Wednesday, March 23, 2011

Update and watch list for tomorrow...


I closed my position in $CHGS pre-market as I had to attend a work shop and was therefore unable to trade the open. Booked my profits and ran. Made no trades today so now I'm 100% cash. Also remember a few posts back; I noted that my account was down 11.8% but that I was not worried since a couple good trades will put me back on track or some thing like that. Well thats exactly what happened this week! Now I'm up about 3% but that's nothing to get excited about since I'm still $300 away from my goal for the month.

$MOBI was a beautiful break out today. Would have been all over this were I able to day trade today but such is life; you win some and you MISS

Swing idea: $SPPI exploded today after triggering yesterday afternoon. This is a hold in my opinion, if long from $8.00 break, at least until price hits $8.60 if you used $7.80 as your initial stop loss. As to the $VIX trade, my gut feel is not telling me to pull the trigger yet but the trade is still on. $SLV broke out today (I have been highlighting that this was very likely to happen soon for the past two days) and $MGH and $UXG were easy longs on the back of silver's strength today. Gold looks like it wants to follow:


If I had 2 or more day trades heading into tomorrow (I only have 1, unfortunately); I would have been looking to day/swing trade one of the following two set ups (the second more so than the first).

As much as I like this $KBX idea, I prefer the one below; a bounce play in $JVA. (If I had unlimited day trades; I would have been looking to trade both). Here are the charts:

If you look closely at the $JVA 5 day, 5 minute chart above you will also notice that $JVA might also be completing an inverse head and shoulders pattern. So this adds more flavor to set up so to speak.

So those are my ideas for the morning tomorrow. Not planning to take a position in either on account of SEC reign of terror (Timothy Sykes rubbing off on PDT rule. However, if I see a break out like $MOBI tomorrow I will get long! Don't worry, I will tweet my entry!

Good luck and good trading!

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