Follow Up on GOOG

In today's earlier update on GOOG as a speculative long (nothing against GOOG, I consider all longs right now to be speculative), one of the entry options was the head fake move as the triangle in GOOG would be very obvious and it's a bellwether stock watched by all. The thing we'd be looking for is 3C to stay positive in to a move like that, these head fake or false moves tend to come just before a reversal because they create the extra momentum needed for the reversal (in GOOG's case, shorts enter on the break of the triangle, prices move back above the triangle, shorts cover and it snowballs from there).

 There's a break of the triangle, realistically they are usually sharper and deeper so there may be more to come, but even without watching 3C, a move back above the apex (point) of the triangle is where the shorts who just entered start to cover and that's not a bad place to consider a long entry. Remember though this is a short term spec long, I am NOT bullish on GOOG beyond the move that I showed setting up earlier.

 3C thus far on the move below the triangle, looks pretty good.

The 3 min chart still leading.

This is what I call "letting the trade come to you" and my favorite entry method, all the core shorts put together from March to April are still at a profit because we used the same entry method, we just shorted on strength.

If you are interested in GOOG, you can always email me for an update of where it stand. I may even consider a very small position, even though I'm pretty much maxed out on longs as far as maintaining the hedge I wanted on the primary short positions