I'm all in......

thanks Jeff..

Jeff,
Done deal.

Raimo,
On SNDA, I noticed that the volume is a little lacking--under the 30 day MA. Wasn't sure what to make of that given that it was a pretty light trading day?

Something to watch for tomorrow I guess.

LisaG,

It's been a while since I have been in one of Jeffs classes, but if I recall, volume confirms the breakout on a pattern. In a slew of trades available, I am only looking for the trades that offer me the BEST R/R. Also, the BEST REE. I need volume for the BEST REE on a pattern breakout. I'll pass.

SNDA - Jeff mentioned in the Mastertalk last week that he treats the bull flag breakout more like a bounce for volume purposes.

Kim,

Well, there ya go, thanks!! (SNDA)

I still think that the greater the volume, the better the chances of the trade being successful. I think maybe if we can get Jeff to throw us a quick post on this that would be great...

Jeff....?????

Raimo, I can't say as I disagree with you on the point of having volume confirming any type of pattern breakout is always a better REE. That just seems very logical.

Jeff- I'm in and THANK YOU for the opportunity. This is Dan's birthday but we're in anyway. True OA's don't let such a silly thing as a birthday stand in the way.

Kim

A quick post for some confirmation would be great! Also, I have always been told that it should be 1.5 times the average volume, I believe. Is that something you look for, or do you just look for "above average" volume? Sometimes I think I over-analyze myself out of trades....

Brought forward from last thread...

Kim,
Yup SNDA looks like it's broken out on average volume. It's also a great bounce in an upward trend. Although the volume's not good for a breakout it's fine (in my humble opinion) for a bounce.

Matt, I like AKAM as a reversal too. If you look at the last six or seven days... you'll notice that the highest volume has been on the up (black) days. This is an observation Brett has pointed out when talking about reversals or patterns that none of us have been able to see. The strength of volume has a significant impact on what the pattern does, and when you see five black days with big volume, and two red days with little volume... I think it smells like a duck.

Just got back from our second Thanksgiving dinner. I was going to go for a swim (it's 88 degrees here at 7:00 PM) but I was afraid I'd sink to the bottom of the pool. There's concern that Catherine would take too long weighing the value of having me safe and dry versus wet and submerged... so I opted to stay indoors.

Had one of the best days in our options today... the value of buying everything at REE. Now I've got to figure out when to get out. Man, I had a good look at BOBJ last week and thought it looked stuck in a rut. If I'd listened to myself and had a look at the volume on the last few up days I would have seen a new uptrend coming. Now I can't see it for the freekin' mountain it has formed. My prophet charts show earnings this past Saturday and on the 24th. Go figure.

Back to Vegas tomorrow. Hopefully I'll have more time. Thanks for sharing the great letter Jeff. Just goes to show that there are people out there who know how to look a gift horse in the mouth. You'll never hear ME complain about the lack of Canadian content on the blog, or how you like Kim better than me, or how my parents abused my goldfish, or any of that stuff. No sir, I'll just suck every ounce of info out of this blog and come back and torment you when I have enough money to be King of the World (rather than Mayor of Kohlerville)

Jeff,
Thanks for this oportunity. We're signed up. This thing on SNDA proves I can use the help. I agree with Raimo that I won't take this trade as I think there are better REEs out there... but I don't think it's a BAD entry.

SNDA

The fact that up volume the last 2 days is greater than the down volume the previous 2 down days smells good to me.

How do you figure price target on this pattern?

If GRMN goes above 110, then we're back into a nice uptrend. I keep hearing great things about this company.

I got into LVS at exactly the wrong time, and got out almost immediately but not before it gave me a nice punch to the head. I think it was at a perfect REE a couple of days ago... but is still at a good point.

Remember no problem is so small that you can't run away from it.

Thanks Jeff,

I signed up, I am curious how those work though. As unfortunately I have two presentations that night for class, is there anyway to record the event?

I would/ will honestly listen during class if possible, LOL.

Ben

Matt, the height of the flag pole is your price target. You start from the point where the breakout occurred (where the stock broke out of the channel) which looks to be around $37.29 and I see the flag pole being around $5 tall.

What I am sure most traders realize is that many flags are support bounces with fancy names assigned. As you all know, if you have read any of my many posts on the topic of support bounces, volume is not required to buy a stock that is sitting on support or resistance. Trading a flag/support bounce in an anticipatory approach doesn't require volume. However, most breakout trades are more effective with volume, but so many hit their target without it.

You make the call.

Jeff

***WARNING***

"The bachelor has multiplied!" I repeat, "The bachelor has multiplied!"

Hang onto Amber tonight!

I'm in

Couldn't make our group meeting tonight gang but maybe we could make that night our meeting.

What say you?

Oh brother, no wonder Jeff likes Kim better than me.

Ben, I think you should just take your College tuition and put it in a trading account. Who needs a stinkin' deploma when you can trade successfully?

Wahly, what group meeting?

Chris- It's a yin/yang thing. The tallest of the tall...the shortest of the short