This worked well but was tough to buy at first. It open right below my trigger and without a gap, but it ran quickly and I tried to get it at 16.25 but didn't get filled. Bought it at 16.50. Stock closed at 17.54. Chart is a beauty. The arrow indicates the volume pickup.
Here is a flag pattern setting up, volume is a little high relatively in this flag, so it may get good movement, whichever way it breaks. I would buy it above the range over 58.35. An Elliot Waver would expect another thrust up, but that is coincidental to me. The last three weeks has seen this stock range as far as it has in the last 3 years at any given 3 week period, but it has broken to 5 year highs and all time highs the last 2 weeks. They make rubber and plastics.
Here is another stock setting up nicely. THis could easily base a couple of days more. With the market at an overbought state, I would not be surprised to see this deferred a little and I will be quick to take profits on the other issues.
Sold INPH @ 18.49 +1.99 Sold 1/2 PUMA 7.69 +.38 stopped out 1/2 even Holding NVEC from 40.15 currently -.75 Too tired to post charts now but I will divide stocks I am cosnidering between continuation entries and defined patterns. All are long candidates except RHAT. Continuation/at resistance: TYC. Long over today's high 22.57 Continuation: TBCC over 29.73 AEIS over 26.5 RIMM Today's high was 47.9 and this I would have to play by ear. I Missed todays breakout. I was alerted but it looked weak initially and when I turned back to it in an hour later it was flying and well past my entry. I prefer when the stock does not have to move much in one day to pass the pivot point I identify. High level flag: MTSN over 15 DKS over 47.40 GYI is consolidating and painting a flag. I think this may need a couple of more days. Pennant: ABAX has a nice pattern. A break over its upper trendline at around 17.60 with a pickup in volume. Bounce play: SSYS. THis has sold off almost 90% of its October gains and it is very extended to the downside. A similar episode occured in the summer with a selloff of 90% of it's prior thrust up as well as intersecting with its 100dma. I can't offer a reliable mechanical method from the daily for entry if it does bounce, one has to watch the intraday chart and the tape. I would drill down to the 5 minute bar and make a decision. If it does bounce, it will likely move fast. I had an order today to buy a nice chunk of TASR at 49.10. It got down as low as 52 and change and took off like a rocket. Short: RHAT if it breaks today's low, and FLML looks like it will test 25. It hit its 10 dma and turned south, again. If it breaks 25 I am short. I was considering shorting after it hit the 10dma around 27.50 and dropped quickly, but did not. Often stocks willl break the trigger on the short side reverse quickly and trap a bear, or they will cut through the trigger and drop like a stone, so entry can be difficult.
Today was mixed but positive overall. SSYS did bounce and I bought at 43. It closed at 45.18 so that went well. I am holding overnight. I bid for TYC at 22.63 as i broke .57 and got a partial fill and cancelled the remainder. Lucky as it reversed. sold for -.26 loss. RHAT triggered right after the open but went so fast I did not attempt short sale. I hate it when I have 10 stocks to watch for potential entries, especially at the open when the alerts come in droves. Any suggestions on effective management would be appreciated. FLML short triggered later at 24.99 and I shorted at 24.87. It bounced off the low 24s and closed 24.86. I am holding. Looks like CSCO will boost this tomorrow. 25.61 or at the most the 10 dma (26.50?)and I am out. NVEC ended up .20 at 39.60. My entry was 40.15.
This illustrates my strategy on the SSYS bounce. It was approaching a point where bounces occured in the past, as well as approaching the 100 ema where it had found support in the past. THe overlay is a Zizag with 15% parameter, I have labeled 1,2,3 on the retracements and then bounces. Retracements were all around 90% of prior thrust up.
THis stock I have had on my watch list for months, but haven't traded it. It gapped up and sold off, and recovered to closed well. Big volume. I would go long over 10.50. If it gaps up over this, I would have to play it by ear.
I was ready to take this long over 47.40. It hit 47.40 as a high today. I like this chart because it illustrates distribution at #1, and quickly mends with bottom buying at #2 and a complete recovery by #3, all within 2 months. THis issue went public less than a year ago. Volume has been lighter in the last 2 weeks on a high consolidation Now I would look for a long on new highs above 48 on good volume.
The Semis are getting extended, the SOX is 15% above its 50 dma and I don't think it has gotten over 20% above its 50 dma since this rally started, so some issues that are extended might be good for intraday shorts. OVTI looks like it might get back to its gap and even fill it, if not immediately. It looks a little vulnerable. The reaction to CSCO tomorrow and then employment number on Nov 7 may influence things here in either direction.