Wednesday, July 02, 2008 9:56:13 PM
SOHO CHARTS:
Hello folks. I still think the DOW is going to bounce very soon when I look at that chart showing a nice "pincher." But we may have anothr down day tomorrow. It's a short trading day before a long holiday weekend. I have been watching SOHU for a few weeks now and beleive now is the time to strike!
My daily chart shows a little system created by Tommy O'Brein that uses a modified Fibonacci retracement along with a very close eye on volume. Basically, after a nice run, we want to see the usual retrace and the PPS to fall into my "confluence zone." And then we want to see a bounce. we have that over the past few days.
But what I really like is how the stock seems to be trading sideways for a few days now! Very nice consolidation before we head up, IMO. Look at teh RENKO CHART to see this more clearly. Now tomorrow I expect the PPS to fall slightly and I beleive we may be able to ge those Sep $110/CALLS for under $1.
With a contract price of $1, we have a break even point of $111 on the PPS for this to be a huge trade. With the Olympics over the summer, China stocks may be in vogue once again. I plan on getting in tomorrow by watching the RENKO CHART for the best possible entry I can make.
If my target is hit ($122), the contracts can be worth no less than $12 per contract! That would be a 1100% gain! what's even better is that the sooner the PPS can hit that $122 target, the more our contracts will be worth. Folks we have over 2 months to hit that target.
I think this looks as good as my DRYS call back in April!
Boca_Bobby
CANDLESTICK
RENKO
Hello folks. I still think the DOW is going to bounce very soon when I look at that chart showing a nice "pincher." But we may have anothr down day tomorrow. It's a short trading day before a long holiday weekend. I have been watching SOHU for a few weeks now and beleive now is the time to strike!
My daily chart shows a little system created by Tommy O'Brein that uses a modified Fibonacci retracement along with a very close eye on volume. Basically, after a nice run, we want to see the usual retrace and the PPS to fall into my "confluence zone." And then we want to see a bounce. we have that over the past few days.
But what I really like is how the stock seems to be trading sideways for a few days now! Very nice consolidation before we head up, IMO. Look at teh RENKO CHART to see this more clearly. Now tomorrow I expect the PPS to fall slightly and I beleive we may be able to ge those Sep $110/CALLS for under $1.
With a contract price of $1, we have a break even point of $111 on the PPS for this to be a huge trade. With the Olympics over the summer, China stocks may be in vogue once again. I plan on getting in tomorrow by watching the RENKO CHART for the best possible entry I can make.
If my target is hit ($122), the contracts can be worth no less than $12 per contract! That would be a 1100% gain! what's even better is that the sooner the PPS can hit that $122 target, the more our contracts will be worth. Folks we have over 2 months to hit that target.
I think this looks as good as my DRYS call back in April!
Boca_Bobby
CANDLESTICK
RENKO
Boca_Bobby
Mom said there would be days like this!
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