YM 60min 8/15/07 pre-open Sentiment has changed slightly from my last chart. We basically dropped down to strong support; but there is alot of negative sentiment in the air. The lower trendline can be drawn in different places but where I have it is a 'rough estimate. Basically if we break down through it on strong volume I would expect us to fill the gap back in may 23rd~ and hit the 12850 range~ Else if we stay above the support we could bounce around for a bit or head back up we have various resistances to go through thou. I'd probably wait for some confirmation before going long atm. Some decent candles.
INTC 60min 8-15-07 I like this chart because we could have some exciting things coming up. Basically what I am showing here is a ascending broadening formation ie a reverse wedge; but it generally functions similar to a wedge. Eventually we should see a breakdown and a pullback to around the 50% mark of the rise. I've marked the likely 'suspects' of that place if we breakdown at the level we are at. If we breakthrough the initial trendline right below where we are at I think this will give us steam to get through the next one and then well have some smooth sailing to the lower level there. Who knows we could even have a pretty island reversal h&s top there. That would be a nice picture. If I were to trade this I would of most likely gotten in sometime yesterday; but since I didnt I will get in today once I see what the open has in store.
KSS 60 min 8-15-07 Got another fun one here ... this one is good for today. Although confirmation would need to be seen in the market. Because if the market decides to go down heavily again today this will probably go down too. We should be good for 2-2 1/2 points here for the near term and if we break out; (out of the descending wedge or the dbl bottom looking thing). We should steadly head back up. (I didnt get the prices in on the chart but confirm with your charts for the numbers) So short term heading toward the trendline which will be close to 58.5~ or if we break then 61 and then 62 then 64 etc ... thoser are near term resistances. A heavy dark candle with the body below the recent wicks would be a good place for a stop.
PT (practice trade) - Bought KSS sept 65 call for .90 stop is a solid candle on the 15 min chart at 56 or below. T (target) 59.5 or may hold if theres a chance for a breakout. Will reevaluate.
YM (PT) B - 13070 T 13140 S - 13060 b = buy t = target S = stop Reason for trade: Bounce off support on 5 min chart - stop hit before I could finish writing this. Will re-evaluate later
YM (PT) B - 13092 T - 13140 S - 13075 Reason for trade cup and handle formation 5 min S 13102 + 10 N (note) need to evaluate trading plan and goals. Options are sell when target is hit; or wait to see what happens at target and set trailing stop using various methods.
Brief evaluation - I dropped down to the 2 min chart to look for entry (many times this can screw up a trade - looking for a trade when not there). Also I noticed a trendline after the fact I didnt notice previously. I also didnt wait for confirmation via a candles. There were too few candles to trade what I was doing; if I wanted to trade the bounce I should of traded off the 2 min chart rather then trying to look at the 2 min but using 5 min as my reference. The 2 min chart shows the bounce very cleanly and then also shows the cup and handle also. N - Will need to evaluate using the 2 min chart for trading because one can easily overtrade using it and be hit with slippage and commissions to knock you out of the game.
YM S - 13125 T - 13100 Stop - 13143 Playing this as a 2B top. Will plan to sell right at support and wait for the slow down. Mixed sentiment in the chart ie up or down so I wont wait for confirmation ie wait for my goal and sell. Possible dbl top formation thou on the 5 min. Well see ... Held past 13100 - new BS(buy stop) is 13100. Target 13060 +25 stop hit Comments: I need to fine-tune my trading and make it more mechanical and less emotional. Trade the chart not the dollar. Also Look to only make 2-3 rt a day/commissions and slippage will eat away too many profits as what has happened previously.
YM 13080 T - 13160 S - 13049 Playing bounce off support; may get a knock back due to the dbl top. Risk to reward ratio risking 30 points for 80 so about a 2.6 ratio S - stop hit as I was typing. Reason - we completed a small h&s top on teh 2 min and now puched through support. -31 Lesson: You can predict the market all you want; and with a wave of its hands he will show you something that you were too blind to see. Remove the blinders Let the market speak for itself; dont speak for it. Another lesson - because I dont have a solid trading plan; having a loss disrupts my train of thought and flow. Develope good habits and a solid trading plan.