Tuesday, February 02, 2010

Day Trade - Canadian Natural Resource Ltd (USA) (Public, NYSE:CNQ); Cephalon, Inc. (Public, NASDAQ:CEPH)

CNQ formed a C&H as depicted by the Fibonacci or inverse H&S at the blue line. I entered above the blue line but set my Fibs according to C&H pattern. Premature exit on the first sign of weakness.

CEPH formed a flat base over last week or so as depicted by blue line on daily chart.

Entry on break of handle on 15 min. chart below. Exit on weakness after stock forms tweezer top reversal pattern.

GS and POT also had similar bases, but did not extend in the desired fashion. So 2/4 isn't bad given that neither GS or POT generated a loss. POT looks promising for tomorrow. Also on the focus list for tomorrow is this box play in AMZN. On the daily we have a tweezer bottom reversal setup.

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