THANK YOU guys so much for supporting me here ever since I started
writing at iBankCoin.com back in 2008. As you may know, I was picked
up from the Peanut Gallery and given a “tab”. I truly enjoyed helping
my readers gain trading knowledge, technical direction, and of course,
execute profitable trades and conduct reviews of them afterwards. I
have written 332 posts during my stay and I hope that the vast
majority of them helped all of you in some way or another. My only
goal was to educate and inspire traders to reach their fullest
potential.

I would like to thank The Fly for providing me with the opportunity to
help me get my voice heard. He has been a gracious host and I will
always be grateful to him for the platform he has provided me.

I would also like to extend my best wishes and a bright future to the
other tabbed bloggers here: Ragin’ Cajun, Jake Gint, Woodshedder, Gio,
Danny, and Scott. The talent here is tremendous and you are all assets
to the site. Finally, I extend a personal “thank you” to everyone who
regularly contributes to the comments section on my my blog. You know
who you are, and if you ever need my help, I will always be available
for you.

You will continue to see my tweets and my “Charts Gone Wild” program
and anything/everything else I do. I will utilize the Chart.ly blog
(http://blog.chart.ly/) as a temporary venue until I finalize
everything and announce some new and exciting plans. All of you will
personally be updated by me on further developments.

Presently, I am planning an exciting new venture in the stock
community which will launch in just a few short weeks. Although I
cannot disclose the details at the moment, I assure you all, it will
not disappoint.

Best wishes and a sincere thank you to everyone,

John Lee
“The Chart Addict”

The market is in a channel, but more specifically, in a broadening reverse symmetrical triangle. This type of consolidation typically lasts for a while. At this point, this pattern is neither bullish nor bearish.

I have three finals coming up very soon, so I will not be executing rapid-fire scalps for the next 2 weeks (for the most part). Instead, most day trades will last longer than just a few minutes with more aggressive entries and delayed exits to accommodate my lack of time.

Below are two doji plays. Remember that doji are indecision days. How do you play doji gaps? You either go long or short either 1) upon a gap up above the previous days highs or a gap below the previous days low or 2) upon intra-day breakouts or breakdowns of said highs and lows. Once direction is determined, the prevailing side usually continues the price action in the direction of resolution.

1) GLD – $114.10
2) IAG – $16.41
3) GG – $40.92

Here was the first Gold Update written yesterday: http://ibankcoin.com/chart_addict/2010/04/26/gold-update-i/

The important aspect of this consolidation is the evolution of it. From December 2009 till early February 2010, gold formed a descending triangle. From that point up until this month, gold formed a channel. The entire pattern exhibits both an inverse head-and-shoulders as well as a rounding base. This month is the most important as short-term consolidation was able to maintain the 20-day MA as immediate support. The only concern is that all four MA’s do not have positive slopes, still leaving remnants of a channel’s characteristics.

The moment the GLD breaks through $114, I believe it will be time to accumulate gold for a swing, and perhaps, a positional trade. for a target as close to the December 2009 highs as possible. The only risk is one overlooked pattern, which is the ascending channel. As long as the following criteria are met, I will deploy gold positions:

1) MA slopes are positive on the 20-, 50-, 100-, and 200-day MAs.
2) The GLD breaks above $114.
3) The 20-day is not violated as nearest support.

If this is executed, then gold will have successfully breached the channel and the inverse H-and-S neckline. Keep an eye on this sector and it’s components as we approach May.

Lastly, I have finals soon so don’t expect me to do my usual rapid-fire trading for the next 2 weeks. If I will be trading, then the time frame will be longer than just a few minutes.