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james_gsx

GS - weekly hammer

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This hammer looks pretty good IMO. It's right on support and the long wick shows someone was definitely loading up their inventory. I'm going to buy this if there is a move above $100.

 

Trade Idea - Hammer on the weekly chart, sitting on support and reasonable risk/reward for my stock account.

 

Trade Plan - Use daily chart to find a suitable entry point. Currently the daily shows a descending triangle that broke out to the downside and a spinning top against new resistance/old support. That's why I will wait for a break above $200 before going long.

 

Targets & Stops - My first target will be $220 where I will scale out 2/3rds of the trade and move my stop to break even. The second stop will be $240. My initial stop will be $183, or just below the wick of the hammer on both the weekly and daily (set Jan 9th on the daily).

 

attachment.php?attachmentid=4731&stc=1&d=1200116950

 

attachment.php?attachmentid=4730&stc=1&d=1200116950

 

attachment.php?attachmentid=4729&stc=1&d=1200116950

5aa70e32570a9_gsdailyjan11.thumb.jpg.bc4b497ec3f934f66d309ca60457e182.jpg

5aa70e325c5f6_gshammerweeklyjan11.jpg.dee54bbad2aef532cca966f8409a28ab.jpg

5aa70e3268ed9_gsweeklyjan11.thumb.jpg.c9569e75dcd44b26e8052b3f63cddc7f.jpg

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I'm going to buy this if there is a move above $100.
You mean $200 on GS?

There is a bullish Wolfe Wave formation in GS, EPA target of around $230. The attached charts shows two bullish Ww in succession. The first Ww EPA target was never met, it's formation was probably too steep for the current market.

5aa70e3281bc3_WwonGS2008-01-12_102643.png.5734a1815cc09da093bb203f8a0c9986.png

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GSX - I can see what you are looking at here. I would like to see a retest of the other levels I've highlighted here, but as we know, the market doesn't always cooperate as planned. ;)

 

attachment.php?attachmentid=4739&stc=1&d=1200157304

 

 

 

And if we drill down to a daily chart, the buying candle has already occurred:

 

attachment.php?attachmentid=4738&stc=1&d=1200157304

5aa70e32d5213_tlgs.png.b962d56a6ea6e36e94c1c5d4c98afa78.png

5aa70e32d8ff2_tlgs2.png.61ba664252fd84529588bbf653c4b16c.png

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Mr. Paul, if I had an options account I would definitely utilize options instead of stock. Unfortunately I can only do stock.

 

Brownsfan, I saw the hammer on the daily and the spinning top against resistance as well. That's why I want to see a move above $200 before entering. I've noticed over the last few months of watching the financials that the weekly charts are pretty powerful. I guess waiting for a pullback to $90 wouldn't be such a bad idea as well, I'll see what happens with this Monday morning.

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