barjon's Blog

[barjon]

Patterns That Interest

I am using this blog to keep track of interesting chart features. They are not associated with any specific set-up rules or trading pIan, but are merely recorded to help discipline me on following up on thoughts I may have from time to time. I may, or may not, be trading them via my "fun account" and some may develop into a feature of my serious trading in due course.

OK the first is cpw - see next

 

[barjon]

CPW - Carphone Warehouse Group

Two interesting features on this one:

1. On the daily chart it looks as though the support area of a descending triangle has been broken and that this support may have become resistance. I'm short from 292 (close mid-price 292.5). Stop at 297.

nb: if this progresses the right way then consider an addition at 284.

I would plan to exit at least half position as (if) price nears January low of 266, because:

2. On the monthly chart there seems solid support at 265-255 area which has been tested four or five times over the last year. Should price arrive at this level I must watch closely.

 

[barjon]

Cpw

Bump! It got down to near the potential support level in one swoop. Covered short at 272.5 which was nice but not particularly informative given the general market mayhem.

 

[barjon]

cpw

...and a couple of days later dropped into that long term support zone and bounced right out followed by a strong day against the market trend.

 

[barjon]

cpw cont'd

Mmm, turned again on readching resistance zone - wot next?

Had a short order in at 296 which it never quite reached. Probably a mistake - should have set in on entry to zone (with stop the other side) rather than middle of zone. That would have triggered and started off well - or is it hindsight talking.