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Non-Tech : Kirk's Market Thoughts
COHR 192.84+3.8%Dec 9 3:59 PM EST
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To: Chip McVickar who wrote (3190)6/16/2015 10:13:56 AM
From: Kirk ©   of 26745
 
Thanks for the extra info about the pitchfork. It is always great to learn new tricks for charting.

I first figured out "channels" in the 1990s by trading HP stock inside my company IRA when we were given access to a special account of just HP shares in the IRA. I found I could trade with zero commissions and wait until the last few minutes of the day to make a decision. I did something similar but more refined in my newsletter where I use analysts estimates going out up to 2 years into the future to help find bargains on fundamentals to go with support levels to buy and resistance levels to take profits.

It was funny how the stock (HPQ or HP back then) would be down when there were bad earnings quarters in the data but if things looked good (ie we were allowed to spend on meals, entertainment and travel) then the next quarter would usually be good enough to make the TTM PE jump after the next earnings announcement... so I'd add before the bad quarter would roll off if the price was down near the bottom of the channel. Likewise, if things were tight, it was time to take profits when the price as at the top of a parallel line channel I could draw.

Andrews Pitchfork seems an improvement on drawing the channel so I appreciate what you've shared about it.
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