good entry on STP [Archive] - TraderZine Forums

lori

12-20-2007, 05:50 PM

i've been looking at a very bullish chart-STP. its been thrusting for the last few months; consolidating the last few wks. could use some insight for a good entry. thankyou kindly!

FibMaster

12-21-2007, 03:08 PM

i've been looking at a very bullish chart-STP. its been thrusting for the last few months; consolidating the last few wks. could use some insight for a good entry. thankyou kindly!

Yes, STP really does look bullish, having traded in the low 20's just a year ago. Today the daily chart just took out the all-time high. Intraday there may be some great long opportunities if the 60 minute trend holds.

I have a mini-lesson on trading breakouts that might help. When a chart makes a new high, and pulls back to support, there can be excellent bullish opportunities. For my Fibonacci seminar "Trading Breakouts" see here;
http://tinyurl.com/2k94jv
or try this link
http://www.fibmaster.com/cgi-bin/tips/fibmasterstips.cgi?tip=breakouts&id=traderzine

lori

12-24-2007, 08:29 AM

if this stock continues to go up, will u check STP again and tell me if the profit targets would be around $94.00, i'm not quite sure where to place my A<B<C's w the fib expansions. thanx!

FibMaster

12-24-2007, 09:08 AM

if this stock continues to go up, will u check STP again and tell me if the profit targets would be around $94.00, i'm not quite sure where to place my A<B<C's w the fib expansions. thanx!

Today STP looks poised for a possible pop above the prior high, let's see if it can manage that..

I do see some profit targets at about $90 and $94

What time-frame are you trading? That makes a difference to the Fibonacci expansions that you will be interested in.

lori

12-24-2007, 09:30 AM

i really want to make some longer term trades. quite frankly, i dont know how long.haha.... i want to trade an IRA acct w all the back child support my xhusband is paying me now--now that my kids are raised-yeah-so thats my plan! So...i'm finding some good charts and i'm looking at the over-all picture--monthly-qtly--drawing my fib levels, taking it to a dly chart and looking for a good entry. I need to learn more about the IRA-havent done much research yet, so if anybody is well-versed or has any good ideas for me--shoot me ur ideas!!...peace!

FibMaster

12-26-2007, 11:06 AM

For a daily entry, you'll need a pullback so that the TRSI can cross up for a trigger at a Fibonacci Level. Is see more of those on the 60-minute chart, but you will not want to daytrade in an IRA account... Unless you have a margin account, your IRA will be frozen if you day-trade. Check into those rules, so you don't get stung.

FibMaster

01-15-2008, 08:21 AM

STP couldn't maintain above the prior highs, so collapsed to SK support at about $67.75. If this support doesn't hold, then STP get very bearish long-term. Even with support here, the drop since Jan 3rd is so steep that I woulnd be in a hurry to buy this chart.

If you haven't done so, study at the above-mentioned breakout trading lesson. It will help traders to keep out of trouble with breakouts, and to know when to bail if a breakout reverses.