What This Blog Is About

This blog is my trading journal. It contains my reasons for entering a trade and if I decide to put the trade on, my entry and exit strategy. My trade results will be recorded on my Yahoo Group site. A link to that site is provided below.
Do Not attempt to trade real money based on anything you see or read on this blog. It is intended only as a learning tool for my readers and myself.
If you are interested in learning to trade the Forex and Options markets, I encourage you to open a “demo” or “practice” account, use this account to follow my trading plans. Remember, Do Not use real money or trade in a real account based on the information in this blog.
All times given are in Hololulu Standard Time (HST) unless otherwise stated. I will sometimes use Greenwich Mean Time (GMT). To convert to your local time, click on the link below located under "World Time Zones".
New: Beginning February 25, 2007 I will edit each post and add the trade results.
If you have any questions or comments, send an email to Mrpipman@yahoo.com or use the "comments" link following each posting.

Saturday, August 23, 2008

Abbot Labs

I am watching Abbot Labs for a possible trade.

Abbot Labs, refer to the monthly chart, figure 4 in file “ABT” at my group http://finance.groups.yahoo.com/group/Hawaiian_Trade_Wins/settings?mode=1 . Here we see a possible head and shoulders pattern. Notice the MACD has moved lower in bear waves as price action was forming the three tops. More importantly, during the most recent rally, the fast line (green line) has remained below the signal line (white line).

In figure 5 we can again see the bear waves on the MACD. However, the fast line is still moving higher, this tells us that momentum for this stock remains up. Before entering this trade, I will need to see two things take place: first the general market will have to reverse and second, I will need to see some evidence that the upward momentum for Abbot Labs stock has reversed.

Bob
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