My first two morning shorts only trickled in until the market sold off and at one point I was more than a little frustrated and thought I would likely get stopped out. But once the market reversed I was happy I had them, especially SNDK.
AMZN, from the WL and the Briefing.com gapper list, had great volume so I was happy to jump in as price broke out of a three bar consolidation. My target was 100% Fib. extension of the ORL to the consolidation base. I took a partial after 3 WRBs to lock in some profits.The next four trades all triggered around the same time plus I had HANS and SNDK on the go. So nothing fancy except for the two big ones, DRYS and AGU, I was just trying and hoping for 3 consecutive red bars, wide or not.
My beloved ESRX went according to plan. It should noted that both HANS and ESRX carved out bullish morning star reversal patterns which did not confirm. This was probably an early warning sign, but at the time I didn't know it. I thought it was midday doldrums - chop chop.
I was scoping out DRYs all day because it is so far extended. I was closely monitoring the E-mini NASDAQ futures as they made a new high just before reversing. DRYS broke down before the Futures confirmed. But there was no head fake on DRYS. I took a partial as price approached Friday's low and put a stop at $110.50 based on the action on the 1 minute chart.
AGU from HCPG's trading list, looked like an inverted C&H. I took a partial at the blue line which was a support and pivot area from late last week, but I guess it wasn't necessary. If I didn't have so many open positions at the same time, I might have done better with this one, but it's good. I'm very happy with it.
GRMN was gap down and just before it fell down, I was anticipating, it might turn into a long. Then it carved out a NR hanging man.I've been anticipating a sell-off for some time now. If you are reading my NASDAQ technical posts, today's sell-off was no surprise, and hopefully you were able to profit in a big way.
12 comments:
Wow, looks like it was a busy day for you.
I see that for your shorts it looks like your trigger is a little above what I see as a base. For example in HANS it looks like your trigger is a little above the shooting star following the hanging man. Is this done intentionally? Was the shooting star or the gravestone doji your trigger bar for HANS?
Also what did you use for your stops initial stops in these trades? The opposite side of the trigger bar +- a few cents?
Thanks
Masterful management there Jamie. Great juggle on different stocks with techniques and set-ups. Kudos.
I was ready for the sell off as well. Keep up the great trades! I was in FSLR all day for a 15 pt ride and wasted my other time in GS for a small move.
PDT,
In my haste, I miss drew the line on HANS. The buy stop was set at $29.48 which is one penny below the shooting star. The stop was two pennies above the inside bar.
Usually the initial stop is a few cents above the previous bar high on the 15 min. time frame. But this afternoon, I didn't have time to put all my stops in place because everything was triggering in succession.
Thanks HCPG. Having a good trading list makes it easier to execute with confidence.
Nice work Glen. NRIB on the daily for FSLR gives good expansion. Broker/dealers should provide good selling opps if we get a decent correction going.
Jamie,
Excellent work and anticipation on the short side. I caught QCOM long and CF, GRMN short. I covered all of GRMN on the gap fill which provided support.
I also shifted all retirement funds from aggressive to passive today. I agree that we should see a pullback or sideways action (summer doldrums) for awhile.
Jamie,
What setup/strategy were you using for SNDK? Its not really a gap or IB play, so wondering why you decided to short it there?
YR
YR,
SNDK was a bit of anticipation. It was testing its Friday afternoon support level after two successive intrday lower highs (3/15 and 5/15) so I assumed it was going to breakdown.
Jim,
Good setups. CF sold off nicely with the momentum groups.
Market pullback maybe C&H over the near-term, but if backdrop doesn't improve, could see a retest of lows.
Gas in Montreal is $1.40 per litre. That would be $5.60 per gallon. I don't drive much because I live in the city, but for those who use their cars to go to work from the suburbs, it must cost nearly $100.00/week. That seems outrageous and would put a lot of pressure on some family budgets.
Housing prices here are leveling off, but still at near peaks. But in U.S. it seems to be quite a problem.
We'll see how economic data plays out.
Tomorrow's core PPI should set the tone for trade.
LM is printing a nice bear flag on the daily.
pn
Thanks PN, very nice indeed.
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