SOUL
First red day Supernovae. Finished down over 20% last time, so more down side might not be in the cards. If it had fallen much less than 10% then more could be expected as plausible. Always watch day 2 of a busted one. The plan is to play for more reddening on day 2. Conditional entry. A flat, nominally green or red open that immediately sells off on heavy volume or sports traditional confirmed weakness cues is a fade entry. Keep flat on high volume greening or strength, especially early. This is very likely given the large red result of Thursday. Avoid entries as a short on big gaps up or down, but down is probably worse. Keep flat on consistently strong price action, like trading above the opening price level after the noise candle. Avoid spike up long scalps, too. Selling volume was medium, range medium. Mediocre short signals, but watch it.
ELMD
Now on my Supernovae scan return, treat this as an initial red session situation and use the above play for general tips. Fell over 16% so be skeptical.
KWK
New 52's. Short term, these yearly high stocks often 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 3.46) and holds. Avoid shorts, keep flat on true weakness. Nice move above 3.17. Needs to keep above the Thursday close, or at least above 3.30 on pull backs to remain viable as a long, aside from any early noise. Early sustained prices over 3.40 are ideal for aggressive entry.
SA
B/O scan. I like it long back over 8.38 and holds. Ideal to stay over that on tests aside from early noise if it triggers. Stops also possible just under the close on Thursday or the 1st 30 minute low of Friday. Avoid all shorts and all big gaps. The low on Thursday is too far away to use for risk managing stops. Also a long on spiking up at or near the gun as a scalp. Decent volume on the rise, a mediocre sign for new buys. Exiting below 8 on fails after trigger entry is possibly advisable. Early r/g buy?
TTWO
Bullish Engulfing. I like this long over 17.54/holds. Low volume on the rise, which is a good 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 Friday. More conservatively a stop placed under Thursday's close, too. The low on that day is not too far away to use for stops. Ideally stays above 17.37 on pull backs to remain viable as a long if it triggers. No big gaps or shorts.
CHNR
In play both ways. As a long on continuation of momentum above 5.15/holds. Or as a scalp up at or near the gun for a scalp buy. Or, as a short on a fall fail of 5 and holds. Or as a scalp sell on a pop down at or near the bell. Avoid all big gaps. Be careful maintaining a short on a reversal back over 5. The fade is more likely given the price action on Thursday, but keep an open mind. Up A/H a tad so let it settle first.
RDN
Hammer scan long. The tail is not too long to use the low as a stop level unless the position is very large. Use the previous session close alternatively instead. Trigger is above the high of last time, here above 14.10/holds. Avoid all big gaps, especially up ones. If it gaps over the trigger or 14 let it test/hold/perk 1st before entering. No shorts, keep flat on redness. Modest sell volume, which could mean overt buy interest is still approaching, suggesting reversal upwards may soon be at hand.
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First red day Supernovae. Finished down over 20% last time, so more down side might not be in the cards. If it had fallen much less than 10% then more could be expected as plausible. Always watch day 2 of a busted one. The plan is to play for more reddening on day 2. Conditional entry. A flat, nominally green or red open that immediately sells off on heavy volume or sports traditional confirmed weakness cues is a fade entry. Keep flat on high volume greening or strength, especially early. This is very likely given the large red result of Thursday. Avoid entries as a short on big gaps up or down, but down is probably worse. Keep flat on consistently strong price action, like trading above the opening price level after the noise candle. Avoid spike up long scalps, too. Selling volume was medium, range medium. Mediocre short signals, but watch it.
ELMD
Now on my Supernovae scan return, treat this as an initial red session situation and use the above play for general tips. Fell over 16% so be skeptical.
KWK
New 52's. Short term, these yearly high stocks often 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 3.46) and holds. Avoid shorts, keep flat on true weakness. Nice move above 3.17. Needs to keep above the Thursday close, or at least above 3.30 on pull backs to remain viable as a long, aside from any early noise. Early sustained prices over 3.40 are ideal for aggressive entry.
SA
B/O scan. I like it long back over 8.38 and holds. Ideal to stay over that on tests aside from early noise if it triggers. Stops also possible just under the close on Thursday or the 1st 30 minute low of Friday. Avoid all shorts and all big gaps. The low on Thursday is too far away to use for risk managing stops. Also a long on spiking up at or near the gun as a scalp. Decent volume on the rise, a mediocre sign for new buys. Exiting below 8 on fails after trigger entry is possibly advisable. Early r/g buy?
TTWO
Bullish Engulfing. I like this long over 17.54/holds. Low volume on the rise, which is a good 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 Friday. More conservatively a stop placed under Thursday's close, too. The low on that day is not too far away to use for stops. Ideally stays above 17.37 on pull backs to remain viable as a long if it triggers. No big gaps or shorts.
CHNR
In play both ways. As a long on continuation of momentum above 5.15/holds. Or as a scalp up at or near the gun for a scalp buy. Or, as a short on a fall fail of 5 and holds. Or as a scalp sell on a pop down at or near the bell. Avoid all big gaps. Be careful maintaining a short on a reversal back over 5. The fade is more likely given the price action on Thursday, but keep an open mind. Up A/H a tad so let it settle first.
RDN
Hammer scan long. The tail is not too long to use the low as a stop level unless the position is very large. Use the previous session close alternatively instead. Trigger is above the high of last time, here above 14.10/holds. Avoid all big gaps, especially up ones. If it gaps over the trigger or 14 let it test/hold/perk 1st before entering. No shorts, keep flat on redness. Modest sell volume, which could mean overt buy interest is still approaching, suggesting reversal upwards may soon be at hand.
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:
http://traderbigt.blogspot.com/2010/02/please-read-my-terms-of-service-i.html
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