[INTRA-DAY ACTION]
Another tricky day ahead of us here. Lots of selling and some bearish patterns forming in the indices, we will see what happens when this intra-day consolidation is broken. There are a couple of stocks approaching support, but on a day like today this might not hold.
Today I'm watching: GM, CME, BAC, RIMM, TSO and RIG.
BAC has slumped off support and the financials are dragging the rest down. I'm looking for relative strength but I'm not really finding anything.
UAUA from yesterday consolidated out of the flag and has hit $15.50, quite a bit off the target and is currently forming a double top on the 5min. Elsewhere there aren't really and potential trades. Check back later for updates and charts.
16:30 update
Really quiet day today, lots of selling and oil is holding a lot of stocks down. Oil stocks are looking pretty good. I'm really watching GM closely at the moment as it looks like it is showing early signs of a bottom at $10.05. As yet there are no other signals in that besides the consolidation.
CME had an aggresive $5 rally before striking the 100EMA and reclining - however the fastlines have crossed and I'm waiting to see if it holds at $339.
UAUA is about the only representation of decent TA I've seen today;
Nice bounce off previous resistance and moving average for a better than expected rally. Textbook measured move on the failure of support too as it forms a tilting head and shoulders formation.
18:30 update:
I lost a tiny amount on a TSO trade just now, really didn't mind losing that one as the risk reward was essentially 1:20. Only thing annoying about that trade was the amount of time it took my CFD broker to close out, my stop was .69 and my "fill" was .66. CMC markets are a joke when you're trying to close out a trade - they want to extract the maximum amount possible from you, so in a moving market they will just hold back your order. Anyway..
I'm currently waiting for a similar setup to pan out in GM. I took both positions on support and a double bottom. Oil is rising this afternoon so I fear it will be 2-0 for the losses today and 3-0 for the week. Seem to be struggling for follow throughs this week. My trades in GM and TSO are both longs under the MAs so that explains the losses, but with favourable R:R I can deal with the defeats.
Here's the entry/exit on TSO, at the moment at $16.50 so a nice exit
The ratio is effectively 1:30 then in that case, and not 1:20 as I mentioned earlier. If you manage to trade these setups and stick to your targets and stops, in the long run you will be a successful trader.
As I talk GM is trying to break the 50EMA for the second time. I'm riding this one out with a stop at $9.9125 after entry at $10.01 with an initial target around $10.50.
I'm also watching with interest the recovery in the financials post lunchtime. Nice rounding bottom in BAC which I'm looking to get to the opening price before the closing bell.
20:00 update:
GM still stalling around the $10, and it's now a case of evaluating the trade going in to the close as I'm not convinced I should be holding this kind of stock overnight at the moment.
TSO is currently staging a mini-rally, however nothing else oil related is showing up on my other charts so I wonder what's causing the ramp. I am not convinced it will hold given the lack of other rallies in stocks like GM, UAUA, RIG and OXY at the moment.
Elsewhere BAC found resistance at the previous support (green line) and has sold off $0.40. I'm now waiting for a retest of the resistance or a double bottom at around $27.85.
I keep checking back over at UAUA every hour and it is continuing to impress me with the concentration of technical analysis indications in such a short space of time.
Today I'm watching: GM, CME, BAC, RIMM, TSO and RIG.
BAC has slumped off support and the financials are dragging the rest down. I'm looking for relative strength but I'm not really finding anything.
UAUA from yesterday consolidated out of the flag and has hit $15.50, quite a bit off the target and is currently forming a double top on the 5min. Elsewhere there aren't really and potential trades. Check back later for updates and charts.
16:30 update
Really quiet day today, lots of selling and oil is holding a lot of stocks down. Oil stocks are looking pretty good. I'm really watching GM closely at the moment as it looks like it is showing early signs of a bottom at $10.05. As yet there are no other signals in that besides the consolidation.
CME had an aggresive $5 rally before striking the 100EMA and reclining - however the fastlines have crossed and I'm waiting to see if it holds at $339.
UAUA is about the only representation of decent TA I've seen today;
Nice bounce off previous resistance and moving average for a better than expected rally. Textbook measured move on the failure of support too as it forms a tilting head and shoulders formation.18:30 update:
I lost a tiny amount on a TSO trade just now, really didn't mind losing that one as the risk reward was essentially 1:20. Only thing annoying about that trade was the amount of time it took my CFD broker to close out, my stop was .69 and my "fill" was .66. CMC markets are a joke when you're trying to close out a trade - they want to extract the maximum amount possible from you, so in a moving market they will just hold back your order. Anyway..
I'm currently waiting for a similar setup to pan out in GM. I took both positions on support and a double bottom. Oil is rising this afternoon so I fear it will be 2-0 for the losses today and 3-0 for the week. Seem to be struggling for follow throughs this week. My trades in GM and TSO are both longs under the MAs so that explains the losses, but with favourable R:R I can deal with the defeats.
Here's the entry/exit on TSO, at the moment at $16.50 so a nice exit
The ratio is effectively 1:30 then in that case, and not 1:20 as I mentioned earlier. If you manage to trade these setups and stick to your targets and stops, in the long run you will be a successful trader.
As I talk GM is trying to break the 50EMA for the second time. I'm riding this one out with a stop at $9.9125 after entry at $10.01 with an initial target around $10.50.
I'm also watching with interest the recovery in the financials post lunchtime. Nice rounding bottom in BAC which I'm looking to get to the opening price before the closing bell.
20:00 update:
GM still stalling around the $10, and it's now a case of evaluating the trade going in to the close as I'm not convinced I should be holding this kind of stock overnight at the moment.
TSO is currently staging a mini-rally, however nothing else oil related is showing up on my other charts so I wonder what's causing the ramp. I am not convinced it will hold given the lack of other rallies in stocks like GM, UAUA, RIG and OXY at the moment.
Elsewhere BAC found resistance at the previous support (green line) and has sold off $0.40. I'm now waiting for a retest of the resistance or a double bottom at around $27.85.
I keep checking back over at UAUA every hour and it is continuing to impress me with the concentration of technical analysis indications in such a short space of time.
0 comments:
Post a Comment