[Dinerotrader]

Originally Posted by Dinerotrader »

PLFE

Here is one heck of a wedge. Look at the coiling of the last month's price action. Sometimes I wish I had time for stocks again. Trading oil is consumming all my trading time.

Just to follow up. Here is what happened on PLFE

[boilergradd]

I have been following this thread for some time now. What are your thoughts on RIG? They seem to have found some support around the 65 dollar range, I would be looking to pick up a vertical call spread around 65 using the 65 and 75 strike June calls?

[MadMarketScientist]

I'll be interested to see how your RIG trade works out if you go for it. I do see the set-up you're discussing using the methodology outlined in this thread.

The reason I'm intrigued by it is on a totally different approach I take on a 130 minute chart it's in a short zone from $66, on a 60 minute short from $68, though on my 30 minute chart the short happened from $83 back on 4/28 and already completed down to price projections of $74-$77 (obviously exceeded that)

This should be a fascinating one to watch because I can see the potential power of your set-up your watching which would run contrary to these set-ups.

[boilergradd]

Originally Posted by MadMarketScientist »

I'll be interested to see how your RIG trade works out if you go for it. I do see the set-up you're discussing using the methodology outlined in this thread.

The reason I'm intrigued by it is on a totally different approach I take on a 130 minute chart it's in a short zone from $66, on a 60 minute short from $68, though on my 30 minute chart the short happened from $83 back on 4/28 and already completed down to price projections of $74-$77 (obviously exceeded that)

This should be a fascinating one to watch because I can see the potential power of your set-up your watching which would run contrary to these set-ups.

Thanks for your insight. The next few days should provide a direction.

[Dinerotrader]

RIG

Sorry for the late response. My wife was having a baby last week so I got behind on most things. Hindsight analysis isn't worth much so I'll just post the S/R I'd be watching going forward for swing trades on the WEEKLY chart.

[SunTrader]

Originally Posted by SunTrader »

TLAB

16.4% move off the bottom in mid December.

Kept on ripping almost doubling from the lows. Damn.

[Dinerotrader]

Originally Posted by SunTrader »

Kept on ripping almost doubling from the lows. Damn.

There's always more opportunities. Find a good setup and post a chart.

[MadMarketScientist]

Quick follow-up on my post on RIG which was being discussed here from last week....the short on my 60 minute chart from $68 remains open, target is down to the $54 level so it is really getting pretty close now -- would be a time to drop a trailing stop probably just above $65. On the 130 minute chart that I like as well, bigger moves, short from $66 with a target at the $53 level -- probably would pull trailing stop down to about $69 on that one -- needs more room.