I had a mental stop but put in a real one @ 4.76 and ended up with an out at 4.72... on a small loss.
Lot's of volume on a solid down move end of day with a low finish is a bad candle.
Keep on trying .... Yikes 4.66... ouch.
GLTA Lostoutwest
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Friday, May 6, 2011
TKO.TO Buy
I made a purchase @ 4.80 this morning... observing the white candle on the chart yesterday was looking at a buyers candle... this is not a ringed candle (three candle pattern) but today it could be... this is an anticipated buy on the cusp... I have a love affair with TKO, so it's a tossup if I will take the pain if it comes or exercise my right to take a loss with a tight mental stop...
I must make it clear that at this point I feel we could take a further slide to the low 4's ( this is still very early in the coming dodrums) and my stop (mental) is a move below $4.70... however in the short term we have a good chance of bouncing into the high 4's and a break above 5.00 into the low to mid 5's might trace out a nice swing and test of the 4.70 mark... however that is speculation...
As an entry point ( lowering risk) anywhere from 4.68 to 4.65 would have been more cutting edge...
I have actually waited for today to feel out the open (the high finish yesterday - a high finish is a strong candle - with the hollow candle is risky to count on... but bullish to start thinking a bounce) and today we opened near yesterday's close (bullish) and dropped to a higher low (bullish so far)... which if it holds today.. completes the 3 candle pattern for a ringed bottom and a potential bounce for a swing... making it undecidedly safe to hold for the weekend (if it was a small cap no money no cash flow I would probably feel different) and possibly get a small gap up on Monday to really make me feel good...
I am definitely taking a chance.... but the action on Level II shows selling still quite active but... I'm also seeing weakness in the down move.... albeit the high finish yesterday on a white candle definitely a buyers day... which if the higher low today holds the ringed low pattern... along with some real time charting at very quick timing frequency using 5day charts and 15 minute to 60 minute time frames... I can see a sold push up attempting...
Glued to the screen describes today's action... a doji finish or a penny or two up over .80 would be very strong... at least for a short term term perspective.
GLTA Lostoutwest
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I must make it clear that at this point I feel we could take a further slide to the low 4's ( this is still very early in the coming dodrums) and my stop (mental) is a move below $4.70... however in the short term we have a good chance of bouncing into the high 4's and a break above 5.00 into the low to mid 5's might trace out a nice swing and test of the 4.70 mark... however that is speculation...
As an entry point ( lowering risk) anywhere from 4.68 to 4.65 would have been more cutting edge...
I have actually waited for today to feel out the open (the high finish yesterday - a high finish is a strong candle - with the hollow candle is risky to count on... but bullish to start thinking a bounce) and today we opened near yesterday's close (bullish) and dropped to a higher low (bullish so far)... which if it holds today.. completes the 3 candle pattern for a ringed bottom and a potential bounce for a swing... making it undecidedly safe to hold for the weekend (if it was a small cap no money no cash flow I would probably feel different) and possibly get a small gap up on Monday to really make me feel good...
I am definitely taking a chance.... but the action on Level II shows selling still quite active but... I'm also seeing weakness in the down move.... albeit the high finish yesterday on a white candle definitely a buyers day... which if the higher low today holds the ringed low pattern... along with some real time charting at very quick timing frequency using 5day charts and 15 minute to 60 minute time frames... I can see a sold push up attempting...
Glued to the screen describes today's action... a doji finish or a penny or two up over .80 would be very strong... at least for a short term term perspective.
GLTA Lostoutwest
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Wednesday, May 4, 2011
Bottom picking TKO.TO 101
Probably the technique for bottom picking TKO.TO would involve an observation of the lowest low ringed bottom in real time... a ringed low reads like this... the first time the following day produces a higher low off a lowest low... you would have the condition of a ringed bottom by the end of the day... the following 4th day after the ringed bottom is visible... the low should not go below the previous days low (which is the third candle in the pattern) and if it does... the ringed low has not occurred... such that until a ringed low is confirmed with a 4th day higher low... you would not enter a trade in anticipation unless you were confident in a cutting edge trade...
A ringed low is a three day candle pattern where the lowest low is marked by a low that is higher on the previous day before and the following day after...
Still.... catching a falling knife requires very tight mental stops and a move and close below a ringed bottom would signal looking for an out of the trade..... the close below a ringed bottom is not good.... try to break even if possible... but do something to go safe. You may get some whip... to not expect whip is very amateurish... the whip will translate into small loss trades.... better than a long ride down.
Let's suppose you catch an on the cusp real time ringed bottom that shows some profit... expect a swing top and retest of ringed bottom low in over 90 percent of the trades.... the test of the ringed low bottom if it is tested within days makes it a suspect.... a move to breach the low for those in love should be regarded as potential test of your love....
The reality is.... catching a falling knife requires as much luck as skill and the better a person is at it... the less tries you will have to make in doing the trade........... so you must practice a minimal loss strategy that handles the potential whip... which suites your pocket book...
This link TKO.TO takes you to an updated chart that demonstrates a succession of new lows daily...
There is no ringed bottom as of this post.
Check this chart out for an easy view of many ringed bottoms that fit the above description to a "T" JAG.TO
GLTA Lostoutwest
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A ringed low is a three day candle pattern where the lowest low is marked by a low that is higher on the previous day before and the following day after...
Still.... catching a falling knife requires very tight mental stops and a move and close below a ringed bottom would signal looking for an out of the trade..... the close below a ringed bottom is not good.... try to break even if possible... but do something to go safe. You may get some whip... to not expect whip is very amateurish... the whip will translate into small loss trades.... better than a long ride down.
Let's suppose you catch an on the cusp real time ringed bottom that shows some profit... expect a swing top and retest of ringed bottom low in over 90 percent of the trades.... the test of the ringed low bottom if it is tested within days makes it a suspect.... a move to breach the low for those in love should be regarded as potential test of your love....
The reality is.... catching a falling knife requires as much luck as skill and the better a person is at it... the less tries you will have to make in doing the trade........... so you must practice a minimal loss strategy that handles the potential whip... which suites your pocket book...
This link TKO.TO takes you to an updated chart that demonstrates a succession of new lows daily...
There is no ringed bottom as of this post.
Check this chart out for an easy view of many ringed bottoms that fit the above description to a "T" JAG.TO
GLTA Lostoutwest
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Bottom Picking 101
The previous post "May Go Away" is still holding... some bouncing is expected in the next bit, one wouldn't dare try and pick the small caps that wiggle in the down move... such bounces would be as an opinion an opportunity as best that can be worked as an exit in moving to a more neutral position... (this is still the very early stages of the doldrums) Grandich is still bullish on gold but has suggested a correction into the doldrums... silver is in desperate need of a break at 50+ as to parrot the words of some of my favorite gurus... I don't listen much to the predictions but rely on the charts to focus on the effect of the media or the lack of it... In this case silver does look Topsy...
As a general note... both the TSX and Venture continue to look very sick and as the seasonal doldrums appear to have moved in early ... there are still those who believe the worst has not happened... there may be a sucker rally still in the wings.. If you have never practiced swinging... if such an occurrence were to take place... a bit of swinging has a high percentage over broad Small cap audience to be the more successful practice for preserving cash and taking profit on lucky pops.
I tend to favour gold and silver for bottom picking with my most favorite how low will it go "TKO.TO"... with rare earth and lithium penny plays holding ground and having placed some support testing... MDL.v is a favorite watch along with EMC.TO.. a Discovery Investing Pick...
XME.V is indubitably under the radar and a buy in the .15 cent area would be a most noteworthy target to consider over the next few months... early or later.
GLTA Lostoutwest
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|| Kenuck SmallCap Trader || The Gold Report || Korelin Radio || StockCharts You Tube Lessons || Money In Metals || Resource Clips || Stockhouse || Ticker Trax || Bullion Bulls Canada || Lex corp || Track My Trade || National Post || Grandich || Penny Stock Journal || FreeStockCharts || Gold$eek Drill Results 101 || CBCnews || Seeking Alpha || SmallCapPower || Macroaxis || GOOGLE
Please read our Complete Disclosure
As a general note... both the TSX and Venture continue to look very sick and as the seasonal doldrums appear to have moved in early ... there are still those who believe the worst has not happened... there may be a sucker rally still in the wings.. If you have never practiced swinging... if such an occurrence were to take place... a bit of swinging has a high percentage over broad Small cap audience to be the more successful practice for preserving cash and taking profit on lucky pops.
I tend to favour gold and silver for bottom picking with my most favorite how low will it go "TKO.TO"... with rare earth and lithium penny plays holding ground and having placed some support testing... MDL.v is a favorite watch along with EMC.TO.. a Discovery Investing Pick...
XME.V is indubitably under the radar and a buy in the .15 cent area would be a most noteworthy target to consider over the next few months... early or later.
GLTA Lostoutwest
If you see the hand mousing over screen shots... click on screen shots to enlarge them.
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|| Kenuck SmallCap Trader || The Gold Report || Korelin Radio || StockCharts You Tube Lessons || Money In Metals || Resource Clips || Stockhouse || Ticker Trax || Bullion Bulls Canada || Lex corp || Track My Trade || National Post || Grandich || Penny Stock Journal || FreeStockCharts || Gold$eek Drill Results 101 || CBCnews || Seeking Alpha || SmallCapPower || Macroaxis || GOOGLE
Please read our Complete Disclosure
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