Hi everyone!
Hope y'all had a nice weekend! Pretty good week for me as I was green overall every day between swings and day trades even though I finished red in my day trade account a couple days. I haven't had much of a chance to go back and review my trades yet so I plan to do that tomorrow during the day when things slow down and make sure I was following all my rules and everything. Also I will be looking at trades from my lists last week that I didn't take and the reasons (i.e. which rules prevented me from taking good trades) and if I see any themes I may make some adjustments to my rules. Looking through my scans tonight there are so many hot charts out there that I can't decide what I like the best, lol. It looks like there is some sector strength in the Chinese internet stocks (WUBA, WBAI, JD, JMEI, YY, etc) and also it seems like the higher priced momo names like CYBR, KITE, JUNO, SRPT, CLVS and others are acting well. Since I'm not the greatest at making specific plans on these I am just going to say I will focus on morning weakness and then watch for higher lows to get long. The only one I can really formulate a solid plan on is SSYS which I'll do below. I will say that SPY is in a nice area for a bounce now so if we get a combined SPY bounce, IWM bounce, and sector strength in biotech and china names things could get fun. These two areas are my absolute favorite to trade cause the stocks are nutty and can make huge moves plus they're LIQUID which means you can trade size on them really easily. So I'm optimistic that we will have some good action this week! Anyway here's my plan for SSYS which I'll focus on in the morning:
SSYS (long):
I'm anticipating this will probably break over $38 and run to $40-42 but the intraday chart is quite etended so I'd like to see a pretty significant pullback in the morning (maybe $37-36.50). I won't buy into a washout because this is a higher priced stock and I've found in the past that they can go further than you think so I'll just stay patient and wait for it to form some higher lows on either a 1m or 5m timeframe, and then risk against the low of day. The goal will be to break over $38. If it gaps up over $38 I will look to see if it holds and then join the trend on dips.
A few other ideas which I'll likely trade later in the day or in the coming days:
GALE (short) - Approaching parabolic territory. Watching for a push toward/through $2.50 to start short
ANTH (short) - Looking for a gap up and push through $8 for a short
VLTC (long) - Looks to be holding last week's gains. If it holds and can break through $8 again we may see a push to $10+
CLNE (long) - Looks nice on dips toward $7.50 or join a trend above $7.70s with $7.50 area as risk. R/R is much better if entry near $7.50
ENZN (long) - Flagging over 50dma and $1.30 support. Breakout could push to $1.50-1.60
YOKU, QIHU, JD, YY, WUBA (long) - All china internet names. I believe any dips can be bought on these as there seems to be sector strength
JUNO, KITE, CLVS, SRPT (long) - Also strength in the higher priced pharma area so I think any of these could go r/g for continuations or develop uptrends intraday
NLST, REN (long) - Both beaten stocks I am eyeing for my Robinhood account
HRTX, RXDX, SINA (short) - All very extended and good for HOD rejections or late day fades
Alrighty that's it! Hope everyone has an awesome week! Stay safe as there's a lot of stuff out there so it could be easy to over trade. Try to just pick one or two things and go w/ it rather than trade everything just because it's moving.
Chris
Submitted June 07, 2015 at 10:43PM by ghostofgbt http://ift.tt/1FK0ITz
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