Thursday, October 20, 2016

Watchers for the 10-21-16 trading session


Watch again, finished unchanged. Possible short of Supernovae still maturing.


Same situation here, possible short on weakness, rose to new highs again.


Watch again. Initial red session Supernovae ended unchanged today. See my previous comments.


Another initial red session Supernovae yesterday. Today it rose so it's still up a ton and did it on declining volume. Looking for more gravy downside.


First red day Supernovae. Finished red over 11% 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 reasonably likely given the clear 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 fairly wide, though. Suspect and unclear short signals but watch it.


In play both ways. As a long on continuation of momentum above 1.43/holds. Or as a scalp up at or near the gun for a scalp buy. Or, as a short on a fall fail of 1.30/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 1.39. The fade is more likely given the price action on Thursday, but keep an open mind.


Bullish Engulfing. I like this long over 6.61/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 6.50 on pull backs to remain viable as a long if it triggers. No big gaps or shorts.

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