Posted by lasertrader on January 21, 2010
The market continues to bounce violently within the well defined channel as discussed in the Big Picture here.
Yesterday the HLF long position was stopped out for a loss and the PBR setup was entered short. the RAX trigger alert went off but I did not take it given the extreme downward pressure on the markets at the time. I left that trigger/alert rearmed.
There are no new additions to the watchlist for today. There are times to be in the market and times to step aside and wait for better setups in a trend. I see many traders getting chopped up by the violent swings with the current market channel. It is best to wait for a break of this channel to hold before initiating swing positions.
Good Luck today!
Posted in Trade Setups | Tagged: HLF, PBR, RAX | Leave a Comment »
Posted by lasertrader on January 18, 2010
Now that we have options expiration behind us maybe we can get some nice trades going again. Friday’s action invalidated a number of long setups in the leading momentum movers from the previous weeks such as the AAPL and CAT setups but RAX hang in there. This is why we don’t take the trades until the actual alerted trigger price is hit. Front running the setups usually results in losses. We have a few Longs to watch and one short going into Tueday. The Big Picture of the SPX can be seen here .
Here are the watch list setups
RAX Long over 23.52
HLF Long over 44.75
WATG Long over 14
NKE Long over 66.50
PBR Short under 44.80
Posted in Trade Setups, Uncategorized | Tagged: HLF, NKE, PBR, RAX, Setups, WATG | 1 Comment »