A good follow through today from yesterdays springs at the swing lows of multiple major indexes.
As I highlighted yesterday, there was a 84 results in the undercut & rally scan of which only 2 finished negative today. So Day 2 of an upswing attempt.
isatrader
Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill - Reminiscences of a Stock Operator.
$TSLA attempting to spring off of the declining channel but coming into bottom of the recent base and 21 day EMA. So could meet some supply, as it is an area where shorts like to enter on the pullback to resistance.
$PAYX has been highlighted in the watchlist 3 times since October. It is making a Stage 2 continuation breakout attempt to new highs following earnings results. So potential for a Significant Bar.
$AEHR moving back above the +1x ATR level. Low cheat area, but still under the 50 day MA currently.
(2021-12-21, 11:15 AM)isatrader Wrote: Former leading stock $AEHR with an early Stage 2 breakout attempt from its intraday Stage 1 base. It is showing some strong relative volume but meeting some resistance so far. So maybe too early and hence an upthrust in Phase B of the base. But is moving it into focus.
But if it does breakout into Stage 2 on the intraday timeframe, then that will start to bring it back into focus on the higher daily timeframe as it approaches the +1x ATR level and 50 day MA.
I'd say this is a reasonable example of what Mark Minervini calls the "Low Cheat" pattern. Which as you can see from the intraday 2 hour chart, is just a Stage 1 base on a lower timeframe, which then can give an earlier entry point than more traditional higher pivot points.
Being an early entry point area though, it's much more failure prone, so a smaller position size is generally the tactic if it makes the intraday Stage 2A breakout, which you can then add to gradually at higher pivots as the fuller pattern develops. Which with the low cheat is often a cup with handle type of pattern.
$SOPA potentially of interest for the really short term day/swing traders with a heavy relative volume move the last few days.
isatrader
Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill - Reminiscences of a Stock Operator.
Trimmed 1/2 profits on the $RBLX position at 100.61 to take it back to a 6% position size. Stop at BE on the rest
(2021-12-15, 09:33 PM)isatrader Wrote: $RBLX testing the bottom of the Significant Bar range and the 50 day MA today, with the fed meeting in a few hours. So trying a small 6% starter position in the swing account. Still in cash otherwise as the market continues to be on difficult environment status.
Added via buy stop to take it up to 12% size. Filled at 97.25 which take the average cost up to 96.18
$PSTG highlighted multiple times this month in the watchlist making a continuation breakout attempt
$ARCB last highlighted in November in the watchlist. Has since pulled back into the 100 level and consolidated around the 50 day MA. Attempting breakout from the channel and +1x ATR level.
$CTRX with an intraday fishhook attempt. Deep in Stage 4 on the weekly chart though. So heavy resistance likely. But I wanted to highlight the change of behaviour as is the potential start of the basing process.
$MU good follow through from the open with a fishhook pattern. One of the RS leaders the last few days.
A bit of short term market breadth. Of the 84 Undercut & Rally scan results 4 days ago. 74 are currently above the high of that day (88%). https://twitter.com/Stage_Analysis/statu...0603480072
$AEHR has continued to show strong RS on the reaction and is now back through the 50 day MA and +1x ATR level on the daily time frame. Intraday 2 hour chart in early Stage 2. So be watching for how it develops on the backup.
(2021-12-22, 04:24 PM)isatrader Wrote: $AEHR moving back above the +1x ATR level. Low cheat area, but still under the 50 day MA currently.
$CXM from the watchlist continuing to develop its Terminal Shakeout (Spring #1) & Test. So potentially in Phase C, hence looking for a follow through move into Phase D through the near term pivot and 50 day MA. Volume node in the 17-18 area could prove resistance if moves higher.
isatrader
Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill - Reminiscences of a Stock Operator.
Some interesting stocks in the watchlist this weekend. However, after a four day undercut & rally on light volume into the holiday period, I'm on alert for potential testing action (pullbacks) of the move especially with lots of stocks closing at or near to key short term MAs.
isatrader
Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill - Reminiscences of a Stock Operator.
The official Santa rally period starts today. As defined by the Stock Traders Almanac - Last week of December through the first two trading days in January.
The weekend watchlist stocks are all trading higher today. But volumes are light as institutional traders are mostly away.
$LCID with spring type action today around the peak liquidity level. Weekly remains in early Stage 2 on the first significant pullback and intraday its forming a Stage 1 base with spring type action in Phase B of the base structure.
This is a good example of how to use the multiple time frame approach with Stage Analysis when looking for pullback entries to form. As you can see it's in early Stage 2 still on the weekly, but intraday it's now starting to develop in Stage 1. So on intraday breakout watch.
$EXTR appeared in the watchlist 7 times through the November / December market volatility and continuing to new highs today.
Note the Relative Strength line below compared to the S&P 500 during that period.
A good example of how I combine Stage Analysis and Wyckoff
I did an initial starter entry into $LCID near the close at 38.63 with a 6% position size, as it held the spring attempt intraday.
isatrader
Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill - Reminiscences of a Stock Operator.
