Tuesday, December 06, 2016

Watchers for the 12-7-16 trading session


Watch for one more session to fade. Still up a lot. Previously reddened Supernovae scan.


First red day Supernovae. Finished red almost 12% 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 strong red result of Tuesday. 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. Suspect short signals but watch it.


Supernovae, still maturing. See my comments from last time for general approach tips. Fade on weakness.


Another rapidly maturing Supernovae. See my comments from last time for general approach tips. Possible short on weakness.


In play both ways. As a long on continuation of momentum above 3.57/holds. Or as a scalp up at or near the gun for a scalp buy. Or, as a short on a fall fail of 3.50/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 3.57. The fade is more likely given the price action on Tuesday, but keep an open mind.


Bullish Engulfing. I like this long over 18.51/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 Wednesday. More conservatively a stop placed under Tuesday's close, too. The low on that day is not too far away to use for stops. Ideally stays above 18 on pull backs to remain viable as a long if it triggers. No big gaps or shorts.


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 13.55) and holds. Avoid shorts, keep flat on true weakness. Nice move above 12.50. Needs to keep above the Tuesday close, or at least above 12.50 on pull backs to remain viable as a long, aside from any early noise. Early sustained prices over 13.40 are ideal for aggressive entry.

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