stld

[legion3pm]

STLD is in an uptrend looks to have stopped for a moment trading sideways. looks like its forming a pennant and could have a breakout.

[legion3pm]

having a good day today maybe a breakout day doesnt have the big volume but a close over 35.28 should help it out.

[legion3pm]

i know it couldnt have hurt it any but is the close the stock had friday what it needed to continue is move upwards? just wondering what you all think about it

[whodi]

Originally Posted by legion3pm

having a good day today maybe a breakout day doesnt have the big volume but a close over 35.28 should help it out.

Just an FYI on this post. STLD had solid volume on Friday. The chart looks solid and appears to have broken out now IMO. Nice find, I hope you traded it. the Volume was up over 35% on Friday. Not sure what you were seeing to think the volume was not strong. Nice work again.

http://finance.yahoo.com/echarts?s=S...urce=undefined

[legion3pm]

thanks whodi.. i actually dont know when to buy in at the right time so i waited til closing time to make sure it was gonna hold the price. i got in at $36 and i hope it has follow through next week.. when would have been the right time to buy this stock with minimal risk?

[whodi]

Look at the high it made on March 26th, 34.75. You made a post on 4/1. That was a great day to buy because it was breaking out of the 3 day range to the up side and was in the beginning stages of an uptrend. If you wanted to play it safer, I would of bought in right on the open on Friday because it was moving even higher out of the break. You don't want to chase a stock, so the day you posted or early on the open Friday would of presented great buying opportunities without the stock running to far from you.

The Key about April 1st that makes it such a great entry point is the stock has been in an uptrend, it pulled back from profit taking or whatever, so you wouldn't be buying at the top but on a nice pullback entry point and then the sideways the next few days was looking bullish because there wasn't much dip and then once it started to move a little higher its clear buyers will jump on and speculate or people will jump on after it has broken out, so you are getting movement from the stock all around and again, solid volume of late shows this. Then I would of set a stoploss of 32.20 because a break under 32.11 from March 20th would be the 1st lower low in the recent uptrend and would be the 1st bearish sign and would probably of shorted it if it came to that.

[legion3pm]

thanks again whodi i looked at the chart at what you said and i can see what you're saying. even if i lose a little money from this trade i feel like i still won b/c i actually read a chart that went the way it was supposed to. thanks again. you and GOODS and everyone else that posts in here are awesome.

[whodi]

NP Legion. I personally don't see you losing money on this trade the way the chart is shaping up. It is in a nice uptrend right now with increasing volume. I am not sure if you bought as a swing trade or long term. If you bought it for a breakout opportunity, remember it is always good to sell into runs and as long as the technicals are showing green bars, let it run and do its thing and keep increasing your stoploss to lock in profits rather than seeing it run a few points and if it gives it back you weren't able to take in any profits. Don't let GREED or EMOTION set in. Leave that at the door when you are trading or it will be impossible. Also, as far as taking profits on a run, take advantage and you can always sell half your position and leave the rest to see what happens. If you get another run great, if it starts to pull back you can sell but at least you locked in profits and gave it a shot at another run and move on to the next stock and keep an eye on it for a pullback and enter back in for a buy as long as its a healthy pullback and is staying in its uptrend. Never buy or short just to be in something. There are plenty of opportunities in this game. Don't look for the knockout punch and keep taking your jabs and the $$$$ will come. It's all about patience and disipline. GL and keep posting.

[whodi]

Nice follow through like I expected legion with that chart. Told you I don't see you losing money on this trade unless you hold it longer and it pulls back under where you got it but it is looking very solid right now.

[legion3pm]

thanks whodi i set a stop at 37 for now and will continue to raise if it keeps going up gonna see if it will run.

[whodi]

37.90 is looking like intra-day support. I break under that and you may see some profit taking.

[whodi]

Ended up shorting around 38 and covered recently. Was definitely looking weak intraday around and that break of 37.90 was key and started to dip south along with the market once it broke it.


http://finance.yahoo.com/echarts?s=S...=STLD;range=5d

[legion3pm]

thanks for the heads up on the intraday support. i moved my stop up to 37.50 before i left.