Like always another great webinar by Ellis (ArtofWar). 

I asked him on RCRT if my analysis was correct: it was a one-day runner based on its previous chart history. He said I was right it can not hold its runup as you can see in the following day it gaps down. Remember to only focus on when there are large volume wicks or else it is irrelevant (Grittani). However, just cause it is a one-day runner doesn't mean you cannot trade it on the day of the runup. Intraday it offered a great dip buy opportunity. I made a mental long trade-in at 0.3505 and would of most likely gotten out at 0.3905 because I am a scary cat. As I watched it, it continued to go up and got to 0.4405. Even though it got up that high it was in a choppy fashion and as it got closer to the market close it faded, henceforth one day runner. 

TTOO was also brought up in the webinar and Ellis did a great analysis. He likes TTOO because it is a multiday runner and it is holding near its highs, also look at the volume wicks they are consistently high (high volume). It also offered a great gap-up setup, on 08-14 you can see it was getting near the multiday highs, and intraday on 08-14 you can see that it closed strong. this gives reason to believe the morning gap up the next day. It did, but it probably would have been best to sell it immediately at the market open and then get into a trade if the setups were there (they were). 

FNMA was mentioned in the webinar and he said this is another great chart. It has increasing volume wicks and there are green multiday candlesticks. Intraday also offers a near-perfect gun chart, the morning spike followed by sideways consolidation followed by the afternoon breakout. 

Ellis did not like IDAI because of the volume it is very weak, why waste time on a stock that does not have strong volume when there are others that do? He also did not like the multiday chart as he said that it goes up and down (choppy?). I on the other hand thought that the multiday chart wasn't bad because it is holding its highs even though it dropped it came back up, but he is right in the volume part.  

GROV, Ellis liked the multiday candlestick chart but not the volume. He said it made no sense it is going higher on decreasing everyday volume. 

 

IMPORTANT TAKEAWAYS: VOLUME, MULTIDAY RUNNERS, CHART HISTORY 

Thank you Ellis for a great webinar and thank you Steve for the great note-taking

GROV, IDAI, FNMA, RCRT multiday, RCRT intraday, TTOO multiday, TTOO intraday