This is a weekly chart and a shot in the dark. If it weren't still under the 200 MA on the daily, I'd probably give it more consideration. As it stands now, I'll only go long on a break over stick low resistance IF the volume is massive. From a bullish point of view, it has put in a higher low.
Did not get off the short, although I had it alarmed. Its a thin lizzy. Was fully laden with EBAY and MSFT shorts.
I had a decent week with some nice trades. I'll post my trading plan for next week and what I have on the radar.
It's real simple. I'm going short this Monday at the top of the upper trendline unless it gaps over it for some reason. A crazy stock so I'll carry a tight stop and take a small position.
Which trades did you take? What was your entry and exit. Besides posting a bunch of setups.. I think you should let us know how you actually trade them. This way we can learn or help you. --MIKE
TrendFader, As I've mentioned before, I've found a style of trading that fits my personality and I make money doing it. When it's not profitable for me anymore, I'll do what it takes to find another. The point in this journal was never intended to convince those who read it that I'm some sort of super trader. As a matter of fact, I'm far from it. I'm just a small player trying to turn a few bucks who considers the game we play a marathon. In other words, I do whatever I can to set myself up to hit consistent singles. I don't hit many homeruns, but I rarely strike out. I've considered posting my P&L but I decided not to. As long as I'm posting what I intend on doing BEFORE I do it, I don't really see a point. However, I probably will if I hang around here long enough and if there is an interest in my doing so. Regardless, here is what I did this week that I previously posted on the board. I'm not sure why I'm wasting my time since the answers are in prior posts but what the heck. 1) I went short PAYX at resistance Friday based on the weekly H&S pattern I posted last week. I'm short at $30.00 with my stop set at $31.00. 2) I went long ASYT Friday on the breakout. I almost avoided it because it gapped over the trigger price and faded right off the open. However, it banged on resistance for several hours before breaking. I took a shot and went long at $5.00. Unfortunately, I fell asleep 20 minutes before the close and didn't have a chance to scale out of any when it jumped to $5.90. I would have MOST DEFINITELY sold 1/2 of the position had I been awake. As it stands now, I'm still long a full position. I'll sell 1/2 near the open Monday and reset my stop a tick under my entry. 3) I went short VAR Monday at $47.38. As mentioned before, I ALWAYS cover 1/2 of my original position when I'm up around 1 1/2 - 2 points if I'm not stopped out first. I covered 1/2 Thursday at $45.92 and reset my stop to $47.66. I was stopped out on my other 1/2 Friday. 4) I went short MIK Friday at $46.25. As I mentioned last week, this is a longshot. IMO, it appears to be putting in a right should on on a bigger H&S pattern. I only went short 200 so I'm prepared to give it a little bit or room. Hopefully, it'll stay UNDER $47.63. If it moves over, I'll probably take the loss and wait for it to set up into something else objective before trading it again. 5) I went short BJS Mondy at $31.40 when it was at trendline resistance. I covered 1/2 of the position Thursday at $30.25. Currently, I'll keep a trailing stop on the other 1/2 a few ticks above the same trendline just to make sure the trades profitable. If it continues to fall, I'll more than likely take the rest off the table on a move down to the upper gap at $26.50. 6) I went short 200 MMM Wednesday at resistance of $129.50, which was a bit early. I covered 100 Thursday at $126.35. I currently have my stop on the rest set at $130.10. If it jerks backs up to resistance, I'll short the 100 again with the same stop. If it doesn't and proceeds to drop, I'll cover the rest around $109 or $110. 7) I've traded around PIR for 3 months now. I went short Monday at resistance of $20.15. I'm still short a full position with a trailing stop above the trendline. I'll cover 1/2 on a push down from here with the next target at $16.25. 8) I'm short ROAD from Thursday at $40.75. Since the base sucks and a move up from here isn't likely to sustain itself, I'll give it some room to work so I don't have a hard stop set on it. If it starts to push down, I'll cover 1/2 of the position as close to $34.00 as I can. I think thats all the trades that I took that I posted here. I traded several others but I failed to post them on ET.