Tuesday, December 6, 2016
I turn dials and fiddle with knobs to hone in on harmonic rotations
Joined Oct 26, 2011
2,747 Blog Posts

Facebook Enters The Honey Hole

My favorite trade is the first pullback after a big thrust higher.  The more violent and unexpected the thrust was, the better.  One of the best ways of identifying the magnitude of the initial thrust is by using a momentum indicator.  Many use the RSI, I prefer the CCI.  If you look at how CCI is calculated you will understand how its oscillations reflect momentum.

I started buying FB two Fridays back perhaps a bit overzealous sure, but it wasn’t a full position because the stock had not pulled back into my honey hole.  Well here we are today, in the honey hole.  Now I didn’t buy any shares today, and I may not buy any tomorrow, but should we see STRENGTH of rhinoceros proportions I want a full position and will add.

Completely aside: I got creamed for a good 2% loss to my portfolio earlier in the year exhibiting my voodoo on the  thirty three level as if it was any semblance of support the day after IPO.  I learned my lesson, and @chessNwine made sure to iterate that we should wait 3-6 months to get a better technical picture of IPOs.  Thus, I am patiently waiting to buy shares in lifestyle brand RH which I can assure you will be in my portfolio in 2013.  Developing…

Note the angry bear’s laser like focus on the honey hole:

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  1. Grey Poopon

    hahahh wow that is awesome

  2. skibum

    Lookin’ forward to your thoughts on RH. A friend is a designer and tells me all sorts growth plans. Plus, their furniture is awesome.

    • bogy

      should pic a diff name

      honey hole is already a documented and legit setup coined by woodshedder

      this bullshit is just a pullback and a break of support I might add

  3. My3Sons

    Ha ha…the bear’s a classic.

  4. Joshua

    This is great. Glad you got a tabbed blogger spot. Look forward to reading moar