Here is ISRG on a 15 min chart, showing an ascending wedge. I think price action will be getting more intense, and as you've seen on the daily chart's low volume, this might be a break down ahead.
I'm getting behind on my journal :eek: . Here was the trade for last week. 9/25 Short 100 RIMM @ 85.26 9/27 Cover 100 RIMM @ 85.75 profit - 63.00 I shorted this stock before earnings which was not good, and a big mistake. Luckly, I was able to cover at a small loss. I'm not giving up on shorting RIMM, and I think very soon, RIMM is going to play right into my hands. Today will be very interesting.
I'm mad at myself again, because as usual, I let the news influence my trading decisions. I bought ERTS yesterday at 55.88, because what I herd on CNBC, and MSN.com who gave the stock a rating of "10" dispite what I saw on the daily chart. ERTS is going to have to go through three resistance levels just to break even. There is some good news, on 60 min charts, ADX is close to a crossover, and this might let me get out even or close to it.
10/2 - 10/16 ( 14 days) Bought 100 ERTS at 55.88 Sold 100 ERTS at 57.12 profit 1.12 Over all, I think this was a good trade, however I could not have got in at a worse time, as I bought right at the top of the pullback on October 2nd. I then got to watch my stock fall as soon as I bought it to a low of 53.53. I decided to set stops at 53.00, because I was confident that the stock would go up, but at the same time I didn't want to admit that I could have been wrong so I set wider stops, which is not right thing to do. I then waited through three more days of pullbacks on 10/5 - 10/9. I decided to just take my small profit and move on.
Current plays: FLSH --> long at 46.56 / profit target 48.71 (2.15) with stops at 45.56 (1.00) I'm playing the gap-up that was made on the 16th. "Msystems Ltd. Breaking Out To 6-year High On Strong Volume; Challenging All Time High" http://www.tradingmarkets.com/.site/news/STOCK ALERT/459976/ I am not playing the news here. When I entered this position, I did so purely from a TA stand point, however this news article strengthens my confidence. ---- LOGI --> long at 25.47 / profit target 27.47 (2.00) with stops at 24.30 (1.17) I'm playing the better than expected earnings for Logitech. "FREMONT, Calif. & ROMANEL-SUR-MORGES, Switzerland--(BUSINESS WIRE)--Logitech International (Nasdaq:LOGI) (SWX:LOGN) today announced record Q2 sales and profit, posting its thirty-second consecutive quarter of double-digit revenue growth. Sales for the second quarter of Fiscal Year 2007, ended September 30, 2006, were $502 million, up 19 percent from $422 million for the same quarter one year ago. " http://home.businesswire.com/portal...d=news_view&newsId=20061018006114&newsLang=en
OUCH :eek: ---- Care to elaborate on how you determine your exits. A quick look at the charts doesn't seem to offer any conventional reason as to why the profit targets and stops were established.
When a stock makes new highs above all previous resistance points, my profit targets are just whatever I think is reasonable. Probably not the best method . cm69