I had a bearish strategy going into the session, but the first trade was quickly foiled as price reversed after the initial move lower. HOLX is a focus list short, but today it managed to save itself.
SDTH was a high volume gapper. The NRIB - gravestone doji was compelling, but it held the $8.00, more or less, as support.
The pre-OPEX grind was interrupted briefly when solars and energy started to sell-off. I saw most of my WL solars printing red on the Trade-Ideas scanner, followed shortly after by oil and energy, so I waited for a pause and managed to get in on a large portion of the swoon in CNQ.
I find that most of the pre-OPEX Thursday is spent in narrow range trade, which is best suited to buying support and selling resistance. That's what I tried to do here with HANS when I saw two confirmed hanging men, but the result was almost all chop and very little in the way of reward.
It seems that the first and last hour of the session offered the most opportunity. SOL, a carryover gapper from yesterday made my day.
I had a bearish strategy going into the session, but the first trade was quickly foiled as price reversed after the initial move lower. HOLX is a focus list short, but today it managed to save itself.
SDTH was a high volume gapper. The NRIB - gravestone doji was compelling, but it held the $8.00, more or less, as support.
The pre-OPEX grind was interrupted briefly when solars and energy started to sell-off. I saw most of my WL solars printing red on the Trade-Ideas scanner, followed shortly after by oil and energy, so I waited for a pause and managed to get in on a large portion of the swoon in CNQ.
I find that most of the pre-OPEX Thursday is spent in narrow range trade, which is best suited to buying support and selling resistance. That's what I tried to do here with HANS when I saw two confirmed hanging men, but the result was almost all chop and very little in the way of reward.
It seems that the first and last hour of the session offered the most opportunity. SOL, a carryover gapper from yesterday made my day.
2 comments:
Hey Jamie,
Blogger is having problems on my end - very slow at times.
Yes, today was whippy. AKAM setup good entry at prev day's support on mid-morning pullback. I missed the end of day leg/run.
CELG setup a very confluent mid-day short. It was a 15m tweezer top at 15m 20ema, and exactly tagged 30m ORL. The 2 hour rally up to the tweezer top was on lower volume. The second 15m bar of the tweezer top was an IB to enter against. Wow. Led to retest of morning low.
Hey Jim,
Blogger has been clogged for close to two weeks. I almost could not post tonight as it was not uploading my charts. The server that houses this blog must be overloaded.
Great picks. I wish I had shorted CELG instead of HOLX. Biotechs were generally very weak today.
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