(2020-08-13, 11:43 PM)daddybyday Wrote: Can I ask for some information about the scan that you are doing? I'm looking at the weekly chart for APD, and it looks like it actually broke out about 5 weeks ago, and is now bouncing off a minor pullback. Just curious as to how you are scanning? (warning, I'm the curious sort)
Thanks!
Tom
It did breakout 6 weeks ago. But if it stays within the current range. Then it will be forming whats known as a Flat Base pattern. See https://www.youtube.com/watch?v=zqsCdHUspns
So the add on buy point would be at the pullback to the 10 week MA or continuation breakout above the base. So my scans look for multiple things, and stocks near add on buy points is one of them.
Remember, with the Trader method we are looking for continuation breakouts, and so flat bases are good patterns to look out for, and they often form following the initial Stage 2A breakout on a more minor pullback in the broad market in strong stocks. As the market pullback causes the strong stock to consolidate for a month or so.
isatrader
Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill - Reminiscences of a Stock Operator.
(2020-08-13, 11:43 PM)daddybyday Wrote: Can I ask for some information about the scan that you are doing? I'm looking at the weekly chart for APD, and it looks like it actually broke out about 5 weeks ago, and is now bouncing off a minor pullback. Just curious as to how you are scanning? (warning, I'm the curious sort)
Thanks!
Tom
It did breakout 6 weeks ago. But if it stays within the current range. Then it will be forming whats known as a Flat Base pattern. See https://www.youtube.com/watch?v=zqsCdHUspns
So the add on buy point would be at the pullback to the 10 week MA or continuation breakout above the base. So my scans look for multiple things, and stocks near add on buy points is one of them.
Remember, with the Trader method we are looking for continuation breakouts, and so flat bases are good patterns to look out for, and they often form following the initial Stage 2A breakout on a more minor pullback in the broad market in strong stocks. As the market pullback causes the strong stock to consolidate for a month or so.
Thanks, ISA
I'm still trying to get a feel for the investor method--the trader method is a bit down the road for me!
I was cautious going into the day and did some profit taking and tightened up stop losses. But the market showed some strength again with flagging leaders making small comebacks. However, it could easily reverse again tomorrow. So am going to remain cautious with tighter stop losses and take it day by day.
For the watchlist from Thursdays scans - ADSK, CRWD, DOMO, ESTC, INTU, MDB, MSFT, NOW, NTES, PYPL, SMG, SNPS, SPOT
CRISPR is a disruptive technology that can be used to edit genes, and was talked about in detail on this weeks IBD podcast with leading fund manager Cathie Wood from ARK Invest.
The three CRISPR stocks mentioned in the video that ARK are building positions in are:
CRSP, EDIT & NTLA - all of which have appeared in the watchlist. A few multiple times over the last three months.
They have all recently broken out into early Stage 2 (see attached charts), but none with any volume increase as yet, and so have struggled to make progress and have started to form secondary bases on top of the breakout level. So watch for the Stage 2 secondary pullback B entry point or a continuation breakout above the recent bases on surging volume.
isatrader
Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill - Reminiscences of a Stock Operator.
