Pathew, Scomi rocket got to refuel first.. that's why there is no action going on.. For the whole week it has been refueling at an average of 420psi.. Maintaining it's ATR at 0.024.. Do you know what this means? A max of 480 kiloknott burst-off..
Hv no worry at all:) but djhchew , can u elaborate a bit more on what u wrote just now n how u get that figure ...sorry if my question is too shallow .(does it mean this few day already bring the average price to .42?
Rocket, if you look at the charts, after the break-out on the 19th October 2012,you will notice on the 22nd October 2012, it opened at 0.41 and closed at 0.43. Closing higher than the breakout. If you noticed, buying was averaging at 0.415/0.42 on that day.
The following 3 days including today, the price range is getting tighter. Again averaging at 0.42.
When a price range is getting tighter after a breakout creating shakeouts (don't know if anybody got shaked-out today) along the way which is also called "the end of the cup's handle", can mean:
i. Somebody is accumulating (maybe it's KC). hehehe ii. Sign of exhaustion from a bull run. iii. A new trend is about to happen. It can go either north or south. But based on the knowledge that Scomi will need to show a good example to her god-father, south is not an option yet.
So now you know why our rocket is compressing at 420psi..
On ATR, meaning Average True Range which is from the charts too, shows 0.024 between the 2 days everybody was sewing their parachutes or jumping out without one and the day when everyone was celebrating that night. The dates are between 18th and 19th October 2012.
This ATR won't mean anything unless it is multiplied by 2 or 3 times. In my chart's case, i will need to multiply it again by 10.
My targeted range for the next break-out is:
0.024 x 2 x 10= 0.48
This technique is widely used by traders to calculate a definite range from a breakout in a short term period. If you need to know more, try looking for Daryl Guppy's book titled: Guppy Trading. Yes, he is the person who created the GMMA (Guppy Multiple Moving Average) Chart.
Hope I answered your questions.. and please correct me if I am wrong..
First part talks like baseball coach, second part talks like U professor, third part like rocket scientist, all just to try catch the latest computer virus! Hehehe. No wonder many newbies confused, including me!
Give me something simpler, like trigonometry please!
..ATR part is confusing. Maybe I don't understand how is come from ..anyway thank you chew . Sigh, no wonder you all can make money so easy lah. Knowledge make difference ..:(
Rocket, yes I still onboard...someone grap my legs not allow me to jump... hehhehe... will post some update tmr about scomi base on my 'fisheye' analysis... hope will be useful guide...cheers..
I think this scomi thread has the most postings right? Really too many chit chats here. We need to get restraining order for frank, tomato and dunkin to come in here! Hehehe
That's a lot of shares floating... Monday got economy seats opening up I suppose:)
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Posted by pathew > 2012-10-25 15:34 | Report Abuse
everyday see SCOMI in red, when only can see SCOMI wear green!