Wednesday, May 23, 2012

Watchers for the 5-24-12 trading session


Wow. See my previous comments for the Supernovae scan with 9 lives. Those are mostly unchanged. Volume revamped today. Big time. Set a stop just over today's high or the 1st 30 minute on tomorrow, and plan to sell short, especially back under 11. No longs, I know it's tempting. Shares may be hard to come by. A bounce long on a wash out once this has a big red session should always be kept in mind concurrently.


Still looking for a bounce on this thing. See my previous comments, still applicably mostly. Set a stop just under 0.76 at lowest or use the initial 30 minute trough of tomorrow. Go long on spiking up at or near the bell for a scalp, or on a move over today's high of 0.81. Avoid all big gaps. No A/H quote.


New 52's. Short term, these yearly high stocks usually go higher. Consistently strong price action, like trading above the opening price level after the first 5 minutes, is a long. Or, if it gaps down a bit to debut or opens flat and falls briefly, a red to green and hold with strong volume. Also long on spiking up at or near the gun as a scalp. This might be an EOD exit, depending on how it holds up. Also long on a break above to new yearly highs (over 1.72) and holds. Avoid shorts/big gaps keep flat on true weakness. Volume strong Wednesday, a suspect sign for new buys. Needs to keep above the Wednesday close or at least over 1.68 on pull backs to remain viable as a long, aside from any early noise. A modest float with squeeze potential.


B/O scan. I like it long back over 6.07 and holds. Ideal to stay over that on tests aside from early noise if it triggers. Stops also possible just under the close on Wednesday or the 1st 30 minute low of Thursday. Avoid all shorts and all big gaps. The low on Wednesday is too far away to use for risk managing stops. Also a long on spiking up at or near the gun as a scalp. Modest volume on the rise, a fair sign for new buys. Exiting below 6 on fails after trigger entering might be prudent. Early r/g? No A/H quote.


Bullish Engulfing. I like this long over the high (4.19) of Wednesday. Modest  volume on the rise, which is a decent sign for new buyers. Keep flat on real weakness aside from a typical red to green move, etc. Stops just under the low last time or the initial 30 minute one on Thursday. More conservatively a stop placed under Wednesday's close, too. The low on that day is likely too far away to use for stops. Ideally stays above 4 on pull backs to remain viable as a long if it triggers. No big gaps/shorts. No A/H quote. 


Hammer scan long. The tail is arguably not too long to use the low as a stop level unless the position is large. Some support is on the daily chart right at 6. Use a bit under today's close for risk control. Trigger is above the high of last time, here above 6.04/holds. Avoid all big gaps, especially up ones. No A/H quote. If it gaps over the trigger let it test/hold/perk 1st before entering. No shorts, keep flat on redness.


In play both ways. Ideally, as a fall fail fade back under 12. If it gaps over, let it test/fail before shorting. A test from below that fails there works, too. No A/H quote. Also a short on panic dumps at or near the bell or in the afternoon. No huge gaps. Long on more upside on a test/hold/perk off 12. If this maintains 12 it could have more. Also long on spiking up at or near the gun for a scalp. Over/under 12 live price action call.

New users: Read my trading guide for my play set-ups!

Review my blog at Investimonials:

Follow me now on Twitter:

Watch my instructional trading videos on YouTube:

Subscribe to Big T by e-mail:

Subscribe to Big T in a news reader:

The blog has a terms of service. Be sure to read it at:

No comments: