December 20, 2011

Are You Frustrated Yet?

            I've noticed a lot of frustration on the stream as of lately. The gaps whether they fade or trend seem to be difficult to trade and trust. I just wanted to mention a couple of things that have lead to a decrease in my frustration levels.
          Once I noticed that many of my trades were being stopped out at a loss or trail stops hit in fairly short amount of time, I decrease the amount of trades I enter. This is also considering I feel my entry and stop placements are correct, following my strategy and rules for risk management.
           I pass on a lot and become much more picky...Volume being the number one indicator I watch.
           Depending on the size of the move I think the trade may make, I either drop my share size and widen my stop a bit, or tighten the stop all together. I prefer the dropping share size and widening stops.
          Were not in a trending market yet. So to flip flop back and forth from bearish to bullish makes no sense IMO. Having unrealistic expectations of follow thru on either the long or short side doesn't make much sense to me either. While having potential trade set ups is just part of doing the homework like @ChessNWine mentioned in his video the other day.

Here are a couple of links for Day and Swing traders that may or may not help.



December 18, 2011

The $TLT Daily/ Weekly Butterfly

Daily
 Weekly
 Weekly Butterfly. AB=CD Completes at 146.50, which also coincides with the D leg of this Butterfly pattern completing at the 1.618 extension. Looking to short the TLT at 145-146. Still a ways out. 

Charts of Interest - $SPY $QQQ $ALXN $V $PANL $QCOR $FFIV $HANS

Spy - Possibly forming right shoulder. Would not be confirmed until neckline is broken. Plenty of time.

QQQ Range

ALXN - Pocket pivot move as it cleared 10,21, and 50 day moving averages. Still with in this range.

CATM - On watch, with alerts set at a break of this descending trend line.

EOG- Held 50d, which is a good sign. Still watching the 105 area.

Cat testing the lower end of its range. Needs to hold. 

HANS - Pocket pivot move on Friday. Long entry thru 97.00

A couple different looks at PANL. Butterfly and descending wedge 


STMP - Descending Wedge. On the weekly, has held 21wk moving average so far. 


V - Holding up and basing. Will add thru highs. 

VMW - Possible Gartley long entry setting up here.