"Here are my charts for TNE and NHC that you mentioned elsewhere.....I know which one I would trade and/or hold, which one do you think it is...double top here in TNE ?".................. @VVX565
just to get back to you on your TNE chart. Yes, what you say could be described as a double top, or 'tweezer top' as it is known. But a lot of charts have these on strong uptrends in week markets. But that double top you see occured on the 3rd and the 13th of December, and it did fall back in price since then, but, and here's the thing I see, that double top and subsequent pull-back has run it's course, and so the pattern on this week offered a buying opportunity.
But try this................pull up your chart of TNE, the 12 month daily, showing what u say is a double top, and then compare it to the XJO, the index. Note how strong TNE is compared to the index. It's SUPER STRONG. In fact that pullback on TNE, in Dec, happened when the DOW and XJO nose-dived.
Now next look at the 10 year monthly (or weekly) chart of TNE and see the BIG picture. WOW, what a powerhouse of a stock! with a bit of looking you should see a BULLISH FLAG (or channel) from the 10 month 2016 till the 8th month (August) this year, when on the 16/08/2018 it broke out. That would have been the best buy time. But i missed that, I may have not been looking, I've may have been away, or i may have had trading funds in something else. You can't hold everything!
Anyway, now pull up the recent chart , the 30day hourly, and you will see my entry signal around $6.15 when it broke the downtrend that was formed from your double top. That was my entry.
So, hope you can see why i don't like posting charts. One chart can be misleading and not contain all the neccessary information. I used the 12 month daily to find the trade, the 10 year weekly to make my mind up about the trade and then the 30 day hourly to enter the trade on TNE . 3 different charts. I don't use MACD, Bollies, Moving averages or any fancy indicators to buy and sell. however i am used to putting moving averages on my 12 month daily charts and I like the look of them. And if i trend trade i use either the count-back method or trailling ATR. Price and Volume RULES.........and experiance!
anyway that's it for today. no trades today, so I'm free and out I go. will come back later to launch the new weekend thread if i get time. nearly a thousand views to my little thread....thanks all for viewing.
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