FFIV did not trigger today and now we have one of my favourite setups - the three day consolidation breakout pattern. Here is the setup off of the 15 minute chart:
This setup has a very high success rate in an uptrending market. However, since that is not the case at the moment, look for a high volume breakout to keep price above $50.00 right out of the gate. The target is $52.50.
For NEW, I want to buy on a high volume break of the downward sloping trendline on the daily chart. That would roughly look ike this on the 15 view:
RIMM is trading up in after hours and could be a potential long for tomorrow if it holds $63.00 support in the early going. This is a Cramer pick so I'm a little wary. But it has carved out a nice base over the past few days so I'm posting it anyway. A lot could happen between now and the open, so I will evaluate the pre-market carefully before I execute on this one. Here is the 15 minute view of RIMM:
ADBE is trading up in AH on a multi-year distribution agreement with Google. Here is the daily view:
6 comments:
Thanks for posting setups with numbers Jamie. It is very helpfull to see what you are seeing and learn from that.
Do you trade full time for a living? I know you are working doing something right now but other than that, just wondering?
Glenn
Hi Glenn,
I was trading full time from Sept. 2005 until May 2006. However, I just don't have the patience to sit through the summer doldrums so I prefer to work.
Hope to get back to it full time around Nov. - Dec. but I'm looking for ideal trading conditions ie. for me that means an uptrending market.
Hi Jamie,
You have a fantastic blog here. I really enjoy reading and learning from your stock analysis. I was wondering though, I haven't seen you cover any oil/energy stocks (at least in the short term). Any reason why you prefer tech stocks?
Thanks,
AJ.
Hi AJ,
Thanks for the kind words and appreciate your loyalty to the blog.
I started the blog as a day trading blog and my main focus for day trading is the NASDAQ. I like the speed of electronic trading and I love the level II depth of market.
I do trade oil, commodities and banks in my RIA. My holding period is usually longer and most of my stocks are traded on the TSE because that's pretty much 80% of the Canadian market. Canada has no technology sector to speak of. With the exception of RIMM and NT, our technology sector is pretty lame. The TSE is not very liquid and commissions are very high, so I don't often post these trades on my blog. However, if I do see a good setup in the oil sector of a Canadian stock that trades on the NYSE, I will try to feature it on the blog next time. Currently I have only one small oil position in the Canadian account - Encana. It seems to bounce everytime it touches $50 on the TSE.
Jamie I just went long COS.UN for my long term port. Would you mind giving me your thoughts on that one. I looked at ECA as well but can only afford one.
Glenn
ECA - I'm trailing a stop under today's gap up low beacuase I've been in the trade since just above $50.00.
COS.UN has resistance at $33.00 and I see its there now. Intraday support is $32.00. Next level of resistance is $33.65 or the 50 ma on the daily view, followed by $35.00.
I'll post charts of these two on the blog this weekend.
Good luck!
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