For the week ended November 4, there were 35 charts with second or third buy signals as the week ended, and 48 with second or third sell signals. I visually reviewed the charts, and saw mostly rangebound whipsaw signals. Technical Trader subscribers click here to download the complete report.
There were 2 charts that I liked enough on the buy side to add to the list. I added those without stops. There were a couple on the short side that I wanted to pull the trigger on, but there was something about each of the setups that I didn’t like. So I chose not to pick those. Non-subscribers click here for access.
3 shorts and 1 buy hit their stops last week. Including the new picks, that leaves the list with 7 picks, all longs. Non-subscribers click here for access.
All picks closed out last week along with open and new picks picks are shown on the table below (subscriber version) with charts following. I adjusted stops on open picks as shown. Non-subscribers click here for access.
The strategy and tactics opinions expressed in this report illustrate one particular approach to trading. No representation is made that it is the best approach, or even suitable for any particular investor. This is a developmental and experimental exercise, for the purpose of providing experienced chart traders with ideas and concepts to use or not use as they see fit.
Nothing in this letter is meant as individual investment advice and you should not construe it as such. These picks are illustrative and theoretical. The method behind these picks is experimental, and may change over time. I may trade my own account, and may buy, sell, sell short or cover short, or have positions in any of the stocks on the list at any time, based on a particular trading style that is unique to me. My entry and close out levels are likely to differ from those published due to the exigencies of my trading style and time constraints. I post these items in good faith for informational and educational purposes, and do not take positions in opposition to those which are published. All chart picks are actively traded stocks, and I assume that no subscriber to these reports, nor the total of all subscribers taking positions, would do so in a size that would influence the market price.
Performance tracking assumes 100% cash basis, no margin, no options. You should not assume that recent performance as reported can or will be repeated in the future. Trading involves risk of loss. In the case of options, the loss can be 100% of the amount invested. When leverage is used the loss can exceed the account equity under certain conditions.
The opinions expressed here assume that readers are experienced investors or are working with an investment advisor.