This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
WINN:
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
Aug
29
Partial day for me today… I was out on my normal Thursday outing early this week. But, I still made 2 small scalps for 2 wins. No fibonacci plays today, I’m afraid. My watchlist remains terribly small this week.
ALGN formed a picture on the chart that’s pretty common, and suckers lots of people in. Hopefully my description can save you some money, if you’ve been victimized before!
Aug
28
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
The “Sky is Falling Trade,” (SIFT), is when you identify a trend down day in the indices, and load up short on a few mediocre to good setups. The mediocre setups are the ones that you get stopped out quickly on. Very tight stops are the modus operandi, as the market could decide that the sky is not falling. From now on, I may just trade the indices when I identify a trend down day. The first trade is an attempted gap fill, the rest are SIFT. I made R 2 today. It always feels like you should have made more on SIFT days.
FXI:
ONXX:
ACH:
WINN:
SAFM:
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
Aug
28
Yawn… wake me up after Labor Day! This morning scalp on KBH could have paid off well with a 17 cent gain.. only problem was the 11 cents of slippage on my entry! So, I made 6 cents instead. Not a bad start, but I would have preferred to make at least one more trade to increase my gains.
May
15
I took my second real trade off point-and-figure charts today, for a second win. Like my GSF trade yesterday, I second-guessed it and got out early. If I had left my original stop in place, and stuck with it longer, I would have made a bit more money. Oh well!
It was in SunPower Corporation (Nasdaq: SPWR). As you can see by the daily PnF, I’ve marked the overall trend as up, though it does look like it may be about to turn over. So, I think I’d take any setup long, and I’d take a short setup through the big daily support I outlined. This is how I do all my trades… I pick which direction(s) and levels I think are safe, based on the daily charts first. Then I look for entries on the intraday charts. Anyway…
To be honest, though, I don’t like SPWR’s spread (it’s not obscene, but it can get to 10 cents at times), so I wasn’t paying too much attention to it. Well, as it happens, on wallstreak, stock traders started talking about how it was too bad there were no short shares available. I think it was a short candidate for highchartpatterns.com, too. This got my attention, and made me think, “I’ve gotta get in long, if this one turns around!”
Well, sure enough, near the 55.25 support area on the daily chart, I got the turnaround I was looking for. Then, I hoped, some percentage of the people already positioned short would give up and drive the stock higher. I think that’s exactly what happened, but I didn’t wait long enough! Here’s the intraday chart:
I saw it having trouble getting above yesterday’s low (I’ve drawn a blue line to illustrate that). So, I got out as near that level as I could, given the 4 to 7 cent spread I was dealing with. Oh well, I made money, and got another PnF trade under my belt.
Read on if you want to see several more trades I spotted. I think I will do my best to be more aggressive tomorrow, as long as the market environment is sane enough:
| Stocks Mentioned In This Article | |
|---|---|
| Stock | Links |
| SPWR |  |  |  |
May
15
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
Sorry about the lack of posts to my 3 regular readers. I have been very busy watching hockey playoffs and dealing with my trip to Canada this summer. I plan on wakeboarding a lot :).
WINN:
DSPG:
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
