I missed this one after tracking it for the last couple months . Oh well, just have to wait for it to back up to the creek. 195-min (1/2 day) bars:
I was sorta hoping to get back into a silver miner, but the silver contract looks as though it has cause to $15, back down to near the bottom of the long-term range. 30-minute data: 6-cent-box by 3-box reversal PnF:
On my watch list.....Six bullish volume spikes, five positive reactions, I wonder what will happen next?
OPTN has a nice chart. Too bad they don't make a profit...maybe that will come. The volume on Friday is concerning however, it was too large for the price move (effort vs result). Gonna want to see follow through and then it should have legs to the $13.65 area. Daily bars: 65-minute data: 15-cent box by 3-box reversal PnF:
Ya, still holding on tight to $FMC. Sold my $XEC on that big gap up today. On the other hand $TNDM took a big old shit and I stopped outta that thing back at $68.
OPTN looks pretty prime to me, relatively new IPO, low volume no supply spring, 60% of the float is short, closed above 7.83. The only way this stock can't go up is if they decide they need money and start to dilute shares, which unfortunately does happen pretty often in Pharmaceuticals.
Since OP already weighed in with the PnF stuff - I'll simply state that OPTN moved back inside of 2018's volume profile. The most active price level was $11, so I'd be looking for a reversion there after rejecting recent new lows. That $11 is also the creek that was set after the SC and AR in December 2018.
Yeah man, thanks for the heads up, I have it with resistance at 8.57 and then at 10.01. I got in for the quick spike, I figured if was rejected early that I would bail and move along, on the other hand, if it smoothly moves up without being rebuffed I might stay in a little longer.
The volume profile for both the 2nd and the 3rd quarters are also very bullish to support your long position. Q2's was @ $9.96.
Thanks Rock I got my first target at 11.13 and my second is 13.75, currently in at 8.00 with a pretty tight stop like usual. Going to hit the beach hopefully come back to a decent close.
I don't know if it's optimism, I'm in my mid 30s, the window for me to enjoy big pounding shore break is slowly getting smaller. Catching a wave also has many similarities to trading, wave selection-stock picks, timing, picking the best times to go-avoiding chop, randomness, and in this case commitment. I'm in the trade and I have my stops and targets, I'm slightly committed to the trade already, it's as if I'm approaching the face of the wave and am getting ready to ride the energy. There's also an aspect of mental health that the beach provides, especially when it comes to community, it's rare for me to not see someone I know when I go. Having a healthy community relationship is extremely important, and finding it among poker players or through trading meetups has been difficult in my personal experience. Every relationship I've had with other gamblers in real life has been downright terrible. Traders I've met through meetups are never interested in who I am, building a friendship, or really even learning how to trade. They remind me of people in trading chatrooms trying to shadow another trader, the only poker player I taught that was successful ended up robbing people to play degenerate casino games.
Thanks for sharing that @Unicorn Dreams. Well, now I'm envious, being hundreds of miles from a coast. I've never surfed, tried boogey boarding many years ago at Laguna, but although I was athletic, a long distance runner, a scuba diver, I don't have that acute sense of balance it takes to surf. The closest I ever got to "catching a wave" was doing wave runup (coastal floodplain) analyses on Lake Superior.
Speaking of Jack, here's a screen shot from one of his vids that shows an example down channel Wyckoff, I woulda never thunk it.....
I don't always agree with the way Jack labels trading ranges. This may be an example. Here's the same chart only using weekly bars, backing up about a year on the chart, and it looks bearish. The purple channel lines coincide with Jack's trading downward-sloping trading range which looks bullish. Personally I don't like using sloping TRs. Wyckoff didn't use all this labeling. He was comparing the action at the same price levels. He used horizontal support and resistance. When you start sloping the ranges you're getting away from those horizontal comparisons and start calling trend lines support and resistance when they are not, they're identifiers of trend from which you can judge overbot and oversold conditions in a trend. Maybe I'm behind the times, but I've not had much use for sloping TRs. Besides there are so many opportunities to choose from that I haven't found a good reason not to walk away from these non-classical methods. And another thing, you use trend lines and trend channels in a trending environment, in mark-up and mark-down, not in a non-trending trading range environment that is a trading range. It doesn't make sense to me to use trendlines in a non-trending environment.
@Onepoint272 - I agree with you on the non traditional analysis in that it seems to me to be overthinking, as in unnecessary and likely confusing for most of us, it's like you said, there are enough flats to keep busy. I suppose though that for Jack he has a higher level mindset when it comes to solving puzzles, and not to detract either because Jack is good at what he does, very good, sort of like an oddsmaker in horse racing, handicapping every race on the card, while not being perfect, he is still high percentage. Edit: I have to add that I do see one advantage to dutching out Wyckoff in up and down trends...You will find plays that not many others ever see, they'll be standing there scratching their heads, wondering what just happened.
