Tuesday, May 25, 2010
Hammer
Take a look at the hammer candlestick formation made today. This should set up for a bounce. I'm sure I'll be long the S&P500 and looking for a PROFIT! With the 29 day and 65 day about to cross negative, the 29 day ma will be a place to take some chips off the table. Opening stoploss will be the low of the hammer. Hope that support doesn't get broken and take me out of this trade. I will watch the open on Wednesday and if we gap up I'll wait at least 15 minutes, maybe more before entering the trade. Let me explain, if the low of the open gets taken out within fifteen minutes of that open then I'll be patient and look for the gap to get filled. I'll be watching support levels such as the pivot points and my intraday moving averages. It's important to be patient. If the market opens below the high of the hammer I'll probably place a buy stop just above the hammer and place my initial stop just below the low of the hammer.
Sunday, May 16, 2010
Probably Range Bound
We could be setting up for a range bound or sideways trade for a couple of weeks. Looks like support will be 1100 to 1104 while resistance should be drawn from the April high to the 1170 area high of May. We could channel sideways or make a descending triangle pattern before the next big trade comes along.
Thursday, May 6, 2010
Whew!!!!
Lots of fun today! Only order for me that was filled was for $JOEZ. I placed a buy limit some time ago to buy 3000 shares at a limit of $1.60 and today I got it.
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