Hey hey!
Time for another week of trading. I had a good week last week and started the month off right so I plan to keep it going this week. You can check out my weekly review here and follow me on Twitter to get updates during the day as I trade as well as other alerts I don't put here on Reddit. I won't say anything about Friday since it's covered in the weekly review, but here's my plan for tomorrow and some of next week:
CRMD - This is parabolic on the daily and tried to crack on Friday but somehow in all the SPY blood got bought right back up and closed at highs and then continued up in the after hours session! I'm watching this for a morning gap up to start shorting near $8.85-9. If it gaps enough I will start shorting in premarket. Otherwise I'll be waiting for a morning push. I plan to be able to give this room to $9.50-10.00 if needed so I won't be adding much size until after it starts to crack or I can build a decent profit cushion. Be careful...after that consolidation at $5.50 this can probably go higher than you think. If it gaps down I will wait to see it confirm a solid intraday downtrend before starting any short.
ARTX - Awesome breakout on Friday similar to RGDO on a technical basis but I missed it. Often this setup will run for multiple days though, and despite the market weakness ARTX was very strong all day and held up. I'd love to see it open flat or with a small gap down to $2.76-2.78. In that case I'll be watching for a red to green type move a stop under the low of day. If it opens flat I will play the breakout through $2.83 and keep the stop at $2.76. In case of a gap up I will be watching to see how it handles the first dip, assuming it doesn't exhaust itself to $3+ before pulling back. In that case or in the case of a big gap down I will leave it alone.
SIGM - This was on my list a while ago for a $7.30 breakout and that worked perfectly. As I expected it ran into big weekly resistance at $7.50 and wasn't able to get over it, so now it's been moving sideways and holding under that resistance for a few days. I noticed a bit of pullback to the $7.30s on Friday where it seemed to find support so I'm anticipating that if it can hold there it's a good buy through $7.37 with volume (likely in the morning vs an afternoon breakout). The stop would be $7.24 under Friday's low and goal is for is to bust that $7.50 mark. If it sets up under $7.50 and breaks with conviction I may double up and tighten the stop to $7.30 or so. I believe if this breaks $7.50 with conviction it can easily run to $8+ in 1-2 days.
OMER - OMER ran 6-7 bucks a share in just a few days and when it tried to break $27 it got slammed. On Friday it was trying to get back over $26.50 and seemed unable to. I'll be watching this in the morning for a pop toward/through $26.50 to start shorting as long as it doesn't break with too much force. If it breaks too powerfully it could break the flag on the 15 min chart and pop back toward $27.50 and that would ruin the setup. If it seems weak through/around $26.50 though, I suspect it will roll over and take out the previous daily high at $25.83 (also support from Friday in that $25.80 area) and head back toward $25. In that case I'd love to be short for the trip back down.
A few additional items to throw on the back burner:
- WPRT on watch for short under $5
- QIWI watching for $24 break. Would be nice to see it consolidate for a couple days first though.
- DRRX on watch for parabolic short $1.85-1.95 area
- RGDO breakout from Friday, I'm still holding half my swing from $1.32. I plan to sell more $1.75 and the last $1.85-2.00 if I can get it.
- AT watching over $2.95 for $3 break and 200dma break
- JRJC keeping that $6.40 level in mind to see how it acts. I still think this goes $7+ but as I suspected the breakout was weak since it was a Friday
- ANTH, ARQL parabolic short watch, no prices yet
- BLOX watching for $24.50 breakout
- TC parabolic to the downside, so watching for it to find that daily support $1.17-1.18 and put in a base for a bounce similar to ENOC recently.
- LF still watching that $2.68 level. It's the last resistance before $3+
- EPRS still watching for one last upward push to $12+ and then short
One last thing: Keep in mind SPY had a big red day on Friday so it's possible we won't have much range tomorrow. If the market seems choppy/indecisive, make sure you trade accordingly. Scale back your sizes, be less aggressive, don't overtrade. If nothing is moving then sit on your hands. The worst days are always when the market does nothing and you end up taking 15 trades and 15 small losses with tons of commission and then end up tilting at the end of the day trying to make back all your money w/ one home run trade. It's happened to me tons of times and every time I look back afterwards and say damn...if I had just closed my shit and went to the beach I'd have been flat but instead I'm down 2000 bucks, lol. So yeah, don't do that!
Alright that's it...good luck and have fun!
Chris
Submitted March 09, 2015 at 12:02AM by greenbartrading http://ift.tt/1NyVWzt
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