I've spent some time in updating both the Trade Setups category as well as the Active Trades category. Trade Setups are trade ideas that are either currently offering an objective entry, such as an active long trade that has pulled back to support, for example. Stocks or ETF's that are setting up in a bullish or bearish technical pattern but have not yet triggered an entry fall into this category as well. As such, trade ideas are often assigned more than one category as they are not mutually exclusive. A description of each category can be found at the top of [...]
Here are the previous and updated charts to the remaining 5 of the top 10 largest components in the Russell 2000 Index ($RUT). The previous charts were from the original post made on March 22nd. The first 5 charts were updated yesterday afternoon. As always, this string of charts can be easily navigated by clicking on the first one to expand, then moving your cursor anywhere towards the right of center on the chart then clicking to advance to the next chart. To zoom in or out, simply use the scroll wheel on your mouse or click, hold and drag [...]
These are the daily charts of the ten largest components of the Russell 2000 Index (posted in descending order by weighting). Rarely have I even seen such screamingly bearish patterns on nearly every top component in a major, diversified index such as this. Of course, these stocks are also extremely overbought on the daily, weekly and even monthly time frames. Personally, I'm expecting much more than the run-of-the-mill 3-5% pullback that most pundits on the street are calling for. As taking screen captures and annotating 10 chart takes a considerable amount of time, my notes on the charts are minimal but [...]
The OCN short is up 11% since the recently posted backtest/add-on and still has plenty of downside left before reaching it's price target (first and final). I've included a 4 hour chart along with the updated daily chart below. The 4 hour chart highlights a nice ascending & slightly contracting channel. A break below this pattern will likely be the catalyst for a move down to the one and only price target (29.25) but also realize that support IS support, until broken. Therefore, as this trade is already up nearly 11% from the original entry and up exactly 11% since the [...]
OCN looks like an objective add-on or new short entry here as prices have turned down after a recent successful backtest of these dual intersecting trendlines preceded by the recent primary uptrend line breakdown. Suggested stop over 43 area.
OCN is just slightly trading below this uptrend line that I've been tracking for a while. I will consider any move below today's low of 39.60 for a short entry trigger. As of now, my sole and likely final target is 29.25 with a suggested stop on a move above 42.10.