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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5.8. IMPROPER OR "DO NOT BUY" POCKET PIVOT POINTS
Just as there are "proper" pocket pivot buy points, there are also "improper" pocket pivot buy points. There are probably as many reasons or criteria to not buy a pocket pivot point as there are reasons or criteria to not buy a standard base breakout. Here we cover some of the basic flaws that we have observed in pocket pivot points that fail. Given that the pocket pivot point is a relatively new discovery, we anticipate that this discussion will prove to be incomplete, as over time many more such flaws will likely be catalogued as our research into the topic continues.
Figure 5.30. GameStop Corp. (GME) daily chart, April–May 2007. Two pocket pivots in the pattern, but only one is "proper."Chart courtesy of eSignal, Copyright 2010
Something to watch out for are pocket pivots that occur when a stock takes a quick dip to the downside and then makes a straight "V" back up to new highs, such as what we see in GameStop Corp. (GME), shown in Figure 5.30. Notice how the pocket pivot on April 23, 2007, moves straight up to new highs after gapping down to a point just above the 20-day moving average two days earlier. This is a little "straight-down-and-straight-up" V-shaped type of move that is suspect, particularly after the stock has already been trending higher over several weeks as GME was doing following its big gap-up breakout in ...
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O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.Julian F.
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.
I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.Amir M.
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.