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This is video week_01 for swing trading the stock GCI. Idea is that you follow the trade evolution and that you systematically learn applying all technical analysis techniques that were presented in thebasic learning videos.
For trading GCI, we are using a chart template of which the last version is presented HERE. It is possible to be informed immediately when a trade is opened or closed. Click the RSS feed button at the top right of this page and follow the instructions. Otherwise you can also look at this page to find out about the latest actions. Every weekend, there will be a video update like this one commenting the past week using a simulated account and some preview.
We will use a daily, weekly and eventually an hourly chart. On these charts we will use a number of indications as shown in the template and as explained in training video 034.
This is not an invitation to trade this stock, information given is to be used for training purposes only. Stocata.org will not accept liability for any loss or damage which may arise directly or indirectly from use of or reliance on this information.
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With this technical analysis part 35, we are starting a life swing trading example using the stock GCI. Idea is that you follow the trade evolution systematically learning to apply technical analysis techniques. Receiving live trade signals is possible from an RSS link at stocata.org. Please note, this is not an invitation to trade this stock, information given is to be used for training purposes only. Stocata.org will not accept liability for any loss or damage which may arise directly or indirectly from use of or reliance on this information. Pay a visit to my website at stocata dot org and buy my book “Capturing Profit with Technical Analysis”.
On the weekly price chart of Gannett Company, we have finished an Elliott impulse wave up that started March 2009. This is both wave (1) and the start of a new long term up move, or the end of a first correction wave (A). Now we have had already a correction wave A down and correction wave B up should normally be close to completion. Basically I am expecting correction wave C down.
On the weekly indicators chart, you can see negative divergences between price tops and indicator tops. The up move of recent weeks is also not supported by volume. Reason why I am expecting a further down correction.
On the daily price chart of Gannett Company, we may be finishing an Elliott correction wave B up. But there is no real turning point yet. However, the bearish engulfing pattern of the last two candles may be the start of this turning point. Note also the last brown uptrend line that is broken with the closing price on Friday. If and only if price is making the down turn now, we can make a price projection target with a Fibonacci projection and an Andrews' pitchfork. The target would then be $10 by the end of April.
On the daily indicators chart you will notice short term divergences between price and some indicators. This is confirming a possible down turn.
On the hourly price chart of Gannett Company, price finds support on the 100-hours red-dashed simple moving average. Price will probably move back up to the 50-hours blue average, before continuing the down move. Next expected support in the down move will be the red 200-hours moving average around $15.
On the hourly indicators chart of Gannett Company, indicators are oversold. Therefore the short term will possibly be an up move.
Conclusion for now is that we may be at a turning point down. But, because of the flat move the last 9 days, I am still reluctant to open a short position now. I will wait for some confirmation of the bearish engulfing pattern. If you want to follow-up my trades' real time, you can use the RSS link on my website stocata.org. You will automatically receive a message when a new trade is triggered.
This is the end of last week's overview swing trading the stock GCI. Idea is that you follow the trade evolution and that you systematically learn applying all technical analysis techniques. You can receive trade signals during the week via an RSS link at stocata.org. Tell your friends about these videos and while visiting my website order my book “Capturing Profit with Technical Analysis”. See you in the next video for more swing trading GCI.
Risk Disclosure: Futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.
Hypothetical Performance Disclosure: Hypothetical performance results have many inherent limitations, some of which are described below. no representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk of actual trading. for example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all which can adversely affect trading results.
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