ADSK tried to bounce after some early weakness, but only managed to retrace 32% of the move from the ORH to the third bar low. It carved out two gravestone doji sticks (2nd inside) just as the down sloping 5 period EMA was making contact with price. Short below first doji low. The BO bar closed near its lows. This was followed by a retest of S1 before the selling really got underway. Partial at S2 and stopped out shortly thereafter on a midday bounce.
Higher oil always almost always hurts the airline sector. Initially CAL looked like it was forming a bearish flag, but it didn't really get a chance to develop. I shorted as price fell below the real body of the inside green hammer and covered as price retested Friday's low.
I've just added two new names to the watch list - BRCM after it broke out of a multi-month base and COGN after a high volume earnings gap. Both charts are still bullish. BRCM formed a cup & handle pattern. However, it consolidated the BO for 30 minutes before ascending so the move didn't really get a chance to expand fully before the end of the session.
ADSK tried to bounce after some early weakness, but only managed to retrace 32% of the move from the ORH to the third bar low. It carved out two gravestone doji sticks (2nd inside) just as the down sloping 5 period EMA was making contact with price. Short below first doji low. The BO bar closed near its lows. This was followed by a retest of S1 before the selling really got underway. Partial at S2 and stopped out shortly thereafter on a midday bounce.
Higher oil always almost always hurts the airline sector. Initially CAL looked like it was forming a bearish flag, but it didn't really get a chance to develop. I shorted as price fell below the real body of the inside green hammer and covered as price retested Friday's low.
I've just added two new names to the watch list - BRCM after it broke out of a multi-month base and COGN after a high volume earnings gap. Both charts are still bullish. BRCM formed a cup & handle pattern. However, it consolidated the BO for 30 minutes before ascending so the move didn't really get a chance to expand fully before the end of the session.
11 comments:
Hi Jamie,
ADSK printed 2 hammers with very long lower tails on 10th & 11th bar. And the 10th bar also had very high volume. Would you have considered taking partial at this point?
YR
Jamie,
Briefing WL had some winners of note: frpt edu dhr pdli mdt(after reading the news looked at the competitors: bsx jnj stj...WOW! The +1% 30k >$4 naz turned up: sqnm sirf lmra ntap pclm. Not bad but I can only do one scan or the other. Too much stuff. There is always a good 1-3 stocks in that Briefing WL and no doubt alot of traders are eyeballing that list. STV for a gain b/o 19/15", a loss
Jamie,
Yes, BRCM required some patience. TBSI was another that based (more triangular than C&H) in new high territory. Also good for a late session move. Overall not a lot of great setups today.
YR,
Yes, you could have taken a partial when ADSK retested Thursday's low on 10th bar. I was not paying attention and missed it. However, price never attempts to challenge hammer high so there is no further threat of a reversal.
BL,
Some fast moves off of early weakness on Briefing list.
Jim,
Focus list - AMZN short (2 inside on declining vol. B&B dating back to July) and DISH long above Wed. high - B&B dating back to May. Late day strength in DISH today.
really nice trade on ADSK.
Jamie,
When you are watching the 15 min, do you switch very often to lower timeframes to see patterns like the triangle on the gstone dojis?
thx
JM
Jamie,
All things being equal would you trade ny or naz stocks, despite the crappy fills? Just wondering as those ny stocks can really move point wise.
Thanks
Thanks QQQBall
Silverstar,
I always have 3 timeframes on my screen 15, 5, and 1 or 3. I use 15 as my main focus, but like to confirm on lower timeframes.
BL,
I prefer NAZ over NYSE because of electronic trading. That said, most non-tech sectors are better on NYSE because of volume. For example for airlines, I much prefer CAL over UAUA or other NAZ airline names.
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