The S&P chart is just confirming what I've already posted!
Thursday, July 23, 2009
Day Trading Post #57
Today is playing out nicely, and it looks as if the weekly chart is proving to be correct! The inverse head and shoulders pattern looks good. I am sitting pretty on all of my positions! I am up over 10 points on FSLR! Here is the S&P Weekly chart (refer to post #56 for info / reasons why I am and still am bullish):
The S&P chart is just confirming what I've already posted!
The S&P chart is just confirming what I've already posted!
Tuesday, July 21, 2009
Day Trading Post #56
I already have one post today, but I here is my second post which I though I should make separate instead of continuously updating Post #55. Anyway, the market has been range bound lately, and it seems to me that we might just break out of this range. In post 45, I laid out my thought regarding the market, and we did have a slight pull back but we didn't break down and see the market crash as we did last March, or last November 2008. With that said, I am more bullish now due to what I see on the weekly chart. I laid out my interpretation in the attached image as to why I am bullish. Review it and feel free to comment.
Basically, I see that we are coming to the top of the range we have been trading in on the S&P cash since April, and I feel that we now have multiple indicators that are showing us we are ready for a move up. As of now, I see the formation of an Inverse Head and Shoulders pattern in which we are testing the neck line. On top of that, the Stochastics although still in an overbought region have crossed over to the upside which is bullish as well. Along with that, it looks to me like we may see the 20/50 EMA crossover to the upside soon enough if we continue holding our current levels or push up further. If that's the case, go long and hold! With 2 indicators and a 3rd one setting up, I like the odds that the market will be and is in fact trending up. Maybe I'm an optimist, but that is what I see, and that is my interpretation at this point in time.
S&P Chart Below:
Basically, I see that we are coming to the top of the range we have been trading in on the S&P cash since April, and I feel that we now have multiple indicators that are showing us we are ready for a move up. As of now, I see the formation of an Inverse Head and Shoulders pattern in which we are testing the neck line. On top of that, the Stochastics although still in an overbought region have crossed over to the upside which is bullish as well. Along with that, it looks to me like we may see the 20/50 EMA crossover to the upside soon enough if we continue holding our current levels or push up further. If that's the case, go long and hold! With 2 indicators and a 3rd one setting up, I like the odds that the market will be and is in fact trending up. Maybe I'm an optimist, but that is what I see, and that is my interpretation at this point in time.
S&P Chart Below:
Day Trading Post #55
Okay, it's been a little while, or a long while since I last posted. Here is a brief update... I got stopped out on a bunch of positions (NCS, PCX, LEA...). I took some losses as the market came down but also I took some profit, just no as much as I would have liked. Oh well. Anyway, since then, I called out FSLR and I waited for my entry. I Started scaling in when we were breaking back above $150, and the FSLR pulled back to $139! Ouch. 139.00 was my hard stop. It never was touched. Also, since my indicators said to go long, I was a little wary about doing so since it was pulling back, but I kept adding to my position. Well, it was the right move and FSLR is moving back up.
Other than that, I am just in 4 positions currently. Besides that I am still cracking the books and studying hard so I can pass the series 7 exam. Once that is done, I will be posting a lot more!
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UPDATE:
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I decided to play the earnings on AAPL. AAPL was expected to beat earnings and I decided to go long. Chatter online was saying that it might go short, but I liked the long. I decided that since it was my first time playing earnings like this, I would take small size, so I took 15 shares initially. I was up and down during the first 3 minutes while AAPL's earnings were released and since then I added 5 shares to my position (a 33% increase in the # of shares I was holding LOL!) and I am up over $100 bucks on 20 shares.... about 5 points of profit! not too shabby!
Entry @ 4:23pm : 15 shares at $151.85
Add On @ 5:05pm: 5 shares at $1.56.95
Currently holding, may or may not hold into the open tommorow. I will post what I do later.
That is all for now!
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UPDATE
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Ok, I decided to not let greed take over! I sold out for profit in AAPL at $158.25. Total profit is $5.125. Not too shabby!
Done trading for today, and back to the books for studying!
Other than that, I am just in 4 positions currently. Besides that I am still cracking the books and studying hard so I can pass the series 7 exam. Once that is done, I will be posting a lot more!
------------
UPDATE:
------------
I decided to play the earnings on AAPL. AAPL was expected to beat earnings and I decided to go long. Chatter online was saying that it might go short, but I liked the long. I decided that since it was my first time playing earnings like this, I would take small size, so I took 15 shares initially. I was up and down during the first 3 minutes while AAPL's earnings were released and since then I added 5 shares to my position (a 33% increase in the # of shares I was holding LOL!) and I am up over $100 bucks on 20 shares.... about 5 points of profit! not too shabby!
Entry @ 4:23pm : 15 shares at $151.85
Add On @ 5:05pm: 5 shares at $1.56.95
Currently holding, may or may not hold into the open tommorow. I will post what I do later.
That is all for now!
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UPDATE
------------
Ok, I decided to not let greed take over! I sold out for profit in AAPL at $158.25. Total profit is $5.125. Not too shabby!
Done trading for today, and back to the books for studying!
Wednesday, July 8, 2009
Day Trading Post #54
Well, I'm still watching FSLR, and like it at these levels, but I don't want to take it yet and haven't.
In other news... NCS?!!? What happened this AM. I got stopped out for a small profit at $2.25. Profit is profit, but it would have been nice to take more out a few days ago.
The market has been sucking lately and we are back down under 900 on the S&P cash. We are range bound, and until we get out of this range, there won't be too much happening. I am now going to be tightening up my stops / profit targets as I have had many opportunities to take more profit but haven't.
That's all for now.
In other news... NCS?!!? What happened this AM. I got stopped out for a small profit at $2.25. Profit is profit, but it would have been nice to take more out a few days ago.
The market has been sucking lately and we are back down under 900 on the S&P cash. We are range bound, and until we get out of this range, there won't be too much happening. I am now going to be tightening up my stops / profit targets as I have had many opportunities to take more profit but haven't.
That's all for now.
Tuesday, July 7, 2009
Day Trading Post #53
So... last Thursday / Friday, I got screwed on LEA due to greed. I had a chance to lock in over $1k profit and greed got to me! But that's the name of the game. You have to learn to get out when your targets are hit whether its a stop or a profit target! Anyway, I did lock in some profit so the loss on LEA won't hurt too much but I still have learned a lot from that trade.
Anyway, it looks as if the solar sector is going to have a move, and I have been watchign FSLR for the past 3 weeks. It finally looks like a good setup. Also, low and behold, it looks like Daytradingradio.com picked up on the same thing, and Day Trader Rockstar has taken a position in it already. This will be the largest stock in my portfolio if I do in fact take the trade but I really do like the setup. Stochastics are oversold, crossing to the upside, decent buying volume, and the dail chart shows a hanging man pattern. Buy Trigger is $149.90 to $150.00, with a profit target around $157-160.
Anyway, it looks as if the solar sector is going to have a move, and I have been watchign FSLR for the past 3 weeks. It finally looks like a good setup. Also, low and behold, it looks like Daytradingradio.com picked up on the same thing, and Day Trader Rockstar has taken a position in it already. This will be the largest stock in my portfolio if I do in fact take the trade but I really do like the setup. Stochastics are oversold, crossing to the upside, decent buying volume, and the dail chart shows a hanging man pattern. Buy Trigger is $149.90 to $150.00, with a profit target around $157-160.
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