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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: Jacob Snyder who wrote (138254)9/10/2010 5:16:02 PM
From: Jacob Snyder1 Recommendation  Read Replies (1) of 206334
 
RIG chart pattern, and trading plan:

After falling off a cliff in April, RIG fell from $93 (April high) to $42 (June low). Since then, RIG has been in a rising channel. The width of this channel is about $10-14, measured by the rise from each ST low, to the next ST high. Today, RIG took out the August high, which in turn was higher than the June and July highs. A pattern of higher highs is comforting. I think it's safe to say the bottom is in, and the trend is up.

Plan:
1. maintain RIG as a LT holding (first bought in July at $48)
2. increase or decrease my position marginally, taking advantage of that 10-14$ range.
3. buy more when RIG is at its 50dma (now at $52), or on any $10+ downmove
4. sell some when RIG makes a $10+ upmove, or gets $10 above the 50dma.
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