Hey guys/girls!
Hope everyone had an awesome weekend! I actually had a pretty awesome Friday as Caroline Pennell of The Voice and her band were doing a house tour in Charleston and stopped by my friend's place, set up in her living room and did a live show for us for a few hours so I got to take fireball shots w/ her and her bandmates and just hang out w/ them all...was really cool and they are all really fun people!
Action in SPY on Friday was a little choppy and I'm still actually a little concerned that we have a retest of the 185 area coming in the near future, as I don't like that big pair of up/down gaps since it was really kind of an overreaction to the news about Ukraine and I suspect it might fill. Just doesn't seem like a gap down on bad news, followed by a gap UP to new highs the next day on, essentially, retraction of said bad news will hold. Anyway, that aside, I am still working on my new strategy w/ my trading partner and we are gonna be putting on some heavier risk tomorrow. Friday I finished slightly down about 150 bucks (I forgot to do a screenshot on Friday and I can't figure out how to pull historical daily profit lol so I just screenshotted my avg prices...as you can see they are both losses so I SUCK!!!!!! tee hee) as I missed our one silver bullet trade (EJ long at $15.65) by not paying attention and clicking off the chart at the exact moment it broke out, lol. Using the same positions and taking all the same trades my partner finished up about $250, so it sucks that I missed the one trade I needed (especially since it was my call, haha) but oh well. Overall I still finished nicely positive for the week and I am excited to start taking on some more risk this week. If we find anything EJ-like we will be hammering it pretty hard, probably with $300-400 risk and being after 5-6R so going for a $1500-2k gain. Other than that risk will be kept to $100 or less per trade and trading will be kept to a minimum. I expect to probably keep that risk level for a few weeks before we increase it again but we'll see how it goes. This is an aggressive build so it could get pretty fun! Here are some things I'm watching for tomorrow:
OHRP long over highs for a continuation - this is my fav pick
SNMX long for a range breakout. Looks very similar to how OHRP looked on Thursday and, well...
JAKK long over $7.55. It tried to pop on Friday and I almost took a position but wanted to see more volume. Now that it has suckered in all the shorts from Friday who were waiting for that $7.50 pop it could squeeze them out if it breaks highs and run to the mid to high 8's very quickly
OPTT just kinda half stalking this one for a long. If it puts in a small reversal/settlement candle tomorrow it could be a good anticipatory entry for a swing, but I really like this one better if it can get some juice and take out the high from 3/5/14, and then, obviously, over highs.
MEET parabolic short. It is sitting right at big weekly resistance at $3.81. If it pops through it could run to $4.20 or so. I'd like to see a gap up and short on first sign of weakness. Might need one more upward thrust to that $4.20 area but if it gaps up be on watch for a collapse IMO, especially if it gaps to near $4.20 resistance.
ANAC long over $21.22 for a range breakout.
Hope you guys have a great week! I'll keep ya updated throughout.
Chris
EDIT: Added MEET
DISCLAIMER: I am a day/swing trader. LONG means I'm expecting price to go up, not that it's a long term trade. SHORT means I'm expecting price to go down, not that it's a short term trade. Just because I post these here does not necessarily mean I'm buying/shorting them. They are ONLY ideas, may not be traded at all, and if I do take them, 99% of the positions will be closed by the end of the day. One other thing...any swing recommendations should be taken w/ extreme caution - lock in some profits as I am not checking these to see if they have earnings or anything before posting, so if they do they could make crazy moves. Do your own DD on them. If ya have any questions, feel free to ask below and as always, share your ideas too. The more the merrier!
Submitted March 09, 2014 at 11:18PM by greenbartrading http://ift.tt/1k8N98f
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