They opened GG yesterday at 32.55, below the 32.50-32.57 neckline of the H&S Top, but above the 32.31-32.32 bottom of the Rectangle/Double Bottom in the 5-Minute chart.
As we discussed, a H&S Top in an Hourly Chart "should" trump a Double Bottom in a 5-Minute chart, so I shorted GG with a stop above 33.15, the highs of The Rectangle/Double Bottom in the 5-Minute Chart.
As soon as I got short, they popped it to 33.02, but only briefly. GG came back down to the 32.50's very quickly, so I also shorted it in my TDAmeritrade account.
Trading plan: Stop above 33.15. Buy To Cover near the 31.76 gap. Re-enter short on any rally back to the 32.31-32.32 bottom of the Rectangle/Double Bottom.
I covered both postions at 31.79, but didn't get the chance to re-enter short. That's fine. I was grateful for any gain on this devilish H&S Top ;)
Gain: $2,950. Combined with the $1,200 and $150 gains on GG earlier in the week, that's a $4,300 gain in GG on the week so "working hard for the money" paid off, and they sure did made me work hard, trying to follow along and figger out this H&S Top with the HUI going to a new high in the process! LOL.
From yesterday morning, on AZO:
"The upward slope of the channel is 0.6909, so the bottom of the broken channel will come in today, April 3, at 161.628. The low of Wednesday's strong candle, when AZO fended off the "Kiss of Death" MACD signal, was 161.502, so if AZO should rally today, it should meet with some resistance there, at 161.502-161.628, on up."
As I've often said, we can't expect exactitude from technical analysis, but in a $160 stock, in particular, it was pretty amazing to see AZO print a high on the day of 161.62, nailing the bottom of the broken channel to the exact penny!
My plan was to short AZO at 161.48, just below the bottom of the resistance zone, and also at 162.95, just below the 163.08 midpoint of Thurday's black candle. AZO was down on the session, but was coming back so I went ahead with my plan and entered the short trade at 162.95, and was then going to enter the short trade at 161.48.
No shares available to short at Scottrade, and no shares available to short at TDAmeritrade either. About an hour later, AZO rallied to the 161.62 high of day, and sold off. Curses! Geez, that's frustrating when you've done the work, and then "ain't allowed to play." LOL.
I don't play options except on RARE occasions, but when my order was rejected, I looked at the May 160 Puts (Symbol: .AZQOL) when AZO was trading at $159.50. The Bid was $9.40; the Ask was $9.70.
No, thank you :(
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