Thursday, October 08, 2009

Gapper - Teck Resources Limited (USA) (Public, NYSE:TCK)

Last night I mentioned in the comments of the previous post, that TCK was a focus list long. As you can see from the daily timeframe above, it had carved out a solid base. Yesterday's NRB was the perfect pause before expansion. This is a high volume BO and I'm holding for a swing in my retirement account. The day trade in my trading account is outlined below.

This morning TCK gapped up with bullish opening range. Price retraced to the 5 ema on declining volume. Enter on break of ORH. Take a partial after 3WRBs as price approaches whole $ level. Exit balance as price approaches full extension.

11 comments:

Jim said...

Nice call & trade Jamie. I picked up FDX from my scanners for 3 WRBs on 15min and a small long trade in FWLT (consolidated and reversed mid-day).

Real estate stocks are winding up - VNO for example.

SNDA, AMSC - daily "h" patterns?

Jamie said...

Jim,

Nice job with FDX. I'm getting ready to short RIMM after three consecutive higher closes and no volume coming into the stock.

Markets - QQQQ spinning top and SPY doji feeling tired.

GD said...

Missed your comments on TCK, Jamie...been tracking your blog all the time and I missed that...sad to know you had pneumonia...take care...we need your ideas...I'll stalk RIMM...

Jamie said...

Thanks GD,

Yeah, sometimes comments have good trade ideas for the next day.

Good trading!

Jamie said...

RIMM upgraded to outperform at Baird

Jim said...

RIMM was still an okay short opportunity after absorbing the early volume. POT also had short opps today.

Jamie said...

Jim,

Yeah, I shorted RIMM on NR7 trigger bar (11:45) and again on the ambush. Did not participate in POT.

Did you catch AMSC on the late day expansion?

Tradermarket247 said...

Good work both of you J&J. Wondering if you guys would like to exchange blog link. www.tradermarketinfo.blogspot.com (I have added your blog to my blog list)

Jim said...

Jamie,

I did not trade AMSC. I only give these second tier stocks about 15 mins. If they do not show exceptional price and/or volume action immediately, I cut them to put more attention on my core WL (consistent movers).

I shorted POT off of the 11:40 5min bar. I also shorted NTES off of the 10:35 5min and scratched a short time later. Once again, the longs would have worked better but my psychology at these levels wants to be short, especially on a Friday.

Jamie said...

Hi TraderMarket,

We've added you to the warriors blog list. I've been meaning to freshen the list as many bloggers from our list are on hiatus.

Jamie said...

Jim,

My sentiments exactly re: psychology.

Interesting note in last week's IBD re. performance after a bear market. "After the bear markets of 1987, 1190 and 2000-03, the NASDAQ rose 22, 16 and 10 months respectively, before making a correction of 10% or more."