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 »
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
Posted in Trade Setups | Tagged: CAAS, CTRP, CYD, GT, HIG, JOYG, RAX, Setups | Leave a Comment »
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
Posted in Trade Setups | Tagged: AHD, CAAS, HIG, JOYG, RAX, Setups, WBD | Leave a Comment »