I've been busy lately with my tank building job and haven't been able visit the board much. Here are a few setups I've got my eye on. My trading strategy hasn't changed as of late (though I am holding onto more losers than I have in a long long time) which is comprised of taking SMALL short positions at objective resistance levels.....particulary with stocks that have pathetic bases under the action. It's kind of difficult to say how I utilize my stops.....guess you could say I don't have any discipline. For the most part, I take it on a case by case basis. Typically, I'm tight (short at resistance.....1/2 or so max) with the crazy stocks....like AMZN, EBAY, QLGC etc..... For the others......I call them whales.....I don't place a stop.....stuff like COH, PSUN.....I just take the hit if and when it gets out of hand. Here is one I took a piece of Friday. The base doesn't suggest a sustsained move up is likely.
Short from Friday....200 shares. This pig has treated me very well a couple of times the past few months. Perhaps my luck will run out although the gaps aren't suggestive of it being this time.
If you're really a trader and not a wannabe like the Vinny fella, you already know this stuff has been blowing through resistance like swiss cheese the past couple of weeks. Instead of blindly hitting this on a rally from here to the stick highs, I'll step aside......pull a 60 minute chart when and if it gets there......and give it a go on the first lower high/low with a stop set at the high.
Another that I've had luck with. I'll short a bit at the trendline. If it goes over, I'll add to it on a move to the upper P-Line. Remember, I have to position trade cause I'll go broke in a hurry if I start acting like a tick/day trader which I assume is the vast majority of the population who hangs around this website.
Rising prices and declining stochs spell trouble more often than not for the bulls. But who knows with this animal. Objectively, it's a short here at the upper trendline with a tight stop. I suspect that gravity will pull this ugly bitch down fast in a hurry at some point......I just have no idea when.
Despite their recent massacre, the miners are "still" in a bull market. I phased into this several days ago at the lower trendline I drew......hopefully the same level will hold. Keep in mind this is a monthly chart.
Appears to be (my opinion to you nasayers) a nice looking H&S pattern near the shoulder highs and a spot to take on a low risk short.