[WEEKLY ROUND-UP]
Very choppy week for me, lots of fake entries in the watchlist too - The money was made in the excellent DRYS and IP trades, big money with small size on great risk reward setups. Gotta catch these!
AirTran Holdings AAI
Terrible action this week and a stop shortly after entering long at $7. Poor to trade.
International Paper IP
Great trade, very predictable considering the strong breakout and a low volume test of such a good number like $10. This trade excelled and it gapped up above the first target level.
Juniper Networks JNPR
Chopped up here too as the first short criteria triggered. Like AAI you'd have been in the profit quick, but since it didn't get running and didn't even get near the targets, you'd have had a small loser on your hands again. I like how JNPR is being supported by the former resistance trendline as it forms a small continuation triangle. A breakout to new highs over $23 still looks good to me.
Dover DOV
I thought earlier this week that DOV triggered the stop at $29.50, but it didn't get there. Busy week and not much attention spent I think. Triggered the long setup number 2 with a scale in at $30. The target was first $32.50, the price was as high as $30.32 so if it was a scale in for half then that's a scale out for half and still holding with a stop still at $29.50, Which I would now move to breakeven at $30. $32.50 for the breakout and $29.50 for the breakdown still remain the key levels.
Prosultra O&G ETF DIG
We are in DIG from Wednesday and it remains a hold despite the choppyness. Needs to remain above $25 in what I think will be a messy week next week.
Dryships DRYS
Both entry criteria were hit this week for DRYS which was a really great setup. The 50EMA bounce off the consolidation lows at $6 was a peach of an entry, and the breakout above $7.25 was also strong (half at each for profit calc). Has not hit the target at $9.50, and I am moving the stop to $8 here.
A pullback to $7.50 would be nice here, especially considering the amount of buyers in the past 2 days.
Adobe ADBE
The cheapness of my entry and risk reward strategies meant that I was 22 cents off catching a wonderful trade in ADBE this week. Abode didn't trigger, and closed the week at triple trendline resistance and on the end of a fully formed ascending (bear) wedge. Still a nice chart and would like a pullback to $25 still.
Energizer ENR
In at ENR at $58, don't like the action here so moved stop to $58.25 expecting a drop.
From the price level list:
Statistically you have to be happy with this, 70% winners and total actual risk not much greater than 2 positions worth. However there are still a lot of holders, so depending on where DRYS opens up the profit could be much lower. Yet again there is some pedigree in the list from this week which boosted the laggards (IP and DRYS). Without those two trades then the profit would be at $350 or so, which is still good enough for me.
For next weeks watchlist I'm looking to focus on stocks at key psychological levels - $10 & $20. There have been several on the watchlists at these levels for the past few weeks, and generally speaking this are the best performers given the buying or selling at such round numbers.
I will also try to keep the full list to 8 for this week, as I feel that's the ideal number for a watchlist - I will have a strong preference for excellence in the setups next week lol as I think it could get choppy.
Watchlist most likely finished on Monday, didn't have time for it this weekend. It's Labour day anyway right?
AirTran Holdings AAI
Terrible action this week and a stop shortly after entering long at $7. Poor to trade.
International Paper IP
Great trade, very predictable considering the strong breakout and a low volume test of such a good number like $10. This trade excelled and it gapped up above the first target level.
Juniper Networks JNPR
Chopped up here too as the first short criteria triggered. Like AAI you'd have been in the profit quick, but since it didn't get running and didn't even get near the targets, you'd have had a small loser on your hands again. I like how JNPR is being supported by the former resistance trendline as it forms a small continuation triangle. A breakout to new highs over $23 still looks good to me.
Dover DOV
I thought earlier this week that DOV triggered the stop at $29.50, but it didn't get there. Busy week and not much attention spent I think. Triggered the long setup number 2 with a scale in at $30. The target was first $32.50, the price was as high as $30.32 so if it was a scale in for half then that's a scale out for half and still holding with a stop still at $29.50, Which I would now move to breakeven at $30. $32.50 for the breakout and $29.50 for the breakdown still remain the key levels.
Prosultra O&G ETF DIG
We are in DIG from Wednesday and it remains a hold despite the choppyness. Needs to remain above $25 in what I think will be a messy week next week.
Dryships DRYS
Both entry criteria were hit this week for DRYS which was a really great setup. The 50EMA bounce off the consolidation lows at $6 was a peach of an entry, and the breakout above $7.25 was also strong (half at each for profit calc). Has not hit the target at $9.50, and I am moving the stop to $8 here.
A pullback to $7.50 would be nice here, especially considering the amount of buyers in the past 2 days.Adobe ADBE
The cheapness of my entry and risk reward strategies meant that I was 22 cents off catching a wonderful trade in ADBE this week. Abode didn't trigger, and closed the week at triple trendline resistance and on the end of a fully formed ascending (bear) wedge. Still a nice chart and would like a pullback to $25 still.
Energizer ENR
In at ENR at $58, don't like the action here so moved stop to $58.25 expecting a drop.
From the price level list:
- RIG has closed above $69 and my sentiment is bullish only if we can break the resistive trendline on the daily chart from Jan 6th-Friday.
- 36 cents too cheap on the $20 retest on IR which had highs just shy of $23.
- No pullback on EBAY which maintains it's consolidation range of $16-$17 and at the 200EMA on the daily.
- A breakout on EWU and we are long at $11.55, a retest of $11.50-.75 looks like a good long considering the amount of buyers on the breakout.
- MSFT on the $20 retest still holding with stops at $19.75 looking for $22. Strong forces at work as it's pinned between the 200 and 20EMAs on the daily with significant wicking off both.
- A stop out on SOHU as it dropped $2 for the stop and then closed the week at $8 higher.
Statistically you have to be happy with this, 70% winners and total actual risk not much greater than 2 positions worth. However there are still a lot of holders, so depending on where DRYS opens up the profit could be much lower. Yet again there is some pedigree in the list from this week which boosted the laggards (IP and DRYS). Without those two trades then the profit would be at $350 or so, which is still good enough for me.
For next weeks watchlist I'm looking to focus on stocks at key psychological levels - $10 & $20. There have been several on the watchlists at these levels for the past few weeks, and generally speaking this are the best performers given the buying or selling at such round numbers.
I will also try to keep the full list to 8 for this week, as I feel that's the ideal number for a watchlist - I will have a strong preference for excellence in the setups next week lol as I think it could get choppy.
Watchlist most likely finished on Monday, didn't have time for it this weekend. It's Labour day anyway right?
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