Marlin, one other point on SOCR....Another trader on this thread, saved me the other day on MRVC....The stock tested 25.75-26.00 twice but could not penetrate the level to the downside....There was strong volume on both occasions....Luckily, I humbled myself and listened, and took a very minimal loss...In a sense, SOCR has done the same thing...Note how it tried to take out 8.75 twice...Note how volume picked up on both occasions..That shows the trader that there is support there....Further, as I mentioned on a prior post, past history of high volume areas(resistance becomes support,etc..) is a good teacher....Finally moving averages, envelope channels and Bollinger Bands aid in the process of determining resistance-support areas...Lately I have become a Fibonacci Arc, and Gann Retracement fanatic as well.....If you plug in all of the above on any one security, you can pretty well nail the support and resistance areas......
Stock Trader Basic Tip of the Day....
When you use your stochastic oscillator, the more reliable indicator is the slow stochastic....Jake Bernstein the originator of the stochastic pop, states that when a fast moving growth stock moves above the 80 line, many traders sell thinking the stock is overbought...However, this is a prime time to buy.....Many times these puppies pop yet a few times and make their greatest moves....The trick is to buy on a cross of 80 and sell when the %K lines crosses the %D(dashed line)......My problem is that I only get end of day quotes with my present set-up...With an intra-day day trading system, using the stochastic pop, you can lock in profits before the other guy knows what hits him.....
SPEAKING OF STOCHASTIC POP....Check out SOCR!!!!Note how %K crossed %D on Friday as %D is turning up....WOW....This indicator tells the short trader to cover and the the long trader to open a position...If I have misquoted Jake, please someone let me know....Otherwise, thanks Jake....I am long and with you buddy....
One day Martin, I will move up to Lizard level, with the ultimate trading system...Until then, I will be at the mercy of the fastmovers and the 400,000 share block purchases that spank me....OLCMF.......
Regards, Mark
P.S. BTW, check out the bullish divergences on SOCR, with CCI,Chaikin, Momentum,MACD Histogram, and Pring KST.... |
