Monday, November 08, 2010

Day Trades - SOHU, BIIB, LVS, (DO - HCPG)

Yesterday, we said that SOHU was flagging and had just printed NR7 (price/volume contraction ahead of expansion) on the daily as depicted above.

We entered long after price broke above NR7, as price crossed $75.00. The preliminary target at the 1.27% extension was reached as SOHU expanded vertically, barely taking a breath.

Took a second trade after price held support. As long as it doesn't form a H&S top intraday, it remains bullish.

BIIB, another setup on our focus list, didn't breakout of its flag today, but still an active alert.

We bought BIIB on the initial retracement and exit after it printed a long upper shadow at intra-day resistance.

LVS was a short setup that didn't pan out. Price gapped lower on the open and retraced back to the ambush zone of the impulse leg down.

DO was a HCPG pick at $70.00 which I missed. I waited until price pulled back inside the BB to the rising 5 period EMA on the 15 minute timeframe. Worked like a charm.

1 comment:

chin said...

HI Jamie,

Any thoughts on how much these markets will consolidate before they move higher in the near-term ?

I am looking for entries in MA, GS, AAPL, AMZN etc. Would you be able to chart these please ?

Thanks much as always.