Can we capture a long lasting trend by applying various TA methods ? My word we can and it is a very sweet taste.Not as easy as it may sound must also be said.Sitting tight and doing nothing may be the hardest thing in achieving that. I am not sure if anyone read the “Reminiscences of a Stock Operator” By Edwin Lefevre. I love that book.
It is the era where TA has seen some of the titans like Jesse L Livermore, Richard D Wyckoff and the book is about the one and only Jesse Livermore. These guys were the market back then. They virtually controlled the market by following the footsteps of the SMART MONEY or the C.O (Composite Operator).
To our stock in analysis here which is PXS.
A beautiful long drawn STEPPING STONE REACCUMULATION PATTERN completed today with PXS. This pattern gives us the CAUSE and the tentative bullish price objective gives us the POTENTIAL EFFECT which is the RULE No 2 of Wyckoff Method. I refer you to book by Prof Hank Pruden for further studies in regards to Wyckoff Method.
I will start with a 3 Box, Daily, H/L, Box Size 1/2 cent Chart. Why ? I need to know where PXS may travel in it’s new journey. According to this P&F Chart, taking a Horizontal Count as a Tentative Bullish Price Objective, it may be all the way to 72.5 cents ! We can’t put a time horizon to it and I won’t get into that. As the name suggests it is TENTATIVE, which may or may not be met or even exceeded.
I disclose that I am a holder of PXS and have been for over a year. I did control myself (emotions) and still in PXS trade as of this writing. Boring but rewarding !
Since my entry, which was based od Wyckoff Method at early stages of my Wyckoff studies, I have always taken a LONG TERM view with PXS, must also be said.
P&F Chart below showing the stepping stone re accumulation count of 36 columns.
Now to the MONTHLY CHART of PXS, which I use a 12 PERIOD SMA as a measure of a MAJOR TREND below. As long as PXS keeps it’s head above it, on EOM closing basis, it is in a MAJOR UPTREND, as far as I am concerned.
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