Alok, who I'd link to if he had a blog (hint, hint), brought up Rubicon Minerals Corp (AMEX: RBY) the other day on my blog and I drew the fibs just as a "study," for my own purposes. Revisiting it a couple of days later, I'm again fascinated by the behavior of even these small cap mining stocks in respecting their Fibonacci retracement lines.
While I am in no way recommending this stock, I may "play" it, just to experiment with some theories I'm working on regarding volumes and fib lines. For example, if this little guy punches-- with volume -- through this 23.6% retracement line (at $2.27) it's currently hovering just beneath, I may make a small purchase to see if it will achieve its full retrace of $2.83 (last visited on 4/13).
Judging by the volume associated with that April high, I think it's going to take considerable momentum to get past $2.83 here, so I may sell and wait for a pullback if it hits that target. Right now I'm really just trying to "learn" through observation, and I'd like to encourage folks to do the same in the comments section here. How much do you rely on fib lines in your trading, for example? How reliable are they in your experience? Which types of stock or sectors are best predicted via fib lines? All of these questions are on the table, and I'd like to hear your thoughts...
34 comments:
interesting chart Jake, man with my full time job and this trading thing, its really hard to maintain a blog. i hope someday i get the time to do something, but i dont think i have anything meaningful to say. didn't you read what that anon on beanz said about me.
it takes a lot for me to come up with any new names, i'm just so glad that you guys do all the hard work hahahaha.
Are you familiar with "ASOK" on Dilbert then, Alok?
I'm pretty sure he's an Indian (SW Asian) dude, too. And he has telekenisis or something like that...
jake, i'm trying to go all puts before wed afternoon. I have posted some deli specials at the blog site
zee
Always awake my friend *winks*
SLD 8000 ENG @ eight fiddyish,
BOO YAHHH..................!
MAS
HEY JAKE
i didn't short brl after all and told everyone in the comment section not to short it. and since i'm only getting 6 visitors a day, i'm not going to post blog anymore for a while.
zee
i have more fun going to other people's blogs...
yo jake, ASOK is my cousin hahahaha, sometimes i think its me.
whats with that dude on beanie's, really crazy that guy.
hey jake
i got a new signal for you to ponder upon. I call it the lightning bolt. You might have the correct name for it, which would be great. I've blogged it today, using VMC as my candidate. happy trails
zeester....
Zee--
Commented on your blog...
Thanks Jake for posting DUSA post on Beanie blog. It helped me get out of some big losses today.
Will be watching your next move. ;)
Stocky,
I'd love to take credit for DUSA, but I just looked at the chart after Beannie had made mention of it. Be careful on that sucker. In fact, be careful on everything tomorrow with options expiration coming.
hey jake, ok i signed up at tim knights, weblog, or whatever it is, so i wonder what it is. I think i should put the same thing up at my site, but i bet you have it (weblog) on your site, before i have it on my site. So well see. I think i’ll go bug MAS, for an explanation...
zee
jake good call on VMC..
Jake have a look at FORG today. If it continues its run higher it could go to the next peak easy.
So jake, i was thinking of shorting VZ at 42.5.Then i thought how much will VZ fall and then John calculated 0.38 fib and got 40.2 . i think this one will work out better than my BRL put, ( which i still claim, i rescinded after i posted, but the recsind was in the comments section).. and, can you send me your yahoo instant message contact so i can give info to john who also works with fib #’s...
Zee
here's more john observations
AEP Speaking of the 61 fib line, the AEP low just bounced off of that, which is also its 100dma... buy signals,46.7
KLAC 38% fib = 53.2 ..50% = 52 = 80/20 50 = 100 to 1 and is the 200 day...50.8 = 61 fib%....
Jake, have a look at ANO and JADE today.
Also for volume i like VRGY on friday. I think TSL might be done falling but will wait till EOD to confirm.
Zee,
Sorry I have not been attending my own blog... very busy last couple of weeks. I'll have a look.
Glad you are getting out of that CREE short...
jake - BOOM is handing me my ass. what do you think? could you look at fibs for me?
Hey jake, I started to see airlines on sale again, and I think of you, in such times. CAL bottom is around 31.2 or now...
Zee....
I watched Anne #3, movie. it’s kind of tradgical..with great ending, nothing like Anne one and two....still, It’s a great couple’s movie.....
Jake, I stopped posting at Beanies long back. it had just turned too ugly and wasnt worth the time. after i stopped posting some else started using my name. i don't know why or how, but the crowd at beaniz has just started to suck now.
Jake where are you posting these days? Let me know so I can post there too....thanks...zee
p.s. beannies site cleaned up the last two days...
Jake where are you man???? I need fibs on NYX...lol!
jake i'm fairly certain SMH tops out at 40 or 40.5....what's your take...?
zee
Hey JakeGint,
You are right, I do have a lot of time.
Heres your website.
http://jakegint.blogspot.com
Laugh your arse off at this.
took out a short position IWM end of day…i have good reason to beleive IWM fails at it’s 200ma = 79.9, lets hope i have it right.
zstock.
shorted brasil all brasil stocks and shorted FXI...FXI looks like failed double top...and brasil,, if dow sneezes, brasil dies
zee
jake
made mucho , mucho shorting IWM at 79.9 each time
this could last another 8 weeks
zee
hey jake
THERE'S A COLD front coming on SEPT 7th to the midwest that reaches down to Texas...so if you own UNG CALLS, the NG market will probably rally round this event and you will see a spike in UNG's PRICE...THIS WEEK...
zee
if you are late to the party...buy the SEPT UNG 32 calls...
oh and if a hurricane comes into the GULF before options expire, that 32 call could sell for upwards of $1300...
zee
hey jake
PCLN = IYT, I kid you not...when IYT is at the bottom, so is PCLN...this could be very helpful, in the future...so next time transpo's are at the bottom, i'm buying PCLN, too!!!!
zee....
jake,
where are you postng comments these days?
i can't find you anywhere... i've been to MAS, and TK's...i'm getting lost without your input...
please tell me where you are posting comments...thanks
zee
I get used to someone's comments and then they just disappear...that's the downside to googles blog world...
Hey Zee,
I'm mostly at the and at Tim's Slope of Dopes these days.
Beannie's has become almost useless and who knows what happened to MAS?
Jake,
Nice blog!
Do you know of any blog good to exchange trade ideas?
Thanks
Jake
I swear TK is a genius.Have you seen his new comment system.(DISQUS)..
I installed the thing at my site, and I am just getting both pairs of socks knocked off....
Hopefully I'll find your post over there and I can add you to my Disqus following,
cause YOU are HOT...!!!...!!!!
zee....
Click on my Disqus icon at TK's and Disqus takes you to my comments page, where you can see all of my comments from all over the internet, WOW...!!!...!!!
JAKE
if you see this
MAS is back, for a couple of days....you might want to get in your farewells to the guy as he won't be with us much longer...
Zee
click here if you want to say goodbye to MAS
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