Day Trading Post #59

So, this week ended bitter sweet for me. I can't complain much because profit is profit, but I did give back a little more than I wanted. I am very pleased with myself in regards to my trades in GE and FWLT! I took FWLT this past Tuesday just before the close as we broke the neckline on an inverse head and shoulders pattern. All the signals were there, and I pointed them out in my previous post and boy was this one a winner! I sold out of FWLT for a profit of +4.85 (20.24% profit)!!! Chart is below:



GE was also a great trade! I took GE long at $11.68 on June 22, and then watched it sell off a bit. The plan was to hold unless it broke under $9.82-$10.00, and it never did. Also, I planned to add to GE if it were to break back above $11.00, and when it did, I added to my position. In the end, if you take a look at the chart, you can see the stochastics entering an oversold area, and then they turn to the upside. On top of that, the 20/50ema crossover occurred to the upside pushing the stock even further up, and I was able to scale out at $13.05, $13.25, and then today I sold the last of my shares into strength at $14.71. I am very pleased with this trade because I did not let greed take over and influence my decision making. Instead, I stuck with my plan and the sold off the last of my shares today for an average profit of +2.10 (19.24% profit)! Chart is below:



As for my other holdings, I still have SYMC and it's setting up nicely. I am basically even on this trade right now though. Also, I took SLM yesterday after seeing the chart, and I love the setup. The Stochastics are oversold, crossing to the upside. Also, it is in a falling wedge pattern, and it looks as if we could see the 50/200ema cross over shortly. Chart below:



Finally, there is SIRI and CNB, my penny plays. CNB is a position I got stuck in and married... and yesterday it looked promising after rising 30% in one day. So, with the setup, I added to the position and doubled down. Unfortunately, some more bad news came out pushing the stock right back down to where it was. So this position hurts a little and I am almost ready to take the loss and move on. We will see how it plays out next week. As for SIRI, I am very bullish! SIRI reported better earnings than their projected 11 cents loss per share. On top of that, the clunker bill being passed in congress looks promising too for SIRI since a majority of their subscribers are in fact new car owners. Finally, the weekly chart looks very promising, and I like the setup. Right now, we haven't seen it pop as much as it should because of manipulation in my honest opinion. I am continuing to hold with anticipation of good things to come in the near future!

So, I am pleased with myself because I am starting to be more mechanical about my trades and not letting greed take over. I am dissapointed because even though I had my reasons for adding to a losing position, uncontrollable forces came in and changed the scenario overall causing some pain. Regardless, everyday is a learning experience. With that said, take care!

That's all for now!