08/22/2014 – had the target below on my “alert” but forgot to post so I’m a couple days late. Recommend closing the long from 240 ish and step aside. It’s been a good ride DOWN and UP. Note, below you will see the “high” print and the geometry behind that short and then WAITING for the BUY pattern to appear and logically get a little more juice from IBB and now step aside. Could it go higher — absolutely. It could also go lower …both sides have been played so don’t test your luck. Ha Ha Ha Ha …
08/02/2014 – IBB has completed a PERFECT buy (price and time equality) PATTERN and believe the result will, more than likely, give us a good flavor for the rest of the equity market in general. Why? Well, this was a PARABOLIC move and if it keeps going then the “overall” mindset of the equity market might fall in line. Might or might not … anyway, IF you are long THEN the level 246 should be on your mind. If we close below on a daily basis would recommend looking at this position long and hard. IF the pattern works THEN risk is anything below 246. Watch this …
I was asked to take a look at IBB again and decided to re-post the below. Look folks, as much as the below is a work of art I’ve also been wrong on the patterns. it’s all probability and the patterns are always CORRECT? Why, because they LET YOU KNOW WHERE YOU ARE WRONG! And, when you become an advanced pattern recognition trader, IF (the big if) you execute correctly THEN you know that you’ve done everything you can do to manage risk and your not SURPRISED or HAPPY when one works or SURPRISE and SAD when one doesn’t. The PATTERN will work or it wont …off my soap box.
Anyway, take a peak at the below and try to follow me … let me know if you have any questions. Sir Issac Newton is still correct about this thing called gravity.
Everything you learned in elementary school geometry is all you need …
Rock on, ok?
Bart
CLIFF NOTES (my wife says I’m to verbose and geeky (she’s correct) so she always says “just give me the cliff notes”)
- IBB Biotech ETF is in the parabolic stage. Very tough to develop targets in this type of environment (straight up) but an attempt is made.
- At the first sign of a daily signal reversal candle would look at closing a lot or all of any long position // take a crack at a short – it’s going to be a marvelous ride down
DETAILS:
if you click on the link below, you’ll see “real time” the EXACT high on APPLE using simple geometry we learned in elementary school:
per the title of this post, the basic effect of gravity has yet to be proven wrong. what goes up WILL come down unless we blow thru the earths atmosphere and cruise along in space w/ Sandra Bullock. And, why not? the stock market is NEVER going to come down and it’s different this time ….
but alas, someone has to try … the charts below are an attempt to 1)call for caution w/ regards to this parabolic rise and 2) demonstrate some techniques to obtain price targets. Full disclosure – don’t be impressed w/ AAPL. (see my GOOG posts) It’s simply PATTERNS and some work and some don’t. Most of the time they do …it’s an edge, I believe in that edge and the rest is history. ENJOY …
