From June 16, on XING:
"...I threw it in yesterday for a small gain. While the chart still looks okay and yesterday's break and close back below 2.23 could turn out alright, as I've said before, XING is a stock that knows how to disappoint, so I had it on a short leash." (Real Time Executions posted June 16).
All of the stops in XING got hit after I sold in mid-June, but interestingly, the stock held at 1.60 in mid-July, right at the retest of the top of the channel. Since that successful retest, XING has rallied back above the neckline of the Inverse H&S, so the targets of 2.84 and 3.34 are back IN PLAY.
That neckline "should have been" support in June, but it wasn't. What I would like to see now is for XING to meander back down to that neckline, currently at about 2.03, establish that it IS SUPPORT, then rally to the targets, and beyond. The bottom of the Kumo (Cloud) also is right there, currently at 2.025.
I would consider buying back my shares on a neckline retest, but XING simply could rally from here, and for those who are long, I hope that it does.
Bigger picture, although XING is a stock that knows how to disappoint, it also is a stock that knows how to hit its marks as far as targets are concerned. We can see on the chart that in the past couple of years (since October, 2007), at least 20 targets have gotten MADE on both the upside and the downside.
We also can see that XING has established a decent base from which to launch a rally. It needs to take out 2.63 to turn the corner and make a "higher high." Next resistance would be the 2.84 high from December, 2008, and then 3.76 horizontal resistance from the July, 2008 Symmetrical Triangle low.
2 comments:
Melf, I made a poor choice of words with panicked, probably should have focused more on a more accurate expression. I do realize that you are a trader which is why I am so interested in how you operate in longer time horizons. You have been so instructive that I keep trying to soak up more knowledge. Please don't apologize for what you offer, I am deeply in your debt for the time and interest you take in my education.
Mark,
For most players, I think that swing trading the patterns that we discuss is a much better way to go than trading. Calculate the pattern targets that are IN PLAY. Calculate the risk involved as far as the stop is concerned, to see what the risk:reward is, and DONE!
If I were a younger man and had a "do over," I think that's the way that I'd play the market, however, it would be a bit difficult for me because, astrologically, 80% of my energy is in the fire and air signs, so I really, really like action. I have nothing in earth signs or in earth houses, so I'm not at all "down to earth," or very well-grounded. That's one of my many weaknesses. Much too impatient. My fire energy wants it done NOW, and Ms. Market could care less about what I want. LOL.
Thanks for your nice remarks and I'm very glad if any of my stuff has helped you, or has helped anyone else.
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