Bioseek Share Discussion Threads

[and then] 24/6/2011 09:07

Check out the 123 from yesterdays trend change, it really spells it out!

[apex] 24/6/2011 08:50

Thanks again And Then, will bear that in mind.

[and then] 24/6/2011 05:09

It should be noted that point '1' of a '123' is the actual turning point, it must be the lowest spike of the previous downtrend or vica versa, the highest point of an uptrend...

[curious] 23/6/2011 20:31

Don't panic. Other services also occasionally show spreads that suddenly widen after the market closes at 4:30. I subscribe to Updata and the same thing often happens.

I'm only guessing but I think these services take their closing price off of level 2 after some of the market makers have closed down promptly at 4:30. The remaining market makers who are still open for trades are quoting wider prices. Hence the unexpectedly wide spread that frightened you

The trick is to look at the spread that was quoted at 4:30 for a more realistic idea of where the share will open on the following day. It is not an iron-clad solution to the problem but it it is a rule of thumb that works most of the time.

[petersinthemarket] 23/6/2011 19:33

My watchlist on selftrade indicates a spread after close of 9.00-14.00.
Are these wild figures only on selftrade?
This is a crazy percentage.
atd is no basket case if the mm's are genuinely pricing it up like this overnight.
pim

[and then] 23/6/2011 17:28

Apex - 23 Jun'11 - 15:53 - 272 of 274

'A question I had after re-reading your posts was when do you start looking out for the 123 reversal or failed 123 pattern? After a change in trend?'


123's are great for indicating 'the' change of trend, but without other factors such as divergence, they often only lead to approx 40 point pullbacks within main trend, trough to peak; so not much gain after they have triggered. Best traded with divergence. Personally i don't trade them much as they can be a bit hit and miss... sometimes Hidden divergence forms later to cancel out the regular divergence and is too difficult to spot until your stopped out! Best used to start looking for your last LH to be taken out, then its game on...

[apex] 23/6/2011 16:46

Enlightening! Think the light bulbs have suddenly gone on ...
Muchos gracias And Then ;)

[apex] 23/6/2011 15:53

And Then - Are you looking for a confirmed 123 Reversal pattern at this stage?

A question I had after re-reading your posts was when do you start looking out for the 123 reversal or failed 123 pattern? After a change in trend?

[and then] 23/6/2011 15:44

Ok so remember Monday's Dax analysis...?

Here it was...



the update later that morning...



and now...

[apex] 23/6/2011 14:13

Falling off a cliff comes to mind ...

[and then] 23/6/2011 13:47

I like to look at like this; i consider i have lost enough in the past to be eligible to post my views on here!

[apex] 23/6/2011 13:34

Hi And Then,

I really appreciate the advice my friend. It seems you've been at this game for quite a while, which is obvious from your dedication and your past trades which you've been kind enough to post here. Always willing to learn and can never know it all when the market is constantly changing and evolving ...

Same rules do apply on longer timeframes and I've already been looking into that ;)

Cheers,
Tony

[and then] 23/6/2011 13:27

No prob's, in any case, you can never know too much in this game, well i should perhaps rephrase that, you can never know enough! In any entry of a trade on any timescale you need to be confident of your direction or else why take it?! The same rules can be applied as i do here for the 1 min, as can the daily/weekly etc. HH's/HL's etc. Anyone who doubts charts just needs to visit my last 100 posts or so, or pop by RS's chart thread. Everything you need is right there, its just that it's in code... deciphering it is the hard part, crack the code and you'll start winning the war!

*sorry if that sounded corny and don't mean to preach, i still have tonnes to learn!*

[apex] 23/6/2011 13:21

Cheers And Then - Thanks for the detailed breakdown on the chart. Getting to grips with it though to be honest with you, I'm not in a position to trade the short timeframes during the day (at work). Will have a go on the FX charts tonight.

[apex] 23/6/2011 13:07

Is that another 1-2-3?

[apex] 23/6/2011 13:01

A lower low at approx 7180, and the lower high just above 7200? Trend is still down so look to short again...

[and then] 23/6/2011 12:38

So come on lurkers... what should we be looking for in this next chart...

(chart i said!, which two price points are important right now?)

[and then] 23/6/2011 10:50

To try and help explain, this is what i'm talking about with regard to the 5 min chart... same set-up, but if the 5min triggers after the 1min, it adds serious weight to the trade... conversely, thats why i like the 1min set-ups, it flags the trade that bit earlier. Similarly the position i got stopped out of on Monday didn't get a trigger on the 5min, if i had seen that, i would have exited the trade immediately. Its worth noting and watching both time scales.

So we have 1min trigger, followed by 5min trigger followed closely by failed 123... We need to look for more and more evidence to back up a trade and recognise it quickly. This is all about scalping points on very short time scales, sometimes getting up to put the kettle on will see you miss a trade. Knowing what to look for in advance is vital.
Here the chart, hope its fairly self-explanatory...

[and then] 23/6/2011 10:37

Still getting to grips with the 1min chart. Having studied mainly longer time scales (other than when using it for scalping) in the past, its going to take a while to learn all its little habits. It certainly behaves very differently to the 5min in regard to set-ups. basics are still the same, however...

posted on RS's thread earlier... I didn't trade it as it was counter-trend and without divergence on the 5min. Still gave the target points though. Its almost like market law! (notice how it reversed shortly after)



Ok so a few observations later and it ran out of steam, it also developed a potential 123 on the 5min chart, that one never triggered, and that gave a clue, when point 3 (where the stop would be) got broken to the downside it backed up the short story...
Sticking to the 15 point target, this could have been over-ruled by noticing that the breakout from the longer flag was also a valid trigger on the 5 min, this carries a larger target of 20 points (albeit that the entry bar was 7 points lower), this then means you could have set a 27 point limit from the entry (7221, so target 7194), price went on after my screen print (currently) to hit 7190, before any retrace, (of course it might pile on down further, but lets not push our luck for now! ... amazing how the market adheres to the rules!

[emuphil] 22/6/2011 20:28

If it drifts lower without any news it doesn't bother me too much and I may pick up some more. Unless there is something very wrong with the actual company which will be announced at some point then the fair price will eventually be reflected. The relatively large purchase by the CEO I would say reduces the risk of there being anything major wrong that we don't know about.

[and then] 22/6/2011 16:57

Nothing today Tony, funny ole day tbh, nothing that obvious and soon lost interest, so had most of the day off... keeping a casual eye open, in case things change this evening...