Option Millionaires

[madrose1]

For that while the channel in CMG was a good one to milk but more than banter mentioning those several times along the way in Aug that $290 pivot holding for the long trades in that channel . More than teasing back on Aug 24th when noted to you CMG was back down testing that pivot again and i for one as ready
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=78908480&txt2find=cmg

CMG did go back onscreen today when noticed it had faded to back to 291, lo & behold it did bounce right on schedule was good for 5pts worth .

Hey when the thesis & pivot works & it yields 5pts on fairly muddled market days you know there's something going on that's right , 5pts is real good on any day .

Also similar PCLN's sell off kept posting the same pivot dynamic of "$575" holding , one puts away the negative noise & trusts in those test pivots which are holding . Same thing for AAPL's sell off after ER when "$570" kept holding in that 3 day channel before bouncing with vengence up past $580 R . (On the flip side on PCLN before ER kept mentioning here that "675/80" was R , huge trade there )

These channels are indicative of a period where broad market bull/bear scenario is working itself out. There's the one little wash out right before ECB down below $290 which you often see right before big bounces come in with a vengence & was just seeing another double bottom support test to be bought again.

CMG chart really is one long rounded extended double bottom , ignoring the washout low you get that pivot kept mentioning of "$290" and when people ask how do you read charts , just trust in "even numbers" which even most pro shorts & longs are trading off too along with MA's .