August 2010
Beginner
383 pages
10h 47m
English
book
Trade Like an O'Neil Disciple: How We Made 18,000% in the Stock Market
by Gil Morales, Dr. Chris Kacher
Content preview from Trade Like an O'Neil Disciple: How We Made 18,000% in the Stock Market
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3.6. CLEARED FOR TAKE-OFF
Once the general market followed through in late October, Oracle broke out of this second base, as Figure 3.9 shows, and this was the correct time to make the trade. All the conditions had lined up properly so that the "line of least resistance" was properly penetrated, and the stock was free to begin its price climb.
Figure 3.10. ORCL's breakout from the base-on-base formation results in a sharp upside move into the end of 1999.: Chart courtesy of eSignal, Copyright 2010
The weekly chart of Oracle in Figure 3.10 shows the volume support on the first week down in the second base of the base-on-base formation, as I've labeled. This is the type of volume support clue that can show up on the weekly and daily charts and which should always be watched for. This clue, combined with the strong base-on-base formation that essentially "hugged" the 10-week or 50-day moving average was highly constructive as I saw it, and I began taking a partial position as the stock was working on the sixth week of this second base. When the market followed through and Oracle broke out through the top of this second base the stock was off to the races.
By mid-November 1999, Oracle had just about doubled, and I was riding a nice wave at the time. The daily candlestick chart of Oracle in Figure 3.11 shows this move in November. The small black triangles that start showing up on ...
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I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.