Daily Review - SalesForce

Didn't take a trade yesterday and only took 1 trade today.  Market is still not very kind to breakout trading and best to be patient, especially with a long weekend approaching.  

Got long 600 shares CRM at 148.00 with stop at 147.70.  I took a little less risk on this trade because market was very extended and volume on CRM was average.  Exited 200 shares at R2, 148.75.  Dumped the rest at 147.85.  

CRM offered a great entry on 20EMA/5min chart around 147.70 with stop at 147.40.  Textbook hammer on support and very low risk.  I missed the entry but the type of setup to look for when breakouts aren't clean.  

Don't see myself making another trade and taking tomorrow off.  Enjoy the long weekend.

Daily Review - Chopped

Going into the day my focus was too trade light but I was liking the early morning strength in my stocks.    

Took 4 trades today and scratched all of them.

1. Long TZOO 63.50 Stopped 63.50 
2. Long ARBA 33.90 Stopped 33.84
3. Long CMI 99.50 Stopped 99.50
4. Long BTU 57.70 Stopped 57.69

Today was not a day to buy breakouts.  Besides CAT, all trades worked well as target trades but you needed conviction to buy early to take advantage of the moves.    

Tough trading environment until we get some real basing.  

Plan going forward is to be more patient and just wait for the daily charts to setup. 

Daily Review - Premature Exit...part 2

Morning started out a little rough with a full 1R loser in UA.  I tried to anticipate the 75 breakout and ending up buying near the highs.  I got long 700 shares at 74.90 with a stop at 74.50, stopped out at 74.45.  The first mistake was not waiting till 75 was taken out, volume was average and daily spot still needed time.  Second mistake was not exiting before my stop was hit.  Once I realized that 75 was not going to broken I should have bailed on the trade for a small loser before my stop was hit.

Second trade got long 800 shares PLCM at 61.50 with stop at 61.20.  I exited my entire position at 62.05 right under R2.  Volume was great on the breakout and never came close to testing the 61.50 breakout.  I should have held at least 25% for the bigger move.  All the EMA's that I follow were still below and trending upwards, really no reason to exit entire position.

Will update this post if I make any more trades.

Daily Review

Testing out the blogger app on my phone so going to keep this post short.

Didn't pull the trigger on any trades today.  I was looking for a bounce in the SPY at the 200 day but missed the trade near the open.  I wasn't in front of my screen during the rally later in the day.    

I've never been a fan of news driven markets and will be playing it cautiously until the daily charts start setting up longs or shorts.  I have no problem sitting on the sidelines while the market tries to figure out this Greece situation.    

Daily Review - Google Music

Going into the day I knew today was a day not to be aggressive.  All of HCP picks and stocks I was watching needed time to setup and SPY was near resistance.  FOMC decision and and Big Ben Q&A made it a easy decision to not make a trade today.

A few HCP triggered near the open and I was watching closely to see how they reacted.  RVBD made a nice move with volume at the open but couldn't hold the breakout.  HOC hung around 64 and eventually fell with rest of the market.  I started looking for some resistance shorts but didn't see anything that looked good.  After a muted reaction from the FOMC decision I called it a day.  I received my invite to Google Music and spent the day uploading all my music to the cloud.      

What to expect

I'm still trying to figure out exactly what I want to do with this blog so for right now its going to be a mix of my trading activities and personal life/interests.

Some topics include:

• Daily trading review - Will review every trade I take and thought process behind it, similar to The Independent Trader.  The majority of my ten readers come here to see my trades so I will make it point to be as detailed as possible.  
• Thoughts on the market and charts of interest - Most of my trading list and market thoughts come from High Chart Patterns.  If I see something that isn't mentioned in my daily reading list I will post something but don't expect daily market analysis.  
• Hobbies - I've really gotten into cooking the last few months.  Will post some pictures and recipes of food that I enjoyed cooking.  Other hobbies include sports, beer and technology.  
• Other - Links, articles or anything else I find interesting.  
• Must read for anybody that trades solely off charts.

 

Daily Review

@HCPG had CMI in last nights newsletter, stock set up well today.

Got long 1000 shares at 95.00 with stop at 94.70 (lined up with bottom of base and 9EMA/1 Min).

Exited 700 shares at 96.05

Exited 300 shares at 96.50

In hindsight my final exit was a little premature but SPY was getting rejected by S2 and 128 resistance. 

DECK 82 and FLS 107 also worked well.  

TraderBubs is back...

mostly out of boredom