Continued day trading as I said I would and was very successful. Hard not to be on a day like this.
Took KKD early at the midpoint high (see Pivot Points) and held it through R3. In numbers that is 12.54 - 13.47. Did a similar with TRID except was out at R1 - a slower developing trade with a slower moving line. Still a 28 cent profit is OK. I'm feeling a lot better now that I'm not losing money on stocks such as Glass (up 2 and change today) and CTXS up a buck 77 on the day. Of course they might give it back and then some tomorrow. I just didn't want to hold either one of these into earnings. I'm still not sure how GLW managed to "beat by a penny."
Still holding CRVL and it went serious-profitable for me today but I decided I didn't have a good reason to sell it. I'm pretty sure that it's going to continue to go up - at least past 46 bucks. Maybe I'll sell then. Sprint also went up some more and I still can't find a good reason to sell that one. Not as sweet as CRVL but I have a lot more exposure too. And Q's are really turning profitable. The weekly indicator is green. I hope it can hold through Friday - I don't think I'll keep the Q's over the weekend. Meanwhile I intend to continue day trading using the Pivot Points as my entry and exits. It's kind of neat not having to make any real decisions except hit the line and buy - hit the other line and sell.
Was today the long awaited GOOG short squeeze? Nah - just normal activity for an abnormal stock. How can you tell? The volume forms a bowl - high for the first hour and a half - tapers into noon - begins to climb again through 4 P.M. Still a nice 4% bump and I'm sure everyone who bought at 513 in front of Jimmy's short squeeze breathed a sigh of relief.
But you have to figure that any day that SUNW shows a profit is a day when everyone should show a profit. They have the best warranty in the business - you pay for it but don't dare go without it 'cause you're going to need it. (You don't read that in their brochures).
For tomorrow first I'll give the data points and they all point to a down day. The up/down ratio went up a paltry 2 percent to 60 but the new 20-day high/low ratio hit 84% and that is hugre. The last time it was this high we had a sustained three day loss. The VIX is back in the overbought zone between 5 and 10 and all 4 major indices plus GS printed strong white candles in the final hour. That in itself should bring the market down a bit tomorrow. But - in the after hours EBAY reported massive earnings and even as we speak there is a feeding frenzy going on in all of the internet stocks. If that carries through to tomorrow and it should we're going to have another up day. I'm forecasting an up day tomorrow.
The magic coin meanwhile sits and sulks having miscalled yet another one today. But for tomorrow the coin says ... tails - bear market - can't convince the coin that sentiment beats luck.
Marlyn is now 7 - 4 and 1 and the coin is 4 - 7 and 1 maybe skill beats luck after all. We'll see.
I'm giving Jimmy Crack Corn Pone a break today. But we'll be watching tomorrow - day 7 of the GOOG short squeeze vigil - get your candles at the door.
Showing posts with label CTXS. Show all posts
Showing posts with label CTXS. Show all posts
Wednesday, January 24, 2007
Wednesday, January 10, 2007
Wednesday's Wrap
I had a busy day - I was out most of it but I was able to take two trades this morning before I left – CTXS on a 15-minute crossover with a confirmation and CRVL on a buck 43 gap down. Let’s address CTXS first – I’ve talked about the crossover several times this week and I think you all know what it looks like by now. But in case you forgot here is a picture – worth a thousand words – for me it was worth a thousand bucks – well, 763 actually but that isn’t too bad all things considered equal.
You can see how the second 15-minute bar transects the three averages and the third bar confirms. I've been watching CTXS on various time periods and it looks like it is setting up for a long term run. Here is how it looks today on the weekly charts.
Now remember we need to finish out this week with a green/white body and have a confirmation either next week or the following week before we can safely take this one. I know - it takes the patience of a Saint but that's the best way to play the intermediate or swing game - with patience and careful selections.
Now we’ll talk about CRVL – this stock is a day trader’s wet dream – lots of action, much up and down but mostly up. I’ve been watching this stock for a couple of months – actually ever since I first read about it over on the Goddess’ site. Subsequently I figured it out – it often opens on a gap down and then claws its way back to the surface – a buck and a quarter to a buck and a half is about the daily range. So when I saw it at minus a buck and change this morning I said gimme some no need for a set-up. In at 42.31 out at 43.60 and thank you Ms. Goddess for the tip (She plays it for a lonnnng tiiiime – I day trade it – who’s right? who’s wrong? who cares? – Truth – she’s right because she caught it on a dip and has ridden it long and well since. – Truth - I am because I’ve made taksan okani* off the little beast and its’ hordes of day trading demons and I plan to keep on keepin’ on). Remember these thinly traded stocks only work when there is day trading action and I told you yesterday how to put your limit between the bid and the ask because any semblance between those two and reality is purely coincidental.
Fact is I make more money on these weak start days than on any others. I don’t know why that is but had I been home all day I would’ve played HANS and GM and any number of other boomers. Even Glass (GLW) took the blue pill this afternoon. Looks like it might have taken the whole bottle.
Of course at the end of the day SYMC (my swing trade) is down 11 cents with the Naz up 15 skins. But I said I’d play it through Friday and if it doesn’t show me some real love by then – goodbye SYMC. (I long ago stopped using it on my box having found far better products for far better prices (mostly free)). My few shares of DHI managed to lose 6 cents today. I think that's a good sign because it appears to have been sold out and now everyone is waiting for a reason to buy it. Me too. I have my target in mind and if it breaks the target I'll buy back my shares. Meanwhile the money is being put to good use in scalping CRVL and day trading stocks like CTXS.
Meanwhile the up/down ratio actually lost ground today to 42% which is good and the new 20 day high/low ratio only obtained 40% and that's OK too. The VIX remains neutral but all 4 majors and GS finished the last hour bright and white and that could mean some trouble for tomorrow. I'm putting it all together and saying another up day tomorrow.
The magic coin says ... heads - bull market tomorrow - well we're either both going to be right or both be wrong.
Marlyn is now 2 and 1 and coin is 1 and 2. But it's early in the season folks - don't go away.
* "taksan okani" is Japanese for a great amount of money and is probably the only Japanese I remember from a youth spent exploring the temples and ... oh Bull - runnin' the allies staying one step ahead of the MP's. A very checkered life has led this Marlyn person - indeed.
You can see how the second 15-minute bar transects the three averages and the third bar confirms. I've been watching CTXS on various time periods and it looks like it is setting up for a long term run. Here is how it looks today on the weekly charts.
Now remember we need to finish out this week with a green/white body and have a confirmation either next week or the following week before we can safely take this one. I know - it takes the patience of a Saint but that's the best way to play the intermediate or swing game - with patience and careful selections.
Now we’ll talk about CRVL – this stock is a day trader’s wet dream – lots of action, much up and down but mostly up. I’ve been watching this stock for a couple of months – actually ever since I first read about it over on the Goddess’ site. Subsequently I figured it out – it often opens on a gap down and then claws its way back to the surface – a buck and a quarter to a buck and a half is about the daily range. So when I saw it at minus a buck and change this morning I said gimme some no need for a set-up. In at 42.31 out at 43.60 and thank you Ms. Goddess for the tip (She plays it for a lonnnng tiiiime – I day trade it – who’s right? who’s wrong? who cares? – Truth – she’s right because she caught it on a dip and has ridden it long and well since. – Truth - I am because I’ve made taksan okani* off the little beast and its’ hordes of day trading demons and I plan to keep on keepin’ on). Remember these thinly traded stocks only work when there is day trading action and I told you yesterday how to put your limit between the bid and the ask because any semblance between those two and reality is purely coincidental.
Fact is I make more money on these weak start days than on any others. I don’t know why that is but had I been home all day I would’ve played HANS and GM and any number of other boomers. Even Glass (GLW) took the blue pill this afternoon. Looks like it might have taken the whole bottle.
Of course at the end of the day SYMC (my swing trade) is down 11 cents with the Naz up 15 skins. But I said I’d play it through Friday and if it doesn’t show me some real love by then – goodbye SYMC. (I long ago stopped using it on my box having found far better products for far better prices (mostly free)). My few shares of DHI managed to lose 6 cents today. I think that's a good sign because it appears to have been sold out and now everyone is waiting for a reason to buy it. Me too. I have my target in mind and if it breaks the target I'll buy back my shares. Meanwhile the money is being put to good use in scalping CRVL and day trading stocks like CTXS.
Meanwhile the up/down ratio actually lost ground today to 42% which is good and the new 20 day high/low ratio only obtained 40% and that's OK too. The VIX remains neutral but all 4 majors and GS finished the last hour bright and white and that could mean some trouble for tomorrow. I'm putting it all together and saying another up day tomorrow.
The magic coin says ... heads - bull market tomorrow - well we're either both going to be right or both be wrong.
Marlyn is now 2 and 1 and coin is 1 and 2. But it's early in the season folks - don't go away.
* "taksan okani" is Japanese for a great amount of money and is probably the only Japanese I remember from a youth spent exploring the temples and ... oh Bull - runnin' the allies staying one step ahead of the MP's. A very checkered life has led this Marlyn person - indeed.
Wednesday, December 20, 2006
Homies
The homebuilder sector has been on the down and out for awhile. I just finished reading in Seeking Alpha about Hovnanian’s “gruesome quarter” and indeed it was gruesome. The best part however was the way the CFO lowered expectations for the coming year. Now if they post any profit at all it will be a prelude to the second housing boom. That was the good news – they are at rock bottom, they can only go up, and they are positioned for some bad quarters ahead.
Then I looked at the chart – and you can see for yourself that we all should have been in housing for at least a month already if not more.
You see in November where on the weekly chart the candle bisected all three averages? That followed an obvious blow-off bottom the week before. Then the only thing that happened on the “gruesome quarter report” was that the stock “kissed the EMA 8” (as I call it) and rebounded smartly. All of this together suggests to me that these stocks (TOL, DHI, KBH, CTX and HOV) might actually develop some legs in the New Year. And if you don’t know which one to buy there is always XHB. The fact that its chart looks exactly like HOV’s is not a coincidence just a fact. The best part of this chart is the increasing volume since July. Brave souls would have bought on that indicator alone. Notice also the bisecting candle in mid-November.
Now I don’t particularly like “idea” stocks as in “my neighbor’s sister in law’s kid's best friend forever said that she doesn’t like this, that, or the other.” Those kinds of stocks always cost me money way back when. But I do like distressed stocks and the Homies have been distressed for a year. It might just be time to get some.
Now, of course, the last several weeks could be read as a rounding top and those steeples might mean a little more downside so if you do get involved stay awake, stay aware and be ready to get out if you can't take the pain.
As always this is not advice – just a guess – just like that bald guy on TV who is always foaming at the mouth and spitting at the camera – good ol’ what’s his name.
Then I looked at the chart – and you can see for yourself that we all should have been in housing for at least a month already if not more.
You see in November where on the weekly chart the candle bisected all three averages? That followed an obvious blow-off bottom the week before. Then the only thing that happened on the “gruesome quarter report” was that the stock “kissed the EMA 8” (as I call it) and rebounded smartly. All of this together suggests to me that these stocks (TOL, DHI, KBH, CTX and HOV) might actually develop some legs in the New Year. And if you don’t know which one to buy there is always XHB. The fact that its chart looks exactly like HOV’s is not a coincidence just a fact. The best part of this chart is the increasing volume since July. Brave souls would have bought on that indicator alone. Notice also the bisecting candle in mid-November.
Now I don’t particularly like “idea” stocks as in “my neighbor’s sister in law’s kid's best friend forever said that she doesn’t like this, that, or the other.” Those kinds of stocks always cost me money way back when. But I do like distressed stocks and the Homies have been distressed for a year. It might just be time to get some.
Now, of course, the last several weeks could be read as a rounding top and those steeples might mean a little more downside so if you do get involved stay awake, stay aware and be ready to get out if you can't take the pain.
As always this is not advice – just a guess – just like that bald guy on TV who is always foaming at the mouth and spitting at the camera – good ol’ what’s his name.
Tuesday, December 12, 2006
Wrapping Tuesday
Except for the fact that I'm actually carrying a small portfolio for swing trade purposes I welcome a down day. Now despite the blah blah blah from the bobbleheads on bubblevision (I don't watch I just read the headlines) it really wasn't because of the Fed or because of Best Buy or even because Oil went up or down or the dollar went somewhere or the trade deficit which last month caused the market to collapse because it went up this month caused the market to collapse because it went down. Whew - did I get it all in? I hope so. The reason why the market has been a little weak lately is because - are you ready Chuckles? - because there isn't anything to buy and most of the buyers are on the normal - ain't gonna do nothin' between now and Christmas/Chanukha/ Festival of F'in Lights or what have you because I'm on my out of pocket vacation. I.E. I'm screwing off because that's what we do between now and January 1st. Besides its options expiration week. What do you expect?
I had to get out of CTXS today because I couldn't stand the pain any longer and that one was hurting me. I probably sold too soon and if it starts going back up anytime soon I might reacquire - although for the life of me I don't know why. Replaced it with some GLW although that is probably going to prove to be a mistake as well - we'll see. At least it didn't go down. I also doubled up on my ORCL position this afternoon at close of business. If we get a good bounce tomorrow morning I'll sell off that portion for a quick profit. If not I'll sell the original half tomorrow at COB which was my plan anyway. ALTR and SYMC didn't do much either way today which is fine.
The VIX remains more than 5% but less than 10% below its 10 day average but the good news is that the up/down ratio is at 35%. There were 483 new 20 day highs and 506 new 20 day lows. The first time in 11 days the new lows outpaced the new highs. The 4 indices we track DIA, IWM, QQQQ, and SPY (actually the ETFs of indices) all finished the last hour strong. Only GS, off a report of extremely strong profits, finished the day down. That's normal - there is no place for GS to go now but down they've made all the money there is to make in the entire world (sarcasm off).
Put all of this together and I think there will be a small rally tomorrow and Thursday then a flat Friday (expiry day)and a weak week next week.
Old magic coin blew it today and starts the downward slide again - 36 and 27 - I smell a TV contract coming soon - isn't that how bubblevision rewards ostentatious mediocrity? But for tomorrow ... landed on its edge - just kidding - tails - bear market. Dumb coin.
I had to get out of CTXS today because I couldn't stand the pain any longer and that one was hurting me. I probably sold too soon and if it starts going back up anytime soon I might reacquire - although for the life of me I don't know why. Replaced it with some GLW although that is probably going to prove to be a mistake as well - we'll see. At least it didn't go down. I also doubled up on my ORCL position this afternoon at close of business. If we get a good bounce tomorrow morning I'll sell off that portion for a quick profit. If not I'll sell the original half tomorrow at COB which was my plan anyway. ALTR and SYMC didn't do much either way today which is fine.
The VIX remains more than 5% but less than 10% below its 10 day average but the good news is that the up/down ratio is at 35%. There were 483 new 20 day highs and 506 new 20 day lows. The first time in 11 days the new lows outpaced the new highs. The 4 indices we track DIA, IWM, QQQQ, and SPY (actually the ETFs of indices) all finished the last hour strong. Only GS, off a report of extremely strong profits, finished the day down. That's normal - there is no place for GS to go now but down they've made all the money there is to make in the entire world (sarcasm off).
Put all of this together and I think there will be a small rally tomorrow and Thursday then a flat Friday (expiry day)and a weak week next week.
Old magic coin blew it today and starts the downward slide again - 36 and 27 - I smell a TV contract coming soon - isn't that how bubblevision rewards ostentatious mediocrity? But for tomorrow ... landed on its edge - just kidding - tails - bear market. Dumb coin.
Monday, December 11, 2006
Monday Wraps
It was 59 degrees today and I should have gone and played golf. I didn't. One time this afternoon I looked at my monitor and after 5 seconds or so I realized that the only thing moving was the clock on one of my windows. Things started fluttering a little after that. It was all I could do to stay awake.
I remain in my swing trades - SYMC, ORCL and ALTR and have added CTXS to the mix. I plan to hold these stocks each for at least 3 or 4 days unless they crash to their stop loss points at which time I will unload them. As bad as the day was I made some in SYMC and ORCL and didn't lose much in ALTR and CTXS. ALTR is shaping up as an interesting trade. It printed a NR7 today. The NR7 as you know is the narrowest range in the last 7 candles. The method I used to pick the swing trades was a filter - low near or through bottom Bollinger Band, MACD histogram in negative territory, one of the 4 highest volume stocks matching this filter's constraints. It back tests nicely and all I have to do is be prepared for some small losses and a couple of good size wins. I can do that.
I tried daytrading a little PFE early in the session but I didn't have it long as it turned around and I unloaded it for an $96 loss including commissions.
Just so I don't forget - KKD went up again today - I showed you the quad tweezer bottom on Friday. Remember this is just a lesson - I neither play KKD nor eat their donuts.
The market has several good things going in its favor - one is the Fed meeting that should announce an end to inflation in our time on Wednesday. And the second is that more and more stocks are finding their way to the bottom of the pile and not so many are being added at the top even though the market is going up.
Speaking of that - the up/down ratio is printing 47%, there were 610 new 20 day highs and 318 new 20 day lows. That was an increase of over 60 off Friday's number. Two of the five majors printed the last hour white so that's a mixed signal at best - the only time that signal is valid is if they are all white or all red - otherwise it's a wash.
The VIX is now 6% under its 10-day moving average and that's sliding towards the bearish side but just a little bit out of neutral territory. So we have a several mixed signals, neutral signals, and leaning bearish signals. I'm going to call tomorrow more of the same as today - waiting for the Fed to speak. Maybe a little bit down.
The magic coin is 36 and 26 because it hit today fairly well and for tomorrow it says .... heads - bull market again - maybe so.
I remain in my swing trades - SYMC, ORCL and ALTR and have added CTXS to the mix. I plan to hold these stocks each for at least 3 or 4 days unless they crash to their stop loss points at which time I will unload them. As bad as the day was I made some in SYMC and ORCL and didn't lose much in ALTR and CTXS. ALTR is shaping up as an interesting trade. It printed a NR7 today. The NR7 as you know is the narrowest range in the last 7 candles. The method I used to pick the swing trades was a filter - low near or through bottom Bollinger Band, MACD histogram in negative territory, one of the 4 highest volume stocks matching this filter's constraints. It back tests nicely and all I have to do is be prepared for some small losses and a couple of good size wins. I can do that.
I tried daytrading a little PFE early in the session but I didn't have it long as it turned around and I unloaded it for an $96 loss including commissions.
Just so I don't forget - KKD went up again today - I showed you the quad tweezer bottom on Friday. Remember this is just a lesson - I neither play KKD nor eat their donuts.
The market has several good things going in its favor - one is the Fed meeting that should announce an end to inflation in our time on Wednesday. And the second is that more and more stocks are finding their way to the bottom of the pile and not so many are being added at the top even though the market is going up.
Speaking of that - the up/down ratio is printing 47%, there were 610 new 20 day highs and 318 new 20 day lows. That was an increase of over 60 off Friday's number. Two of the five majors printed the last hour white so that's a mixed signal at best - the only time that signal is valid is if they are all white or all red - otherwise it's a wash.
The VIX is now 6% under its 10-day moving average and that's sliding towards the bearish side but just a little bit out of neutral territory. So we have a several mixed signals, neutral signals, and leaning bearish signals. I'm going to call tomorrow more of the same as today - waiting for the Fed to speak. Maybe a little bit down.
The magic coin is 36 and 26 because it hit today fairly well and for tomorrow it says .... heads - bull market again - maybe so.
Tuesday, November 14, 2006
Tuesday Wraps Up
What happened? I go out for a couple of hours and bang look out above - what is going on? Irrational exuberance that's what.
Well I had planned to sit by and watch but when they hand them to you from out of nowhere you have to make the play. The main play was CVNS off a drop that I played as if the first 15 minute candle was a dummy spot. Fact is the drop was from a news report that was totally meaningless. By the end of the day most of the 2 buck drop had been recovered. I was out of it long before that but for a nice profit anyway. I also played GLW and made a small profit, very small. I had CTXS overnight as I mentioned yesterday and for some reason or other - oh yeah because I thought the market was going to collapse today - I sold it off its spike in the first 5 minutes. That's ok, I made some pocket change after commissions.
People say you should post your losing trades - well - when I have them I post them - I'm just not making as many plays any more and I'm trying to adhere to a very successful process. (I'll publish that this weekend if I don't have anything else to say). Anyway as I was saying if I have a loss I'll let you know in the meantime these are my winners.
For tomorrow - I haven't a clue as usual. The up/down ratio sits at 51% which is neutral, the new 20 day highs went up 8 to 766 and the lows went up 9 to 301 - what all that means - your guess is as good as mine. The three sisters finished the last hour in the green. The ugly step sister (who was the first to turn around this morning) finished very strong and GS, the proxy for the 22nd century finished red.
I'm beginning to think that that signal doesn't signal anything. I have to start looking at it and trying to find a correlation somewhere. The VIX finally got into the game and stands now at 5% under its 10-day moving average. If that continues (which I doubt) we might have some trouble on the horizon.
The magic coin, Mr. Majestic, is 30 and 16 having nailed yet another day using just pure plain blind luck - I should be so lucky - for tomorrow ... tails - bear again - maybe, who knows.
Well I had planned to sit by and watch but when they hand them to you from out of nowhere you have to make the play. The main play was CVNS off a drop that I played as if the first 15 minute candle was a dummy spot. Fact is the drop was from a news report that was totally meaningless. By the end of the day most of the 2 buck drop had been recovered. I was out of it long before that but for a nice profit anyway. I also played GLW and made a small profit, very small. I had CTXS overnight as I mentioned yesterday and for some reason or other - oh yeah because I thought the market was going to collapse today - I sold it off its spike in the first 5 minutes. That's ok, I made some pocket change after commissions.
People say you should post your losing trades - well - when I have them I post them - I'm just not making as many plays any more and I'm trying to adhere to a very successful process. (I'll publish that this weekend if I don't have anything else to say). Anyway as I was saying if I have a loss I'll let you know in the meantime these are my winners.
For tomorrow - I haven't a clue as usual. The up/down ratio sits at 51% which is neutral, the new 20 day highs went up 8 to 766 and the lows went up 9 to 301 - what all that means - your guess is as good as mine. The three sisters finished the last hour in the green. The ugly step sister (who was the first to turn around this morning) finished very strong and GS, the proxy for the 22nd century finished red.
I'm beginning to think that that signal doesn't signal anything. I have to start looking at it and trying to find a correlation somewhere. The VIX finally got into the game and stands now at 5% under its 10-day moving average. If that continues (which I doubt) we might have some trouble on the horizon.
The magic coin, Mr. Majestic, is 30 and 16 having nailed yet another day using just pure plain blind luck - I should be so lucky - for tomorrow ... tails - bear again - maybe, who knows.
Monday, November 13, 2006
Monday Wraps
It was over about 45 minutes into the day the market stopped, went into idle mode and stayed there pretty much the rest of the day. These are not good days for traders unless you happen to find some great pick and ride it for awhile and I didn't. I took a position in CTXS and although it was profitable at the end of the day I decided to hold it overnight and may even go with it as a swing trade for a bit. We'll see. As long as the market keeps doing this (and it has been doing it more often than not) I may just go back to buying at 3:45 and selling at 9:45 the next day - seems as if the only way you get any momentum at all is overnight. Once the market opens everything gaps up and then slides the rest of the day.
Anyway for tomorrow another mixed bag - the up/down ratio sits at 49% or neutral, the VIX remains in neutral, the new 20 day highs pulled back a bit but stayed over 600 and the new 20 day lows add 1 to print 292. The three sisters, the ugly step sister and the proxy for the market of the 22nd century, GS, all finished with a red last hour. I'm beginning to think that that is a good thing.
The magic coin goes up one to 29 and 16 and for tomorrow - heads - another bull day - probably so.
Anyway for tomorrow another mixed bag - the up/down ratio sits at 49% or neutral, the VIX remains in neutral, the new 20 day highs pulled back a bit but stayed over 600 and the new 20 day lows add 1 to print 292. The three sisters, the ugly step sister and the proxy for the market of the 22nd century, GS, all finished with a red last hour. I'm beginning to think that that is a good thing.
The magic coin goes up one to 29 and 16 and for tomorrow - heads - another bull day - probably so.
Monday, October 30, 2006
Monday Wraps It
Left out the "Sh" in the title - you figure out where it goes. Lost 187 bucks today because I took some dumbass trades. First I managed to dump ISIL which I was holding from Friday for a small profit. Then I grabbed onto some ERS because I figured it was going up - it didn't it went down and I lost about 400 on the exchange because I was too dumb to either hold it or get rid of it sooner. If I had held it I would have made a couple of beans - eventually. But I panicked - so much for disciplined trading. Then I picked up some SAI - based on you ask - nothing says I except I thought it was going up. It did and I didn't sell it so now I am holding it over night. I expect a big day tomorrow - end of month markup and a gap up first thing in the morning - at which point I will sell it. If no gap up then I will probably hold it.
Then I bought some VRSN - this time off a hammer formation with a confirmation - look at the 12:30 candle and the 1 P.M. candle - that's where I bought it - I sold at the 2:45 candle.
Along the way I also bought RIO on a hammer formation but this one failed and I sold it at a 2 cent loss. Almost a break even trade.
All in all what an absolute crap day - 5 stocks 2 wins, one even, one loss (big one) and a holder. Hopefully the holder, SAI, will bounce enough tomorrow to get me even with the board.
In the midst of all of this crap trading I missed AMR and CTXS both of which set up nicely right out of the box and would have provided a healthy return. Oh me oh my - that's what happens when you start looking around for something new. You never know what you got till it's gone - you take paradise ... oh never mind.
For tomorrow I envision an up day - the up/down ratio remains in neutral (45%) and the VIX is also neutral. Two of the three sisters finished in the red but barely and the Q's finished strong. The 20 day new highs added a 100 but the lows only dropped 14. These are all good things for an up day tomorrow - at least tomorrow morning which is all I really care about.
I'm going to leave the coin with 24 and 12 since today was mixed and there is no way the coin can land on the edge - for tomorrow - heads - bull run coming.
Then I bought some VRSN - this time off a hammer formation with a confirmation - look at the 12:30 candle and the 1 P.M. candle - that's where I bought it - I sold at the 2:45 candle.
Along the way I also bought RIO on a hammer formation but this one failed and I sold it at a 2 cent loss. Almost a break even trade.
All in all what an absolute crap day - 5 stocks 2 wins, one even, one loss (big one) and a holder. Hopefully the holder, SAI, will bounce enough tomorrow to get me even with the board.
In the midst of all of this crap trading I missed AMR and CTXS both of which set up nicely right out of the box and would have provided a healthy return. Oh me oh my - that's what happens when you start looking around for something new. You never know what you got till it's gone - you take paradise ... oh never mind.
For tomorrow I envision an up day - the up/down ratio remains in neutral (45%) and the VIX is also neutral. Two of the three sisters finished in the red but barely and the Q's finished strong. The 20 day new highs added a 100 but the lows only dropped 14. These are all good things for an up day tomorrow - at least tomorrow morning which is all I really care about.
I'm going to leave the coin with 24 and 12 since today was mixed and there is no way the coin can land on the edge - for tomorrow - heads - bull run coming.
Sunday, October 22, 2006
Trade Ideas
Three great shots on Friday - RHAT and CTXS off the third candle on the 15-minute charts and HANS off the 6th candle on the 10-minute chart. I keep records of all my trades (scans of the charts with notes on them) and I note that I make most of my gains on these "mini-dips."
This is the HANS chart - see the "dummy spot" at the 6th stick? This is followed by a confirmation in the next stick and that is a wonderful place to buy. Especially if it is a stock you trust to go up. The reason why I trust it to go up is because so many other traders are gaming the same spots. Consequently we all see the same thing and we all make the same buying action.
I also watch for high volatility stocks that have dropped as a result of a bad earnings report. For example CTXS crashed and burned on Thursday and now it could oscillate up and down for several days to weeks and might prove to be like a fruit tree in a garden and provide numerous opportunities to harvest profits on a daily basis. SNDK is another one in that genre - took a 20% haircut on Friday - I'm keeping it on a watch list and am going to try to harvest a number of opportunities from it. HANS has also been a good “earner” for me in that it is up and down like a yo-yo. In the last 15 days there were 10 opportunities to take a day trade long in HANS.
You don't need a crystal ball just an imagination and a good set of charting software. I use prophet.net and find it excellent - you can try it out for free you just won't get real-time charting capabilities but you will get real-time scans. I get nothing from this endorsement so go ahead and give it a looksee.
This is the HANS chart - see the "dummy spot" at the 6th stick? This is followed by a confirmation in the next stick and that is a wonderful place to buy. Especially if it is a stock you trust to go up. The reason why I trust it to go up is because so many other traders are gaming the same spots. Consequently we all see the same thing and we all make the same buying action.
I also watch for high volatility stocks that have dropped as a result of a bad earnings report. For example CTXS crashed and burned on Thursday and now it could oscillate up and down for several days to weeks and might prove to be like a fruit tree in a garden and provide numerous opportunities to harvest profits on a daily basis. SNDK is another one in that genre - took a 20% haircut on Friday - I'm keeping it on a watch list and am going to try to harvest a number of opportunities from it. HANS has also been a good “earner” for me in that it is up and down like a yo-yo. In the last 15 days there were 10 opportunities to take a day trade long in HANS.
You don't need a crystal ball just an imagination and a good set of charting software. I use prophet.net and find it excellent - you can try it out for free you just won't get real-time charting capabilities but you will get real-time scans. I get nothing from this endorsement so go ahead and give it a looksee.
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