kk, hopefully enough time has elapsed that i can post on the CHARTS forum again without detracting from the magnificent weekend charting thread! thanks to all who post there!
im looking to conduct a review of the charts i posted in the past week to see what (if anything) has played out.....for those who read, i do trade, however have not traded off of my drawn charts previously.....i am currently papertrading off of my drawn charts to see if my success rate is actually worth trading, and as such the loose aim of this review thread is to further my own understanding if nothing else!!
feel free to contribute with a review of your own charts from last week (or beyond) if it will help your own (or my own!) learning
LNG - posted 05/10/10
LNG - today 10/10/10
earlier in the week LNG showed up on stoch scan, i liked it because it had broken a LT downtrend, while at the same time validating the blue fork on its first candle.....as you can see the chart has now confirmed that downtrend break and looks to be continuing within the confines of the blue fork.....i have added the fibs as the stock has struggled against 23.60% previously.....the yellow line shows solid support
LNG - weekly
weekly stochs look to be turning up....however of concern is the yellow trading range shown, the upper line in particular has many touches over the years and you would really want the stock to get above this line to be super bullish
as far as my trade goes, after seeing this chart on 05/05/10, i bought on open on 06/10/10 at 0.465 with stops at 0.425 on the yellow support.....my initial target is 0.58 but i didnt record why so that is open to interpretation... you could take some money off the table at 0.51 for a nice 10% gain, but trailing stops will be the go on the blue fork i reckon
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