Chrib:

Chrib:

I'm watching CPSL
It's a momo, a float queen, a China dynamo
Market could break either way, but whichever way, I think it will be big
If that way is up, power to the momos
Plus great low-risk chart formation: upturned 50, broke upside of pennant Friday, wave count is 3 of 3
Small pullback possible, for safety reasons buy above 5.16, if you're a gambler try buying a pullback.
I'm already in myself.

breakout! up 7%; let's see how much it has left in the tank...

booked some 5.38 - letting 80% ride

Chrib:

Chrib:

Chrib:

I'm watching CPSL
It's a momo, a float queen, a China dynamo
Market could break either way, but whichever way, I think it will be big
If that way is up, power to the momos
Plus great low-risk chart formation: upturned 50, broke upside of pennant Friday, wave count is 3 of 3
Small pullback possible, for safety reasons buy above 5.16, if you're a gambler try buying a pullback.
I'm already in myself.

breakout! up 7%; let's see how much it has left in the tank...

booked some 5.38 - letting 80% ride

Consolidated at 5.40-5.45, now climbing a bit more - this is the way of the Chinese momo float queens: very little supply and one gets steep vertical climbs on the charts when the setup is right. That's why I watch them every day -- flip side is be quick to book profit. Easy come, easy go. Stop's at 4.99. I think a pullback may be in the offing too.

Chrib:

Chrib:

Chrib:

Chrib:

I'm watching CPSL
It's a momo, a float queen, a China dynamo
Market could break either way, but whichever way, I think it will be big
If that way is up, power to the momos
Plus great low-risk chart formation: upturned 50, broke upside of pennant Friday, wave count is 3 of 3
Small pullback possible, for safety reasons buy above 5.16, if you're a gambler try buying a pullback.
I'm already in myself.

breakout! up 7%; let's see how much it has left in the tank...

booked some 5.38 - letting 80% ride

Consolidated at 5.40-5.45, now climbing a bit more - this is the way of the Chinese momo float queens: very little supply and one gets steep vertical climbs on the charts when the setup is right. That's why I watch them every day -- flip side is be quick to book profit. Easy come, easy go. Stop's at 4.99. I think a pullback may be in the offing too.

yep, on cue, pulling back now - if you have intraday charting start watching it on 1-minute timeframe.
There is a chance this will pullback and then go - wait for it to decline, rise a bit (staying below day's high of 5.60), and decline again so that it forms a little hill on the 1-minute chart - then buy if it gets above the peak of that hill, risking to 4.99. May not happen but that would be a low-risk entry where you are waiting for the market to prove to you there is strength enough for a move, while taking advantage of the natural waves of greed and fear to provide you with that low risk entry.

Chrib:

Chrib:

Chrib:

Chrib:

Chrib:

I'm watching CPSL
It's a momo, a float queen, a China dynamo
Market could break either way, but whichever way, I think it will be big
If that way is up, power to the momos
Plus great low-risk chart formation: upturned 50, broke upside of pennant Friday, wave count is 3 of 3
Small pullback possible, for safety reasons buy above 5.16, if you're a gambler try buying a pullback.
I'm already in myself.

breakout! up 7%; let's see how much it has left in the tank...

booked some 5.38 - letting 80% ride

Consolidated at 5.40-5.45, now climbing a bit more - this is the way of the Chinese momo float queens: very little supply and one gets steep vertical climbs on the charts when the setup is right. That's why I watch them every day -- flip side is be quick to book profit. Easy come, easy go. Stop's at 4.99. I think a pullback may be in the offing too.

yep, on cue, pulling back now - if you have intraday charting start watching it on 1-minute timeframe.
There is a chance this will pullback and then go - wait for it to decline, rise a bit (staying below day's high of 5.60), and decline again so that it forms a little hill on the 1-minute chart - then buy if it gets above the peak of that hill, risking to 4.99. May not happen but that would be a low-risk entry where you are waiting for the market to prove to you there is strength enough for a move, while taking advantage of the natural waves of greed and fear to provide you with that low risk entry.

Now building the left side of the "hill" - see if it forms a right side that doesn't go too far down past 5.46 (the base of the left side of the hill); if so, we have a potential setup. If it goes too far down, then wait for another, smaller hill to form on the side of the first hill.

Also OK to buy at 5.61 or HIGHER, in case demand is so high that there's no right side of the first hill and it just goes zoom zoom up. If that happens an aggressive day trade stop would be 5.33 or 5.34, you must exit by the end of the day though.

Yeesh for some  reason I don't like the way the hill is forming even though it fits my criteria so far.
Continue waiting for the 5.61 entry, don't buy at the peak of this mini-hill - looks like a trap
if it's not a trap then you'll be in at 5.61 anyway, risk to either 5.34 or 4.99, depending on risk tolerance

Chrib:

Yeesh for some  reason I don't like the way the hill is forming even though it fits my criteria so far.
Continue waiting for the 5.61 entry, don't buy at the peak of this mini-hill - looks like a trap
if it's not a trap then you'll be in at 5.61 anyway, risk to either 5.34 or 4.99, depending on risk tolerance

Ooh all of a sudden looking good to me again. It looks like a bullflag on the 1-minute chart
Aggressive day traders try buy >= 5.51 or 5.52, stop at 4.99 or however low the right side of the hill goes if you want to cut it a bit closer. More conservative day traders buy >= 5.61, same stop criteria. If aggressive, put less $$ at risk -- like 0.1% of total portfolio value (or even less!)

Calculation instructions here: http://www.chribstrades.com/

Chrib:

Chrib:

Yeesh for some  reason I don't like the way the hill is forming even though it fits my criteria so far.
Continue waiting for the 5.61 entry, don't buy at the peak of this mini-hill - looks like a trap
if it's not a trap then you'll be in at 5.61 anyway, risk to either 5.34 or 4.99, depending on risk tolerance

Ooh all of a sudden looking good to me again. It looks like a bullflag on the 1-minute chart
Aggressive day traders try buy >= 5.51 or 5.52, stop at 4.99 or however low the right side of the hill goes if you want to cut it a bit closer. More conservative day traders buy >= 5.61, same stop criteria. If aggressive, put less $$ at risk -- like 0.1% of total portfolio value (or even less!)

Calculation instructions here: http://www.chribstrades.com/

Word to the mutha'
Brian Shannon just highlighted CPSL once it breaks 5.50 on his online chat today

new to the site, so maybe you can direct me to a more appropriate place to pose this question...but, what are your thoughts on USNA?  WM??

blk740il:

new to the site, so maybe you can direct me to a more appropriate place to pose this question...but, what are your thoughts on USNA?  WM??

I'm kinda new too, not sure
My thoughts - USNA  looks OK, WM is rotted to hell

CPSL update - if it can pull back a little tiny tiny bit , it looks constructive for a move above 5.50. I'd make it 5.52 or higher to be on the safe side. and there, it just did do the pullback. This could be it.

10 minutes later... building reverse h&s pattern, >= 5.51 is good entry once again. If feeling aggressive then risk to just below the right shoulder (5.36 or 5.37 currently)

Chrib:

blk740il:

new to the site, so maybe you can direct me to a more appropriate place to pose this question...but, what are your thoughts on USNA?  WM??

I'm kinda new too, not sure
My thoughts - USNA  looks OK, WM is rotted to hell

CPSL update - if it can pull back a little tiny tiny bit , it looks constructive for a move above 5.50. I'd make it 5.52 or higher to be on the safe side. and there, it just did do the pullback. This could be it.

10 minutes later... building reverse h&s pattern, >= 5.51 is good entry once again. If feeling aggressive then risk to just below the right shoulder (5.36 or 5.37 currently)

Starting to look dodgy. If it falls below 5.24 it's definitely a no-go, and if it falls farther than where it is now (5.34) it'll look like a real ugly setup. It kinda looks ugly already.

Anyway, I hope this exercise helped to illustrate my thinking process when evaluating charts and chart setups. I know we all want measurable scientific data so we can use screens to do all the work, but there's an art to chart reading. There is a kind of back-and-forth constant re-evaluation of the chart as it develops, and so much of it depends on "the look" of the chart, and that's something that will come with time. One thing to focus on is the angles of the trends - the combination of price and time.

As for CPSL, it's getting to be way too late in the day to play a day trade anyway, so pull your orders at will.

Goodness... it's 3:00PM ET and the setup looks so tempting.
I know I shouldn't but... maybe risking just a soupçon?

http://img267.imageshack.us/

(This is Ameritrade's charting)

Well, I'm in. 5.48 stop 5.40
sell 1/2 at 5.60 (high of day)
Minuscule position
How far can it go in 30 minutes?

PS I don't think you're supposed to day trade after 1PM let alone after 3:30!!!

Update: sold 1/2 5.56 - playing it safe.
Not a bad return, because the initial risk was 8 cents & the return on this portion is 8 cents. I get back 1x the amount I had decided to risk, less commissions, so it's almost a 1R trade.

Update: sold other 1/2 5.53 - I'm a wimp.

Results:
Risk is .08/share
Average profit is .065/share
commission = .01/share
net profit is .055/share before taxes

.055/.08 = 0.6875R, where R is the dollar amoun