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Friday, 09 September 2011 08:13 |
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The setup from the last two days that was creating good buying opportunities has reversed and is now setting up for better short plays with the Pivot Point and R3 being the predominantly close pivot levels. Just as yesterday proved good support with the S3/PP, this setup hopefully will prove solid resistance. Another aspect I have noticed is that there are many stocks where S3 and S4 is lining up with a support point on the daily chart. This is great because it creates an excellent and easy cover point for a short or a spot to get long from with an advantageous stop if the price moves through the level. Good example is AGU, a name we traded yesterday on our live webinar. The R3/PP setup is forming at $88.18 and the cover point or potential long is at $85.80 which represents S4 and the 50 day Simple Moving Average on the daily chart. At Day Trade Well we teach that the more indicators that line up in your favor then the more conviction you can have for the trade and the more shares you can allocate. AGU is a wonderful example of this rationale. Happy Trading!
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Thursday, 08 September 2011 08:41 |
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Yesterday I blogged about a setup that was a high quality setup S3/Pivot Point lining up together to create good support. The market rallied and I was not able to make too many trades yesterday but fortunately the same setup is in tact today. I am hgihlighting AKAM, AGU, BIDU, BRCM, GS, FFIV as names that I will be following for this setup and good entry points. As I am writing this the S&P is hovering right at 1187 which is right on the setup support, I am wathcing intently to see if it holds. Even though yesterday I was not able to transact much, today I believe that I can have a busier day. I love math! Happy Trading! To sign up for a complimentary webinar viewing, contact us and we will send you an invite for the following webinar.
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Wednesday, 07 September 2011 16:15 |
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This morning's blog was about a particular setup, the S3/Pivot Point support setup which to me has a high probability of success. Unfortunately the day turned out to be a one sided market with no pullback and a clear R4 breakout at about 10:30. Fortunately I do not violate what the pivots are telling me so I did not get short, but rather I flipped around a few stocks that I was looking at for resistance and used those same levels as support. SNDK, GE and BIDU were the only trades of the day for me, but they were all profitable and all afforded me an entry point that was solid. Some days it is just better to let the markets trade and be patient. I have a very specific strategy and I do not deviate from that strategy, the more clarity you have in your trading, the better off you will trade. Most of the time my strategy gives me a large number of trades and I think tomorrow will provide a number of setups, but today the market was just too much in the middle of the range and very little presented itself. Meanwhile a positive day for my trading, I added two new students to the training class and I got a haircut. All in all not a bad way to spend a Wednesday. Happy Trading!
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