9/3 Monday

Bullish! I THINK bullish. It could break to bearish and if you want to trigger bearish, below $60 is probably good trigger for bearish.

I personally do not trade counter trend of the market as a whole.  From my analysis on $DJIA (Dow Index), I believe we are going to have a bullish run this week but I might be wrong.

Just in-case, I am right, I am setting up bullish trade. =)

Well my trigger is above $62.30 which is little bit riskier because of that gap resistance $62.62 area.

But my thought is because we’ve been consolidating for SOOOO long forming this tight rectangle pattern that its almost like you are pushing down this spring and as soon as you let go of your hands, that thing will bounce.

And I am thinking if this thing, breaks (bounce), it gonna have enough momentum to break through that resistance.

But then again I was wrong before and I might be wrong again.  So safer trigger is shown above.

$65.50 is my target and I do want to let you know that $64 area is NOT a true gap but could slow us down so watch out for that.

*MOVING AVERAGES

You see that 20 and 50EMA both crossed 100 SMA and still has good angles to them suggesting and supporting my bullish move.

And again to note that we are trading above all Moving Averages which tells me that bullish momentum has never left.

*BOLLINGER BANDS

Again here with BBands.  Just like it did back in early March we could break and see some good BULLISH MOVE coming on this week.

We are squeezing so much tighter than last time!

9/6 Thursday early morning

Broke out bullish today as I have expected.

And here comes the challenge.  Like I said, above this resistance would’ve been safer trigger because of the gap area resistance from the late April.

We do have whole lot of bullish momentum and INDEXES looking bullish, I would have to say we should push through but we don’t know what’s going to happen yet.

My target is still $65.50.  I will update later tonight

Mid Afternoon

Ladies and gentleman $ACN looks BEAUTIFUL TODAY!

BROKE OUT VERY NICELY TODAY!

Pull back might be in-stored next week, to come back down and test that $62 area as new support.  I would move my stop just below that area after close today.  $65.50 is still my ultimate target.

After Close – Trailing Stop is Set

Well you are looking at 5 Mins chart and this is often I look at when I want to set a trailing stop to protect my gains.

from the top of that candle and to the 50 EMA, its about $0.45 difference..

So my trailing stop is set like this – If $ACN  last price down $0.45, close out the trade in Market.

I thought about putting my stop below that gap area support which we blew through today but I don;t think its strong enough support for me put stop below that.

We could possible retrace down to that area and test that old resistance (which $ACN did not respect at all) and test as new support but because $ACN didn’t even budge, I don’t think that support could hold.

I usually dont place trailing stop but with not having solid support to place stop, this is what I chose to do.

9/7 Friday Early Morning

Canceled my trailing stop and placed my fixed stop just below that lower wick.

This is what I usually do because I do not know (After a huge move) that  where its going to find footing an continue its move.

In this case we found some footing at around $63.60 and continued therefore I put my stop just below that.

$65.50 we should get to that pretty easily.  I am not holding through $65.50 because that’s the major major RESISTANCE and I wouldn’t recommend holding through it.  Best wait until you get confirmation that we pushed through that pivot area.

9/11 Tuesday – Late Afternoon

We had little rest last two days and continued bullish today. Very nice!

My stop is still at same place and actually my initial target has been reached. Usually I would take my profit and close it out but looking at the INDEXES we might have some bullish run in the coming weeks.  nothing confirmed yet though.

$66 is going to be a crucial price point if we want to continue with this bullish run.  We must close above that level with some good looking white candle.

The caution is that because this is all time high price point, could get UGLY.  Lot of whipsaws could happen while trying to push forward the all time high level.

Also that uptrend channel resistance will be on our way as we continue bullish so… not safe continuing bullish IMO.  I think i might just close this out tomorrow. will see.

If we do continue, $69.50 is my next target.

We haven’t seen this kind of moving averages last 6 months.  This is a great sign of momentum and strength in this bullish move.   This is why I am still wondering if I should stay and continue bullish or not.  I don’t like dealing with all time high price points because of many whipsaws but at the same time we got great looking moving averages suggesting bullish momentum is quiet strong and building.

9/12 Wednesday – Late Afternoon

Well reached my target and satisfied with ROI. Nice 5 days of run  ^____^