$GLUU looks like it is repeating price action movement of early April. A dip below base line of $2.75 and a bounce back to the upside. Meanwhile, the 79 moving average line is trending up slowly.
Take a look at the chart below:
Both momentum indicators are also pointing up.
I bought a starter position and added more afterward.
I like to see price heads back up to the last pivot high of $3.25. Not expecting a big move, hence breakfast only.
My 2 cents.
Comments »$GLUU has a gift for me today. After I sold to cut losses yesterday for small losses, it gapped down this morning and continued to head to the support line pronto. Seeing that it bounced off the support line (see yellow line on chart below), I started to build my position.
Below is the daily $GLUU chart:
See how the yellow line tracked all the way back to the support in Feb and how prices reacted to the yellow lines since then? It was almost like a magic line. My action on $GLUU is further proof that cutting losses quickly can result in opportunity to buy back the stock cheaper.
However, nothing is guarantee, my stop will be below the yellow line.
My 2 cents.
Comments »I like $GLUU here.
As you can see from the daily $GLUU chart below, it is bouncing off the Andrew Forks mid-line with two momentum indicators turning up. While the downtrend line still needs to be broken to the upside to be even considered a possible trend change. I’m playing this one more aggressively because I’m sensing a bounce here.
Below is the $GLUU weekly chart.
Last time I got into $GLUU, I bailed out too soon and missed the gap up later. Will I catch the ride this time?
My 2 cents.
Comments »I’m back in GLUU again after bailing out during the stormy day on Monday.
Take a look at the hourly GLUU chart below:
I’m seeing a potential ascending triangle breakout to the upside. Two attempts have been made; perhaps, 3rd time the charm?
Stop will the same as my previous ledge @ $2.27.
Just my 2 cents.
Trade Well!
Comments »GLUU looks like it is setting up for a mighty bounce.
Ok, we may have a catalyst giving this news here- Nevada legalizes first interstate online poker.
Take a look at the hourly GLUU chart below:
Did you see how the price action break out of the downward trend-line and then consolidated into a ledge? The way it is looking now, price action wants to go up. If it takes out the ledge high of $2.38, I will add more. If it takes out the low of the ledge at $2.27, I will cut my loss and move on.
I particularly like the big ass up bar right before the ledge. Sometimes, after a spike like this with higher than average volume; it may be a start of a runner if the catalyst is substantial enough; on the other hand, it could be one of those “spike and ledge sell pattern” within a bearish trend. This is why it is important to see which side of the ledge price action is going to take out next week.
Take a look at the daily GLUU chart below:
Did you see how it was bouncing… bounce once on mid-Nov 2012; bounce again on early Feb 2013; the 3rd bounce came off from a higher ground and stayed within the “upward” Andrew Fork lower line. In other words, I see a good risk/reward trade here as long as I use the ledge on the hourly chart as my guidance for protective stop.
Btw, I didn’t get into this trade until the last 15 minutes on Friday when I saw a spike up. This last minutes spike up reflected the price action upward bias inside the ledge; that was why I bought in my starter position. If it had spiked downward instead, I would have passed and skipped the trade.
Trade well!
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