Thursday, October 07, 2010

Watchers for the 10-8-10 trading session


I have been looking to short this on its latest few candles up on clear weakness cues. Now a red floater scan return, we might get a chance if the trading gods cooperate. Compare the latest leg up of the past 3 days to that of September 20-22 if you will. Volume still strong, so use caution here. Only chase an ambulance.


Power purchase agreements news catalyst has this up big in 2 days. Volume increasing, probably still hot. Likely in play both ways tomorrow. Out of the gate as a long scalp on spiking long, and a fade entry on the usual profit taking. In this case a rare top fishing fade might arise via the above possible price action, but as usual I prefer standard weakness cues to short into where possible. OTC stock under 20 cents per share.


Closing on the hod, this over extension in the making may not be done yet, but keep it on your radar. I wish it was up a bit more but it is getting there. Avoid longs and stay flat unless a clear weakness cue surfaces. Ideally this occurs early. Patience may be needed if it continues to boringly grind up.


Now this is starting to get a bit over done. Up after hours, as well. Probable early strength then some profit taking. Definite short on typical weakness cues, possible top fishing fade if it spikes from the gun on a gap.


Possible 4 test coming. Closed near the hod. 4 is a natural profit taking point psychologically, so if fading I would watch that area for distribution for an entry. Obviously, taking and holding 4 on volume with acceleration is a long. In play both directions, depending on live price action. The duration of the long will vary depending on whether we just get some initial greening ending at 4 (scalp) or powering above it (day trade).


Extremely rare bonus pick not on our official list. An ETF. Bullish Engulfing multiple bottom beginning in May in the low 12's. Enter long if a take and hold above the high of the previous session occurs, which is 12.95 or higher. Watch it at 13, if it holds and accelerates above that, so much the better. Stop placement just below 12 at the lowest. EOD exit or multi-day hold swing if we begin to climb back up from the support level.

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Anonymous said...

Thank you so much for adding charts!

Big T said...

No problem. I might keep doing this, *if* I can get it down to a fast science!

Big T