Lasertrader's Place

A Potpourri Of Trade Ideas and Setups

Archive for January, 2010

Thanks to my good friends

Posted by lasertrader on January 13, 2010

I would like to thank my good friends who called me and sent emails to me after this mornings updated post. It was very hard to wake up to the BIDU disaster. Fortunately I only had a small position but even a small position hurts when you wake up and pre market its 70+ points from where you left it the day before. After a short break and some soul searching I came back and decided to cut the BIDU for the loss because it was such a big distraction. Falling back into day trade mode I went all out at trading my way out of the loss. At the end of the day my account ended up $12 higher than it closed yesterday and I decided to sleep tonight without any positions in my account. I don’t usually do this but here is a log of my trades for today. Some were winners and there were even some small losers but they were good enough to get my Bidu money back. Some of these should be nice continuation trades for tomorrow but after last night I preferred to end the day with my account saying “There are no positions in this account.”

If I can pass along my primary thought as I look back at today, the best thing I did was cut the BIDU short loose and take the hit so I could concentrate on other trades. Have a nice evening.


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New Watchlist Setups for Wednesday 1/13

Posted by lasertrader on January 13, 2010

Edit:  I got a call from someone this morning that reads this blog and the conversation upset me quite a bit. I started this blog to put actual trades I do out there and track them. They are real trades and I live with them. I didn’t realize that by doing this I would be subject to scrutiny and criticism from my friends. This blog journals a swing portfolio that I started for the new year. In addition I daytrade each day and do not wish to make this a daytrading blog so I dont put those trades in here. I have had a great week daytrading so far thus the BIDU thing does not affect me other than to take away from my daytrading profits. Each day brings new opportunity and we always need to look for the next trade. I have decided to take some time off from this blog and cool down. I wish you all the best and good trading.

“When you have the choice to be right or be kind, always choose being kind.”
-Dr. Wayne W. Dyer

I will not be adding any new setups to the watchlist for Wednesday and will leave the setups that exist alerted. Just when I was celebrating the profits on my BIDU short, Google came out with news after hours that they may pull out of the China market. This news sent BIDU rocketing up fueled by the many shorts that piled on the past few days as the chart broke down. If you are ever caught in a situation like this, it’s important not to over react. I am going to watch the open for clues as to how to manage this position and not get caught up with the rest of the panic shorts that are getting squeezed. Once those shorts are cleared out, will there be long fuel to push BIDU up? I doubt it. Will Google really be pulling out of China, one of the biggest markets in the world? I doubt it. But I am just going to use those thoughts in the back of my mind and let price tell me whats happening. The market doesn’t care what I think. As always its not the news but the reaction to the news that counts.

Keep an eye on this scenario as a learning experience because there is a high probability that you will be caught in one just like it in the future.

What I have done is initiate a small long position in GOOG. Its not often you get a chance to enter GOOG at or below the 50ma on the daily chart and right when its sitting on support.

I will update all the setups and holdings pages this evening. Have a profitable trading day!


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New Watchlist Setups for Tuesday 1/12

Posted by lasertrader on January 11, 2010

The markets gapped open today and the V long alert went off at the opening bell. I ignore gap alerts and then manage entries manually and since V continued to pullback with the market during the first 30 minutes and remained under the trigger alert the rest of the day so the alert has been re-armed for Tuesday.

There is one new long being added to the Trade Setup list:

LZ long 77.31

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New Watchlist Setups for Monday 1/11

Posted by lasertrader on January 10, 2010

For Monday I am adding one long to the watch list. There are many continuation trade setups but I am not willing to chase at these levels. If we do get a pullback there will be many nice setups to go long on. If we don’t then I will re-evaluate the charts and look to add more long positions.

V long 87.53


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New Watchlist Setups for Friday 1/8

Posted by lasertrader on January 8, 2010

My scans showed a lot of continuation trades but no new long setups to add for Friday. I am adding two potential shorts to the watchlist that will give me some exposure if the market decides to pull back or take a breather.

Two of the long holdings moved up nicely on Thursday (CYD and JOYG). I will be watching these closely to lock in gains if the market weakens.

Note: These setups are not intended to trigger immediately. Sometime they do and sometimes it takes a couple of days. All open setups are listed on the Trade Setup Status page.

BIDU short 398.75

POOL short 18.45


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Trade Setups for Thursday 1/7/10

Posted by lasertrader on January 6, 2010

On Tuesday CYD long triggered and the WBD long hit the stop and was sold for a 2.3% gain.

For Wednesday 2 longs were added to the trigger list and one short.

VMC Long 54.36

EOG Long 101.73

PRGO Short 37.70


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Trade Setups for Wednesday 1/6/10

Posted by lasertrader on January 6, 2010

On Tuesday morning the CAAS and RAX stups for the day opened with a large gap up. In order not to get caught in a whipsaw I usually wait past the first 5 minutes before acting on a trade alert trigger. CAAS gapped and ran without me and I chose not to chase it. RAX gapped and crapped immediately and did not hit the trigger again all day. RAX remains on the setup list for today. I did enter JOYG at the trigger price. As often occurs with short setups, HIG and GT broke strongly to the upside and no longer are short setups so they will be removed from the trade setups.

Portfolio position WBD continues to move up nicely, however, AHD just seems to be flat. I will watch AHD today and maybe take the position off it it doesnt show any life. I would prefer to hold things that are moving.

Two long setups have been added today (CTRP and CYD) and no short setups.

CTRP Long 76.60

CYD Long  17.14


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Trade Setups for Tuesday 1/5/10

Posted by lasertrader on January 4, 2010

Today WBD and AHD triggered long. AHD was moving quickly through the trigger point so the position was taken a little above the trigger. The AHD breakout didn’t keep running and did pullback in the afternoon but managed to close right at the breakout level. This will have to be watched closely and if it doesnt move up tomorrow it may be prudent to close the position early. WBD triggered and broke up nicely and then coiled for the rest of the day. Hopefully it will see another push up on Tuesday.

There are many long setups for Tuesday (which is always a red flag) but the ones that I will be looking for are JOYG, CAAS and RAX long. There is one short setup to add in case tha market does start a pullback and that is HIG short.

JOYG long 56.35

CAAS long 21.15

RAX long 23.25

HIG short 22.85


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Two More Trade Setups for Monday 1/4/10

Posted by lasertrader on January 3, 2010

Here are two more setups for Monday

AHD Long  7.02

GT Short  14

Visit the Trade Setup Status Page for a summary of all setups


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