Tuesday, May 9, 2017

Watches for 5/10/2017

So after my first real session live, I made no trades.

Apparently my broker was having some technical issues with its platform and no short trades were allowed until around mid-day and thankfully so!

The only trade I attempted to make today was a short on $SHLD when it hard appeared to be setting up for a tank. However, my short order was rejected and initially I was disappointed as it dropped around 10 cents from where I would have entered putting me up immediately. I then turned away from  my laptop for a few minutes only to check back to see that I would have been stopped out for a loss if I had been able to take the trade.

Although I don't mind taking a losing trade; as taking small losses are a part of profitable trading; I should never have been attempting to trade $SHLD for the simple reason it WAS TRADING THIN AND HAD NO FREAKING ORDER FLOW/VOLUME!!! So even a tiny buy order could have and did eventually spike the stop 10-15 cents in mere seconds/minutes. I have a weakness for taking "set-ups" in stocks when they are thinly traded and I need to work really hard to avoid this.

Further $SHLD was still stuck inside the $10/$11 range I alluded to last night and really I should not be looking to touch this stock until it breaks it range or heavy volume starts coming in.

One of the changes I have made is to increase the minimum average trading volume in my nightly scan to 1,000,000 shares/day. Even so; I will make a special effort to stay away from stocks  that have no volume intra-day.

So with that (mouthful) being said; here are my watches for tomorrow:

$WTW still like this stock long; it put in a nice inside day today and I'll be watching tomorrow for a break of today's high and for a possible push up towards $25.20

$EXAS after a powerful breakout and strong run-up this stock has formed its 2nd "mini-flag" on slightly lower volume. I believe a break out of this flag (and whole number $35) could see a push to $36.15 and possible second break out into new highs.

$OSUR almost text book earnings flag here. A break of today's high could see a push to $15.72 and possibly even new 52-week highs.

$TRUE liked the chart set-up before I realized its up after hours on earnings news. Will be keeping an eye in case it set-ups a red-to-green or OPR break in the first 30 mins of trading.

$VRX beat chart; highly shorted with monster breakout on monster volume; very likely that it will have some follow through on the open tomorrow. I will be looking for a weak open then possible buy on red-to-green move or OPR breakout.

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