This has been an incredible year for both me and this blog. Personally, I hit a major level in my trading accounts, moved my family to San Diego, mentored 14 new students, continued to run the part-time swing trading program over at my former student's industry leading website and started a new significant income stream through day... Continue Reading →
SKF is slighly bouncing off support lows. Support could break, but the setup still offers a good risk ratio and a trade that is easily managed. Enter as close to support as possible, place stop below support lows, with a target near resistance levels.
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 →
X provides a low risk setup as it pulls back to the 50 day moving average. If the market tanks, X will go down with it, but losses are easily managed at this level.
I bought 150 shares of POT at $150.62 (trade posted on blog Friday morning).The Setup: Oversold Bounce. Extremely oversold stock within bearish downtrend (topping formation). Stochastics extremely. Price is at March support levels. Risk: Stop is now at entry level. Initial target of $160 hit. Target for remaining 75 shares is $170.
I bought 350 shares of NOV at an average price of $60.54 (trade posted on blog Friday morning).The Setup: Oversold Bounce. Extremely oversold stock within bearish downtrend. Stochastics extremely oversold in the 7-10 range. Price is at February-March support levels. While the lows have not been reached yet (50), the stock is so oversold that... Continue Reading →
I bought 200 shares of X at $110.92 (trade posted on blog this morning).The Setup: Oversold Bounce. Extremely oversold stock within bearish downtrend. Stochastics oversold. Price at April support levels. Risk: Stop placed below support level, around $104. Target in the $120-130 range.I hope to have the other trade entry setups posted later today.
The bullish setup that I had been watching and trading in the Nasdaq was obliterated earlier this week. While the trend is now decidedly bearish, we are nearing a strong support zone that could provide a bounce that can be traded.If QLD (leveraged long Qs) drops down in the $70-70.50 range, I will likely take... Continue Reading →
I know a few people who are using this morning's bounce to deploy more energy shorts. However, I'm going to wait for a few more points to add to my existing short positions. While I agree we may get a quick drop here, risk/reward is not great until we get entries closer to the top... Continue Reading →
I have been following KSS for quite some time in the Trade Report. Retail, and KSS specifically, caught my eye as a bottom accumulation setup in early to mid July. The volume on the bounce gave clues that the bounce could lead to a continuation move.Since that time, we have had two good setups. The... Continue Reading →