Thursday, March 11, 2010

So good!

My current positions are working just fine. However, I am only 100% long since being stopped out of ASPS and shaving some of my position in CIT off. So I am now on the look out for possible buy opportunities in this powerful uptrend but I strongly feel a pullback is coming soon.
The most enterprising set up going into tommorrow that I see is CAGC. Since FXI has pulled back for a day, I might go for a swing trade in this one. Please note, however, that the T 2108 has been over 80 for sometime now and is telling me that the odds for success with position trades is alot lower than it was a month ago. Now is the time for swing trades! (See my previous post outlining my strategy). So should I trade CAGC I will exit swiftly at 3 - 4R.
One other stock I like but does not yet offer a tradable setup is CHOP. The chart is absolutely beautiful. I missed this one before but I will not make the same mistake again. Below are both charts:
If CHOP forms a tight flag above support of $7.50 while the markets pullback short term, I will go heavily long of CHOP.
My current positions are doing quite well. I will continue to hold onto them until they either trigger my stop or exhibit a change in trend.
Overall, my account is up over 25% since I started back trading in December. My next target is $7,500 or 87.5%. Hopefully, by the end of this intermediate term rally I will be alot closer. Just watching and waiting. In the meanwhile good luck and good trading!

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