by Rick Ackerman on July 14, 2009 12:01 am GMT
There is still upside pressure on the daily chart, but it has been unable to move price with any momentum. Price seems to be stuck at this level. Price still has to go through the 228 level with some push in order to start the next move higher. Can po2 for the down move at 211 still be on the agenda?
On the 60 min chart things don’t look real bright either. Pressure is still up but it is in a very over extended place on the chart. Price is still trying to get to the 224, the po2 level for this move up.
by Rick Ackerman on July 14, 2009 12:01 am GMT
The stock is in an up move with a target price of 51. Price hit PO2 at 45 and started a retracement down. Price has found temporary support at P for this retracement down at 34. For price on the daily chart to start a new move higher it would have to go through 38 and then P would be 41. There is currently upside pressure being applied to price on the daily chart.
Dropping down to a 15 min chart you will see that price stopped just short of PO2=35.98. There is about another 25cents left in the move on this chart. There should be a retracement from the 36.30 level Based upon the current high if price hits 35.50 look for support at 35.20. Price should hold above the previous low of 34.18.
by Rick Ackerman on July 14, 2009 12:01 am GMT
The bonds don’t look like they are in very good shape. They have spent the last four days trying to get through po2 on the daily chart at 121-14. The target price for this move higher is 122-26. For price to start lower it will have to go through 118-14 and then the first price objective would be 115-24. There remains downside pressure on price, but price remains at the same level.
The 60 min chart has downside pressure being applied to it, but it is an over extended area and trying to turn up. Price has tried to reach po2 at 119-21 with no luck. If price can get through 120-11 then P would be 120-29.
Now the question is, are the bonds contra to the Dow? If the bonds rally, will it be a flight to safety?
by Rick Ackerman on August 27, 2010 9:07 am GMT
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Money Management
by Rick Ackerman on July 14, 2009 12:01 am GMT · 1 comment
There are systems that are based upon money management alone. The principle is basically the 1/2 way to the wall principle. If each time you go 1/2 way to the wall you will never get there. I have heard so many say that they will take 10% loss or a 5% stop. That like the 1/2 way to the wall theory is, if each time you take a 5% loss you can never be out of money. A stop shouldn’t be based upon financial pain it should be based upon the fact that the chart says you are wrong. I use a 2% risk factor. That means if I had a $10,000 account I could risk $200 on each trade. I would then look for a trade where a move of $200 would make me wrong. So the trade is adjusted to that risk parameter. If it requires you moving down to 60 min. chart or 15 min. chart to do that then that is where you should be trading. » Read the full article