Sunday, November 06, 2016

Watchers for the 11-7-16 trading session


Another recent initial red session Supernovae. Rose again Friday and still up a lot so look for additional fades.


See my previous comments. Fell again Friday but still up a lot for gravy. 


A big gap down rose and it's still up a lot. Possible fade on weakness. Watch at least once more.


Watch Monday. New symbol. Potential fade from recent Supernovae up over 50% Friday.


First red day Supernovae. Finished red over 5% last time, so more down side might be in the cards. If it had fallen much more than 10% then less 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 moderately likely given the average red result of Friday. 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 moderate, range wider. Mediocre to a bit worse short signals but watch it.


In play both ways. As a long on continuation of momentum above 8.12/holds. Or as a scalp up at or near the gun for a scalp buy. Or, as a short on a fall fail of 8/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 8.02. The fade is more likely given the price action on Friday, but keep an open mind.


Bullish Engulfing. I like this long over 8.22/holds. Modest volume on the rise, which is a fair 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 Monday. More conservatively a stop placed under Friday's close, too. The low on that day is not too far away to use for stops. Ideally stays above 8 on pull backs to remain viable as a long if it triggers. No big gaps or shorts.

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