[james_gsx]

This hammer looks pretty good IMO. It's right on support and the long wick shows someone was definitely loading up their inventory. I'm going to buy this if there is a move above $100.

Trade Idea - Hammer on the weekly chart, sitting on support and reasonable risk/reward for my stock account.

Trade Plan - Use daily chart to find a suitable entry point. Currently the daily shows a descending triangle that broke out to the downside and a spinning top against new resistance/old support. That's why I will wait for a break above $200 before going long.

Targets & Stops - My first target will be $220 where I will scale out 2/3rds of the trade and move my stop to break even. The second stop will be $240. My initial stop will be $183, or just below the wick of the hammer on both the weekly and daily (set Jan 9th on the daily).

[MrPaul]

Would you play this outright, or with an options strategy?

[thrunner]

Originally Posted by james_gsx »

I'm going to buy this if there is a move above $100.

You mean $200 on GS?
There is a bullish Wolfe Wave formation in GS, EPA target of around $230. The attached charts shows two bullish Ww in succession. The first Ww EPA target was never met, it's formation was probably too steep for the current market.

[brownsfan019]

GSX - I can see what you are looking at here. I would like to see a retest of the other levels I've highlighted here, but as we know, the market doesn't always cooperate as planned.





And if we drill down to a daily chart, the buying candle has already occurred:

[james_gsx]

Mr. Paul, if I had an options account I would definitely utilize options instead of stock. Unfortunately I can only do stock.

Brownsfan, I saw the hammer on the daily and the spinning top against resistance as well. That's why I want to see a move above $200 before entering. I've noticed over the last few months of watching the financials that the weekly charts are pretty powerful. I guess waiting for a pullback to $90 wouldn't be such a bad idea as well, I'll see what happens with this Monday morning.

[james_gsx]

I really like the banking sector in general in here. I'm wondering if my target for $220 is a little far stretched, but I need to get a confirmation to buy first.

[james_gsx]

Good thing I got out the day after I bought it