed at Monday's area of "Gathering Resistance" between $40.24 and $40.37. It also shows how Monday's area of "Gathering Resistance" was captured by that day's unrelenting rally:
For Tuesday, the QQQQ is in position to test Resistance at the high of its Summer Rally ($40.67). It came within 1 cent of that line of Resistance on Monday.
How much higher the QQQQ can go upon the capture of that Resistance is another question. The price action on the 5-Minute Chart has the look of a bearish "Rising Wedge". Nevertheless, there is room within the wedge to rise to $41.00 and higher on Tuesday.
As for the decent into the October Low ... it could begin at any moment from current lofty levels.
QQQQ - A Swing Trade Long - No Muss, No Fuss...
The following observations were sent to subscribers to the Support & Resistance Report along with Tuesday's areas of "Gathering Support" (Buy Triggers) and "Gathering Resistance" (Sell Triggers) for the QQQQ and 70 other popularly traded Stocks, ETFs, Indexes and Funds.
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The QQQQ delivered a day of wild volatility on Monday. It opened strong and tested Resistance at Friday's high only to pull back to test Support at Friday's low. Support was found from which the QQQQ rallied impressively into the close.
Monday's 5-Minute Chart shows how a "swing trade long" established at Friday's area of "Gathering Support" between $40.63 and $40.72 could have been closed at Monday's area of "Gathering Resistance" between $40.24 and $40.37. It also shows how Monday's area of "Gathering Resistance" was captured by that day's unrelenting rally:
For Tuesday, the QQQQ is in position to test Resistance at the high of its Summer Rally ($40.67). It came within 1 cent of that line of Resistance on Monday.
How much higher the QQQQ can go upon the capture of that Resistance is another question. The price action on the 5-Minute Chart has the look of a bearish "Rising Wedge". Nevertheless, there is room within the wedge to rise to $41.00 and higher on Tuesday.
As for the decent into the October Low ... it could begin at any moment from current lofty levels.
QQQQ - Observations on Friday's Action and What It May Mean for Monday's Trade...
The following observations were sent to subscribers to the Support & Resistance Report along with Monday's areas of "Gathering Support" (Buy Triggers) and "Gathering Resistance" (Sell Triggers) for the QQQQ and 70 other popularly traded Stocks, ETFs, Indexes and Funds.
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The QQQQ continued its pullback from Thursday morning's high on Friday, this time closing below key Support at its "200-Day Moving Average".
Friday's 5-Minute Chart shows the QQQQ violating its initial area of "Gathering Support" (the one that contained the "200-Day Moving Average"), thereby, issuing a warning to longs, but, finding Support at its second area of "Gathering Support" from which it bounced into the close:
On Monday, continued Resistance at the "200-Day Moving Average" would be an additional sign that the QQQQ may now be in the process of delivering that seasonal phenomenon known as the "October Low".
The Summer Rally, which ordinarily begins in July and ends in August, extended itself this year into the first 3 weeks of September. In one part of the country, that 3 week extension would be referred to as "postponing the future".
If the future is now unwilling to be postponed any longer and the QQQQ is now ready for its traditional decent into an October Low, then it is not a time to be brave on the long side. It is a time, instead, for areas of "Gathering Support" to provide Support only temporarily and for "back-side-bounces" to former areas of "Gathering Support" to be used as selling opportunities ("Gathering Support, when violated by a falling price, becomes Gathering Resistance".)
QQQQ - Observations on Friday's Action and What It May Mean for Monday's Trade...
The following observations were sent to subscribers to the Support & Resistance Report along with Monday's areas of "Gathering Support" (Buy Triggers) and "Gathering Resistance" (Sell Triggers) for the QQQQ and 70 other popularly traded Stocks, ETFs, Indexes and Funds.
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The QQQQ continued its pullback from Thursday morning's high on Friday, this time closing below key Support at its "200-Day Moving Average".
Friday's 5-Minute Chart shows the QQQQ violating its initial area of "Gathering Support" (the one that contained the "200-Day Moving Average"), thereby, issuing a warning to longs, but, finding Support at its second area of "Gathering Support" from which it bounced into the close:
On Monday, continued Resistance at the "200-Day Moving Average" would be an additional sign that the QQQQ may now be in the process of delivering that seasonal phenomenon known as the "October Low".
The Summer Rally, which ordinarily begins in July and ends in August, extended itself this year into the first 3 weeks of September. In one part of the country, that 3 week extension would be referred to as "postponing the future".
If the future is now unwilling to be postponed any longer and the QQQQ is now ready for its traditional decent into an October Low, then it is not a time to be brave on the long side. It is a time, instead, for areas of "Gathering Support" to provide Support only temporarily and for "back-side-bounces" to former areas of "Gathering Support" to be used as selling opportunities ("Gathering Support, when violated by a falling price, becomes Gathering Resistance".)
QQQQ - Observations on Friday's Action and What It May Mean for Monday's Trade...
The following observations were sent to subscribers to the Support & Resistance Report along with Monday's areas of "Gathering Support" (Buy Triggers) and "Gathering Resistance" (Sell Triggers) for the QQQQ and 70 other popularly traded Stocks, ETFs, Indexes and Funds.
**********************
The QQQQ continued its pullback from Thursday morning's high on Friday, this time closing below key Support at its "200-Day Moving Average".
Friday's 5-Minute Chart shows the QQQQ violating its initial area of "Gathering Support" (the one that contained the "200-Day Moving Average"), thereby, issuing a warning to longs, but, finding Support at its second area of "Gathering Support" from which it bounced into the close:
On Monday, continued Resistance at the "200-Day Moving Average" would be an additional sign that the QQQQ may now be in the process of delivering that seasonal phenomenon known as the "October Low".
The Summer Rally, which ordinarily begins in July and ends in August, extended itself this year into the first 3 weeks of September. In one part of the country, that 3 week extension would be referred to as "postponing the future".
If the future is now unwilling to be postponed any longer and the QQQQ is now ready for its traditional decent into an October Low, then it is not a time to be brave on the long side. It is a time, instead, for areas of "Gathering Support" to provide Support only temporarily and for "back-side-bounces" to former areas of "Gathering Support" to be used as selling opportunities ("Gathering Support, when violated by a falling price, becomes Gathering Resistance".)
"Looks like we had a bearish engulfing candle today on the daily chart..."
GLENO, yes indeed. That's another point in favor of the "October Low" Theory
Nightly QQQQ Observations for Subscribers...
The QQQQ printed a new high for the Summer Rally on Thursday when it rose in early trade to $40.67.
Thursday's 5-Minute Chart shows that the QQQQ honored its "Cup & Handle" Pattern with a continuation of Wednesday's rally; that the continued rally fell 7 cents shy of Thursday's area of "Gathering Resistance" between $40.74 and $40.82; and that a subsequent pull back dropped the QQQQ to Thursday's area of "Gathering Support" from which the QQQQ bounced a bit into the close:
For Friday, traders are wondering if Thursday's pullback from its early morning peak is the beginning of the larger "October Low" pull back. A violation of Friday's area of "Gathering Support" would increase the odds that it is, indeed, the beginning.
The QQQQ remains at or near an "overbought" condition in the short term with Negative Divergences displayed by the CCI and MACD Indicators that are attached to the Daily Chart. In addition, the QQQQ is still operating in a weak seasonal time frame. This combination suggests that a customary pull back into an October low is drawing near.
A "Negative Divergence" occurs when a rising price is accompanied by a falling CCI or MACD Histogram. The Daily Chart shows that a "Negative Divergence" in both the CCI and the MACD Histogram has been developing since mid-August.
The CCI will deliver a "Sell" Signal when it falls below the +100 Line, which it appears ready to do.
The MACD Indicator will deliver a "Sell" Signal when its thick black line crosses below the thin red line.
Interpreting the ADX Indicator (Daily Chart):
The thick black ADX Line continued to rise on Thursday. A rising ADX Line suggests that a trend is in force. Since the thin green line (buying pressure) is above the thin red line (selling pressure), the trend is up.
It must be noted, however, that when the thick black ADX Line of a Daily Chart reaches 40 and higher, it suggests an "overbought" condition (in the short-term). The ADX Line closed at 39.03 on Thursday.
Alan, I do not email subscribers the ALERT.DAT File...
I email them an Excel Spreadsheet that contains the Buy and Sell Alerts.
The Medved QuoteTracker has a "Paste From Excel" Button under the "Quick Alerts" Tab.
When you click that button, the alerts from the Excel Spreadsheet get imported into the Medved QuoteTracker.
Alerts that you have established for stocks that are not tracked by the "Support & Resistance Report" are left undisturbed.
Mike
Thursday's area of "Gathering Support"...
Forgot to mention that Thursday's area of "Gathering Support" for the QQQQ is between $40.03 and $40.11 and is composed of 4 individual aspects of Support:
1) $40.03 - 200 Day Moving Average
2) $40.04 - the Daily "S2" Pivot Point
3) $40.05 - the 50 Week Moving Average
4) $40.11 - the previous week's closing price
GLENO, the 5-Minute Chart closed on Wednesday having formed a "Cup & Handle" Pattern that needed to work itself out this morning.
Things look a little weak as the doldrums come to a close. But, as you say, "Who Knows?"
The QQQQ is currently testing Support at the post FOMC Meeting low in the vicinity of $40.20.
All we can do is venture short positions at areas of "Gathering Resistance" and venture purchases at areas of "Gathering Support". The market will always take us to one area or the other, sometimes to both areas within the same day
Alan,
It is true that the "ALERTS.DAT" file in your "QuoteTracker" Directory can be emailed to another QuoteTracker User.
There is no way, however, to merge your "ALERTS.DAT" File with that of the other User.
If he Pastes your file over his, he will lose all of his alerts and be left only with yours.
Mike
Thursday's areas of "Gathering Resistance"...
There are 2 separate areas of Gathering Resistance (Sell Triggers) for the QQQQ going into Thursday's trade:
The first is between $40.74 and $40.82 and is composed of:
1) $40.74 - the Daily "R2" Pivot Point
2) $40.82 - the Monthly "R2" Pivot Point
The second area of Resistance is nearby, between $41.00 and $41.04 and is composed of:
1) $41.00 - the high end of the "10-Week Trading Band"
2) $41.04 - Weekly Bollinger Band Resistance
If the QQQQ rises to these areas of Gathering Resistance during the trading day, their effects on the price action of the QQQQ will best be observed from a 5-Minute Chart.
The individual aspects of Resistance that compose the second area of Gathering Resistance are extreme "intermediate-term" aspects of Resistance.
If the QQQQ rises that high, it may mark the end of the Summer Rally and the beginning of the decent into the customary October low.
capt,
My posts are examples to current subscribers and to those who are considering a subscription.
If they bother you, just skip over them. I don't read yours.
Mike
capt,
Several subscribers to the "Support & Resistance Report" read the "Strategy Central" message board.
They are interested, even if you are not.
Kind Regards in return.
A Successful "Swing" Trade...
A "Swing" Trade is a trip from Gathering Support to Gathering Resistance or vise versa.
The following 5-Minute Chart shows the trip from Tuesday's area of Gathering Support (Buy Trigger) to Wednesday's area of Gathering Resistance (Sell Trigger).
Wednesday's area of Gathering Resistance was emailed on Tuesday evening to "Support & Resistance Report" subscribers.
QQQQ Chart:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617
Support & Resistance Report:
http://www.support-resistance-report.com
Areas of Gathering Support and Gathering Resistance form much more reliable trading opportunities that do indivdual aspects of Support or Resistance that are standing alone.
A Successful "Swing" Trade...
A "Swing" Trade is a trip from Gathering Support to Gathering Resistance or vise versa.
The following 5-Minute Chart shows the trip from Tuesday's area of Gathering Support (Buy Trigger) to Wednesday's area of Gathering Resistance (Sell Trigger).
Wednesday's area of Gathering Resistance was emailed on Tuesday evening to "Support & Resistance Report" subscribers.
QQQQ Chart:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617
Support & Resistance Report:
http://www.support-resistance-report.com
Areas of Gathering Support and Gathering Resistance form much more reliable trading opportunities that do indivdual aspects of Support or Resistance that are standing alone.
A Successful "Swing" Trade...
A "Swing" Trade is a trip from Gathering Support to Gathering Resistance or vise versa.
The following 5-Minute Chart shows the trip from Tuesday's area of Gathering Support (Buy Trigger) to Wednesday's area of Gathering Resistance (Sell Trigger).
Wednesday's area of Gathering Resistance was emailed on Tuesday evening to "Support & Resistance Report" subscribers.
QQQQ Chart:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617
Support & Resistance Report:
http://www.support-resistance-report.com
Areas of Gathering Support and Gathering Resistance form much more reliable trading opportunities that do indivdual aspects of Support or Resistance that are standing alone.
Hi Alan,
The answer from Jerry Medved is correct. However, I'm sure that he was addressing the question that you were really asking.
Are you asking how to set up the alert system of the Medved QuoteTracker so that it will email an alert to you when the price action of a stock triggers that alert?
If so, ask Jerry that question again and let me know what his answer is.
Thanks,
Mike
Consistently Successful Traders...
buy at areas of Gathering Support and sell at areas of Gathering Resistance. Knowing where these areas are located helps them to determine when to buy and when to sell.
The following 5-Minute Chart shows Tuesday's trip from "Gathering Resistance" (Sell Trigger) to "Gathering Support" (Buy Trigger).
Tuesday's areas of "Gathering Support" and "Gathering Resistance" were emailed on Monday evening to "Support & Resistance Report" subscribers.
QQQQ Chart:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617
Support & Resistance Report:
www.support-resistance-report.com
Consistently Successful Traders...
buy at areas of Gathering Support and sell at areas of Gathering Resistance. Knowing where these areas are located helps them to determine when to buy and when to sell.
The following 5-Minute Chart shows Tuesday's trip from "Gathering Resistance" (Sell Trigger) to "Gathering Support" (Buy Trigger).
Tuesday's areas of "Gathering Support" and "Gathering Resistance" were emailed on Monday evening to "Support & Resistance Report" subscribers.
QQQQ Chart:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID735617
Support & Resistance Report:
www.support-resistance-report.com
Discovery,
I see what you mean, but...
"Gathering Support" was calculated afer last Friday's close in preparation for Monday's trade.
It correctly identified Monday's low, as "Gathering Support" often does:
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Thanks daaverage...
Purchases are ventured at areas of Gathering Support (Buy Trigger) and sold at areas of "Gathering Resistance" (Sell Trigger). It's that simple.
It's also a strategy that frees us from hyperventilating about what to do when to do it:
Monday's area of "Gathering Support" (Buy Trigger)...
The Support & Resistance Report identified an area of Gathering Support</a (Buy Trigger) between $38.31 and $38.41 going into Monday's trade, and so it was found to be.
Monday's area of Gathering Support was emailed on Saturday to Support & Resistance Report subscribers.
It is composed of the following 3 individual aspects of Support:
1) $38.31 - the Daily "S2" Pivot Point
2) $38.36 - the Previous Week's Low
3) $38.41 - the "20-Day Moving Average"
Areas of Gathering Support and Gathering Resistance form much more reliable trading opportunities that do indivdual aspects of Support or Resistance that are standing alone.
Monday's area of "Gathering Support" (Buy Trigger)...
The Support & Resistance Report identified an area of Gathering Support</a (Buy Trigger) between $38.31 and $38.41 going into Monday's trade, and so it was found to be.
Monday's area of Gathering Support was emailed on Saturday to Support & Resistance Report subscribers.
It is composed of the following 3 individual aspects of Support:
1) $38.31 - the Daily "S2" Pivot Point
2) $38.36 - the Previous Week's Low
3) $38.41 - the "20-Day Moving Average"
Areas of Gathering Support and Gathering Resistance form much more reliable trading opportunities that do indivdual aspects of Support or Resistance that are standing alone.
Monday's area of "Gathering Support" (Buy Trigger)...
The Support & Resistance Report identified an area of Gathering Support</a (Buy Trigger) between $38.31 and $38.41 going into Monday's trade, and so it was found to be.
Monday's area of Gathering Support was emailed on Saturday to Support & Resistance Report subscribers.
It is composed of the following 3 individual aspects of Support:
1) $38.31 - the Daily "S2" Pivot Point
2) $38.36 - the Previous Week's Low
3) $38.41 - the "20-Day Moving Average"
Areas of Gathering Support and Gathering Resistance form much more reliable trading opportunities that do indivdual aspects of Support or Resistance that are standing alone.
"Gathering Resistance" anyone ???
Subscribers to the Support & Resistance Report knew last night that the Daily Pivot and the Weekly Pivot coincided, having the exact same value, $38.82, to form an area of concentrated Resistance going into Thursday's trade.
Note where the QQQQ found Resistance shortly after the noon hour.
daaverage, 3% per month is more than doable...
Below is the tally for recent QQQQ trades taken at Support & Resistance Report Buy and Sell Alerts.
A visualization of this week's areas of "Gathering Support" (Buy Alerts) and "Gathering Resistance" Sell Alerts may be seen at my Public Charts web site. Look for the 5-Minute Chart of the QQQQ. It's the 3rd Chart from the top of the page.
*****************************************************
For the 25 Weeks From 03/06/06 thru 08/25/06:
$20.12 = Profit from the 'Support & Resistance Report' Strategy (Day Trades)
$10.35 = Profit from the 'Support & Resistance Report' Strategy (Swing Trades)
($3.13) = Loss from a 'Buy and Hold' Strategy (QQQQ Closed at $41.45 on Friday, March 3rd)
*****************************************************
daaverage,
I don't trade the futures. However, when Woodie says that the futures are in an up trend, I think two or three times about shorting anything at Resistance
Mike
Resistance, when captured, becomes Support (Buy Trigger)
A principle of Support & Resistance states, "Gathering Resistance, when captured by a rising price, becomes Gathering Support".
AAPL's 5-Minute Chart demonstrates that principle in action:
1) AAPL rose to Tuesday's area of "Gathering Resistance" ($70 on the nose) and poked at it for an hour between noon and 1:00pm (EST).
2) When AAPL finally broke through that line of Resistance, it was a warning to those holding short positions.
3) A second warning to those holding short positions came when AAPL, having captured Resistance at $70, pulled back to find Support there.
4) "Gathering Resistance" at $70 had been transformed into "Gathering Support" by its capture and "Gathering Support" is a Buy Trigger.
Tuesday's area of "Gathering Resistance" at $70 (on the nose) was composed of:
1) $70.00 - the early August peak
2) $70.00 - Triple-Top Breakout (from the Point & Figure Chart)
Resistance, when captured, becomes Support (Buy Trigger)
Hi Pinkster,
There is a principle of Support & Resistance that states, "Gathering Resistance, when captured, becomes Gathering Support".
AAPL's 5-Minute Chart demonstrates that principle in action:
1) AAPL rose to Tuesday's area of "Gathering Resistance" ($70 on the nose) and poked at it for an hour between noon and 1:00pm
2) When AAPL finally broke through that line of Resistance, it was a warning to those holding short positions.
3) A second warning to those holding short positions came when AAPL, having captured Resistance at $70, pulled back to find Support there.
4) "Gathering Resistance" at $70 had been transformed into "Gathering Support" by its capture and "Gathering Support" is a Buy Trigger.
Never give a stock "wiggle room". That's how small losses turn into big ones.
There is always another trade just around the corner. There's no need to give one trade a chance to ruin your day.
Definition of a "Swing Trade"...
A "Swing" Trade is defined as a trip from "Gathering Resistance" to "Gathering Support" or vise-versa.
Tuesday's 4-member area of "Gathering Support" (Buy Trigger) is composed of:
1) $38.87 - the previous month's Close
2) $38.82 - the Weekly Pivot
3) $38.75 - the Daily "S2" Pivot Point
4) $38.70 - the "20-Week Moving Average"
These 4 individual aspects of Support going into Tuesday's trade form an area of concentrated Support or "Gathering Support" because each one resides no more than 10 cents from its neighbor:
Definition of a "Swing Trade"...
A "Swing" Trade is defined as a trip from "Gathering Resistance" to "Gathering Support" or vise-versa.
Tuesday's 4-member area of "Gathering Support" (Buy Trigger) is composed of:
1) $38.87 - the previous month's Close
2) $38.82 - the Weekly Pivot
3) $38.75 - the Daily "S2" Pivot Point
4) $38.70 - the "20-Week Moving Average"
These 4 individual aspects of Support going into Tuesday's trade form an area of concentrated Support or "Gathering Support" because each one resides no more than 10 cents from its neighbor:
Definition of a "Swing Trade"...
A "Swing" Trade is defined as a trip from "Gathering Resistance" to "Gathering Support" or vise-versa.
Tuesday's 4-member area of "Gathering Support" (Buy Trigger) is composed of:
1) $38.87 - the previous month's Close
2) $38.82 - the Weekly Pivot
3) $38.75 - the Daily "S2" Pivot Point
4) $38.70 - the "20-Week Moving Average"
These 4 individual aspects of Support going into Tuesday's trade form an area of concentrated Support or "Gathering Support" because each one resides no more than 10 cents from its neighbor:
QID, QLD and GDX...
have been added to the Support & Resistance Report Charts and Spreadsheet:
1) GDX - a basket of 45 Gold Mining stocks
2) QID - the new "QQQQ Ultra Short" ETF from ProFunds
3) QLD - the new "QQQQ Ultra Long" ETF from ProFunds
QID, QLD and GDX...
have been added to the Support & Resistance Report Charts and Spreadsheet:
1) GDX - a basket of 45 Gold Mining stocks
2) QID - the new "QQQQ Ultra Short" ETF from ProFunds
3) QLD - the new "QQQQ Ultra Long" ETF from ProFunds