Technical Trades Technical Analysis applied to Stocks and Futures.
ELN
Looks like a very good technical area to be buying ELN.
2 Responses to “ELN”
Spike,
Could you explain why you feel this is a good entry. The candles from Wed at
11:00(through the rest of the day) are indecisive and the Bollinger bands suggest that it might be moreprudent to wait and see if any downwards pressure bounces off the 16.18 support area that you have drawn. Are there additional oscillators that
you are looking at that would add confidence to your call?
Thanks for posting to the EYMB.
Berkstump
The signficant candle from Wednesday is the 2nd one that closes above the band. That in itself is bullish price action. The retrace in price since puts the risk into an acceptable area relative to the logical stop price location I\’ve marked. You say the bollinger band suggests prudence to wait and I\’d humbly disagree; you have a bollinger band squeeze on the hourly, which often precedes tradeable moves, and bullish candle action on Tuesday (peircing reversal) and then yesterday (bullish close above the band) and the sensible r/r entry presenting on a discount. Add that to my longer term fuzzy count (refer to archives and previous posts at the ELN board) and it\’s ripe for a long trade at these levels. No other oscillators to draw comment on; I\’m sure there are plenty to support a bullish case though hehe. But I\’m happy relying on what I\’ve noted. Simple and clear to me. Best to ya.
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Spike,
Could you explain why you feel this is a good entry. The candles from Wed at
11:00(through the rest of the day) are indecisive and the Bollinger bands suggest that it might be moreprudent to wait and see if any downwards pressure bounces off the 16.18 support area that you have drawn. Are there additional oscillators that
you are looking at that would add confidence to your call?
Thanks for posting to the EYMB.
Berkstump
berkstump2 - June 22nd, 2006 at 11:14 am
Sure Berkstump.
The signficant candle from Wednesday is the 2nd one that closes above the band. That in itself is bullish price action. The retrace in price since puts the risk into an acceptable area relative to the logical stop price location I\’ve marked. You say the bollinger band suggests prudence to wait and I\’d humbly disagree; you have a bollinger band squeeze on the hourly, which often precedes tradeable moves, and bullish candle action on Tuesday (peircing reversal) and then yesterday (bullish close above the band) and the sensible r/r entry presenting on a discount. Add that to my longer term fuzzy count (refer to archives and previous posts at the ELN board) and it\’s ripe for a long trade at these levels. No other oscillators to draw comment on; I\’m sure there are plenty to support a bullish case though hehe. But I\’m happy relying on what I\’ve noted. Simple and clear to me. Best to ya.
Spike - June 22nd, 2006 at 11:33 am