Thursday, March 26, 2015

Watchers for the 3-27-15 trading session


This is still up a lot, so watch it for some more downside on weakness. Rose today over 9% on low volume.


First red day Supernovae. Finished red over 16% 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 rather 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 low, range more varied. Mixed weak short signals at best on those counts, but watch it.


In play both ways. As a long on continuation of momentum above 4.38/holds. Or as a scalp up at or near the gun for a scalp buy. Or, as a short on a fall fail of 4/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 4. The fade is more likely given the price action on Thursday, but keep an open mind.


Possible short over extension back under 6/holds. 5 straight up days. No longs. Avoid big gaps. 


Red floater scan return. Idea is to play for more down side on day 2. Closed down almost 2.5% on Thursday off a gap up open that ended below the debut. Stop just above the Thursday session high (15.51) to cap losses on head fake fade entries. I'm only into the shorting possibility if it surfaces, keeping flat on strength. Also a short on heavy volume dumps/confirmed weakness cues. Modest sell volume on Thursday means it may have some chances to work. A 15 fail may be ideal. Avoid big gaps/longs. Panic dump?


Bullish Engulfing. I like this long over 18.93/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 too far away to use for stops. Ideally stays above 18.50 on pull backs to remain viable as a long if it triggers. No big gaps or shorts.


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 9.07/holds. Avoid all big gaps, especially down ones. If it gaps over the trigger or 9.04 let it test/hold/perk 1st before entering. No shorts, keep flat on redness. Modest sell volume, which could mean overt buy interest is just approaching, suggesting reversal upwards is still in the works.

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