Tuesday, October 19, 2010

Trade Review - CELG, AMGN, FSLR

Sunday's post "Biotechs Poised to Breakout" was a good starting point for Monday's day trading.

CELG took out the PDH in pre-market trade, so I used the PM high as my trigger. The stock ran up in morning trade and consolidated sideways in the afternoon. As long as price holds most of these gains, I'll be looking for further upside.

AMGN was somewhat extended after Friday's big move, so I was looking for some retracement. It carved out a bullish morning star reversal pattern just above the 38% Fib. retracement of Friday's range. Wait for a low risk entry. After a slow start, it worked nicely in the last two hours of the session.

FSLR from the focus list, took out resistance in early trade, retested and held as support for a fast move higher.

BIIB, which I didn't trade today, looks like the best biotech setup going into Tuesday.


Andy said...

Hey Jamie,

After years of chart studying, do you look at every one of your chart and perform that in-depth level of analysis in real-time still?

Also, does intuition play a role in deciding which stock you decide to take?

Jamie said...

Hey Andy,

Yeah, I try to do the chart study the night before, but for unplanned gap trades, I still look at the daily before/during the trade to make sure the stock has room to move.

Sometimes intuition helps, other times, it keeps me out of perfectly good trades.