Thursday, September 11, 2008

NR7 Inside - Flowserve Corporation (Public, NYSE:FLS)

FLS printed NR7 on the Trade-Ideas WL scanner. The setup lined up perfectly with Monday's reaction low which resulted in a 6 pt. reversal. Today's move was almost identical. I exited after 3 WRBs as price approached $105.00. As you can see from the chart, FLS is setting up a base at $106.00, so keep it on the WL and don't forget to set an alert.

N.B. - FLS, can at times, have a very wide spread (as much as 30-35 cents), so adjust position sizing accordingly.

QCOM was a low risk B&B.

RIMM and GOOG were C&H type patterns. The GOOG setup is ideal because the trigger bar is inside. The RIMM setup is not inside but still worth a try. Unfortunately, shortly after entry, CNBC announced a delay in the launch of the Blackberry Bold in the U.S. due to the service provider, AT&T. RIMM was stopped out, GOOG was a success. I closed the GOOG position when it approached the next round $ figure.

4 comments:

QQQBall said...

didnt you just work google in the other direction at about the same price points? nice!

Dinosaur Trader said...

Hey, I was in the FLS this morning. Good to see we're in the same stocks. I exited around $102, or much earlier than you.

-DT

Jamie said...

QQQBall,

Yeah, I rarely trade GOOG, but this is two in a row. I've added to my WL because somebody said that when the titans of tech look like they are going to break down, it usually means the bear market is about to end.

Jamie said...

Nice work DT,

The first two points out of the base were sweet - not one red bar on the 1 minute time frame.