I entered two trades today. PALM is a trend pullback setup and BRE is oversold bounce.
As noted in the alert to subscribers yesterday, I entered FWLT at $19.03. The stock is extremely oversold and due for a snapback.
Chart shows extreme oversold conditions. Entry as close to $70 support line as possible. Tight stop.
I made two speculative trades today, short FCX and long MON. MON is oversold, but still a few points from support. The higher probability setup is to enter long at $70, which I will do if I get stopped out of this trade. FCX shows a bearish pattern, but has bounced over the 50 day... Continue Reading →
I entered 400 shares of SDS today when my buy limit order was hit at $88.15. I don't do this often, but I am using two different stops for this trade. Half the position has a stop just above $78, while the other half is above the 50 day moving average. The market is very... Continue Reading →
CBI: 200 shares at $11.00This stock, as with most of my trades, was mentioned in the Trade Report last night. It's holding above both the well formed trading range and the 50 day moving average, providing a low risk, easily managed traded. Stochastics are oversold and turning up.Risk: My stop is under the 50 day... Continue Reading →
As noted yesterday, I entered USO at $28.32.Setup: Oversold bounce, possible bottom formation. Stochastics are extremely oversold, which has provided for quick counter trend trades with this stock.Risk: My stop is under price support around $26.50, with the 50 day moving average providing the initial target at $33.50. This gives me a 3:1 reward to... Continue Reading →
I took a small position in SSO today based on the "oversold bounce" or "rubber band" setup. My stop is just below the support line and I will be quick to take any available profits.Update: I am having trouble with chart annotations and will post chart later today.
I went long 200 shares of FAS at $17.63. This is an "oversold bounce setup. This is a low risk trade with a stop just under the support line on the chart. My target is in the $23-25 range. This provides a 3:1 reward to risk ratio.
As noted to Trade Report subscribers earlier today, I entered DUG at $21.19. The inverse oil services ETF is near strong price support and is very oversold (oil is overbought). I am using this trade to short the oil sector.Setup: Oversold bounce. Stockchastics are way oversold. The last 6 times they reached extreme levels, profitable... Continue Reading →