Hey all!
Finally I'm back in action after a week and a half off to let my eye heal and to do some trade analysis and revamp my rules! I was originally only planning on taking 2 days off and enjoying the long holiday weekend, but when it rains it pours I guess, lol. Anyway I'm back now and will be back to making watchlists like always each night. I revamped some of my rules and tightened up my criteria for specific types of patterns I was trading since I was getting a bit sloppy with them so I'll probably be trading less and being a bit more selective also. The biggest difference you'll notice is that I am eliminating all low volume stocks (anything that trades < 500k on average). For swing trades I will still trade these but they're just not working well for day trades lately so they go in the penalty box til further notice! Here are my plans for tomorrow:
CEMP (long):
I see two potential entries for this. The first will be off the short term trend which would be to see it drop under $36.50 and then reclaim it. Entry would be $36.40 to $36.30 after it creates a higher low. If it will not reclaim $36.50 then I will watch to see how it acts around $36.00 which is the intermediate trend and if it can hold $36.00 I will go long there with a stop under $35.50 or so. Basically I want to see it hold one of its current trends with the goal being for it to break $37.00 and run to $38.50-40.00.
ACRX (long):
$3.50 is the key here. Nice volume expansion on Friday and over $3.64 it is clear to fill the gap up $4.00 so I'll be watching fro any sign of strength at/around $3.50. If I can catch a $3.50ish entry I will keep my stop loss pretty tight, around $3.40. The R/R is really nice on this one so I will try to be pretty aggressive if it sets up well.
Since I am trying to be more selective going forward I am going to keep it to just these two on my focus list, but I have a bunch of other good ideas that aren't ready yet based on my criteria so I will just point out the key levels I'm looking for on them:
NBIX (long) - Daily breakout over $45. Watching for it to tighten up against that level
HLF (long) - $52.50-$53.00 seems like a key level for this bull flag. Waiting for it to tighten up or show some volume expansion for breakout to $55+
OTEX (short) - Perfect bear flag breakdown under $42.20
DATE (short) - Setting up for a parabolic short. Needs three more green days in a row to meet my criteria. This can also be a late day fade 3pm+ if it does not continue higher from here
LLY (short) - Not expecting this to hit my criteria in terms of percentage, but it may in terms of # of days, so likely want to play this as a late day fader 3pm+
ESI (short) - Again looking for either a parabolic push to $7+ or a late day fade after 3pm
REN (long) - Parabolic bounce candidate if it closes red tomorrow. Eyeing possible bounce off $1.00
FLWS (short) - $9.50 is a key level. Watching to short pops if it cracks it or anticipate with entry $9.80-10.00 and swing it
DAR (long) - Nice bull flag forming but needs a few more days to tighten up. Just on my radar for now
Hope everyone has had an awesome weekend and it's good to be back! Feel free to email me with questions or post comments below!
Chris
Submitted May 31, 2015 at 09:31PM by ghostofgbt http://ift.tt/1Kx4hk8
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