The Student Loan Ranger

BHI Baker Hughes
Short entry hit off the bat on Monday from $31.  Targets were $30 and $27.50.  I mentioned in a mid-week update that the position was closed at $28.25 based on a short term double bottom with positive divergence on the indicators.  Let's assume $29 for the exit as you would have to be pretty elite to catch it at $28.25.

Current resistance on BHI is $31 again, with an entry long only on a successful looking retest of that price level after a breakout.  There are better setups out there at the moment so I will discontinue coverage of BHI on the main watchlist and will move it to the sub-list.

EWZ Ishare MCSI Brazil 
Same situation as at AMB this week.  Retraced to $0.30 above our trigger level and then had a nice pop over the resistance level.  I would not have scaled in or taken a position here as it would have also ruined my risk:reward setup.  The long above $43 will be triggered on retracement.

Current support levels on EWZ are $43 and $41.  I would short on a breakdown of these levels, first scaling in at $42.75.  I see no overhead until a few cents short of $47 - a gap level and where the 200EMA currently sits on the daily chart.  EWZ remains on the watchlist.

CHK Chesapeake Energy
No entry on CHK, current support at $20 which represents a decent entry.  Remains on sub-watchlist with $20 a key level.

WY Weyerhauser
Choppy without trades.  Remains on sub-watchlist with current resistance at $32.75, support at $31.

HCP HCP Inc
A few trades in HCP this week.  Resistance at $20 was hit on Monday for a short entry.  This hit a 123 at $18 and continued to break out.  With my channel trading rules I would have sold 1/4 at $18 and moved a stop for the remainder to $19.  I would have enjoyed seeing this one to $17 but no luck. 

The next entry in HCP is either a 123 at $20 long, or a retest of $20 as resistance on a breakdown which is why this stock remains on my watchlist, resistance at $22, support at $20.

Longer term setups

MRVL Marvell Technology
Probably my favourite chart from the watchlist.  Entry was triggered on retracement to 200EMA with entry price at $9.75 as per watchlist.  Was slightly drawndown with that early entry, but my threshold is higher for swing trades.  $10.50 was the measured move, and we closed in that region on Thursday.

Raising stop in MRVL to $9.90 with a target at the resistance trendline for partial, with longer term targets ranging from $11 (more partial) to $12.  Remains on watchlist and remains bullish until $10 is breached.  This still has all MA support underneath.

AAPL Apple
Short triggered at $120 as the week drew to a close.  Stop at $121, initial targets at $115.  Nuff said i think.

JCP J C Penney
Great setup which was faltered by a choppy and gappy market.  Entry long triggered at $22.60, stop triggered at $21.50 on an island reversal.  Closed the week at $25.42 up 12% from the previous day after that insane gap.  Disappointing.

I was very bullish here, and remain very bullish here - but a stop is a stop and a loss is a loss.  Remains on watchlist and I would love to enter long at a retest of $22.50.  I will be watching $25 and the 200EMA to act as support.  Next overhead at $27.50 with a target range of $30-$32.50.

XLK Tech spyder
Entry at $16.25 triggered.  This entry was a little strange when you consider how I missed out on AMB and EWZ.  I wanted the flat number on those stocks - which means I should have used the flat number here for the trigger ($16) but I was highly bullish here and felt this wasn't going to keep pulling back to that level.  But it did, and AMB EWZ didn't.  Oh well!  Due to this, next weeks entries will adapted for scaling in 1/4 at 25% whole number levels.

Target was $18 however it responded negatively to the resistance trendline.  Also there is a lot of overhead at $17 (horizontal) and $17.50 (200EMA).  Therefore I will be moving a stop to $16.50 to lock it in and see it out.  Next week will be an important one for the tech sector withXLK and AAPL at these levels.

Definitely remains on the watchlist, with $16 and $17.50 the key levels for me.

UNG US Nat Gas ETF
No indications to take a position either way.  Continues to get beaten down, but the positive divergence also continues.  A close above $15 will be the first sign of life here for me.  Remains on watchlist.

GPS The Gap Inc
Entry on pullback to $14.50 triggered.  This was a descriptive trade without the chart and looking back $14.50 is a horrible entry, given that it triple bottomed in the short term at the 200EMA at $14.  Moving stop to breakeven at $14.50, with aggresive trade management should GPS look like not making it above the recent high at $15.25.  Sub-listed.

GYMB Gymboree
Along with GPS and CSCO, this was a descriptive trade with a short trigger at $27.50.  This was hit right at the close on Thursday.  This setup is highly dangerous, given the immense volume on the day.  $27.50 represents heavy overhead and the 200EMA so this will be an interesting fight.  This has been promoted to full watchlist coverage for next week.

Trade chart for this week.  Testing it out with Excel as a web page.  Don't like the lack of sharpness on this monitor so no .png file.  OK scrap that blogger is a nightmare importing html tables.  Screenshot it is..

No entries in UNG EWZ CHK WY AMB 
Drawdown from high: 30.56%
Running profit total: $4431
Realism factor: $2880

Decent week for the watchlist which looks stronger than it was due to the excellent RTN carry-over.  In my opinion the best technical trades were the HCP and BHI shorts, with 3rd place to the XLK long.  Unlucky not to get a trade in EWZ and MRVL, and was too strict on the entry criteria over at JCP.

The one negative issue from the past week was the drawdown from highs; as giving up 70% is unacceptable to me.  For next week I will test out two new trade management ideas;

Scale in long 1/4  at $0.25-0.35 before the target for all trades.

Trail a stop at a 30% drawdown from peak profit per trade or -35% if there is a sound technical indication (price pattern, not macd or stochastics).

Post-script thought;

Macs do not lend themselves well to a regular trader, blogger and spreadsheet analyst.