Trader MD

Started the day with a base & break short on BUCY through 130, from which it spiked up immediately to eventually stop out.... only to break down later in the day. Nice -1R!

Went on to short STP (one of the few solars where shares were available @ ThinkOrSwim) out of a bear flag and covered a little early, +2R.

Thought POT was forming an ascending triangle, yet it lacked follow through and I closed it for +1/3R. That Ascending triangle became a rising bearish wedge so I went short, yet I covered way too early. My last 2 short trades in that stock have both been covered too soon.

I missed CRM's bull flag early in the day but saw it setup an inverse C&H type pattern @ the ORH late in the day. I was up a little more than 1R, when it reversed quickly and stopped me out for B/E.

Bleh!

If that wasn't enough, I forgot to buy small put position on BIDU @ the open. It looks like its put in a short term double top & is a stock that's too volatile to swing trade. Who knows maybe it'll bounce here, but I think it can come close to retesting that 300 level.

I may or may not post the charts later. I'm debating just taking tomorrow off and enjoying the long weekend.

I have a feeling tomorrow maybe a low volume chop fest. If I do trade tomorrow, I'll only deal with securities posting significantly higher than average volume.

Swing position updates: Sold 1/2 of DUG @ ~27.25 & I still have my DBA, which did come close to stopping out.

Posted by Trader M.D. at 12:45 PM 0 comments

Labels: BUCY, CRM, DBA, DUG, POT, STP, Swing

Here's LDK. I think I may need to buy some Solar panels from them. If you look closely thats basically a symmetrical triangle inside another symmetrical triangle.

Looking back, one of the reasons why I took the first partial on LDK, was because the other solars weren't acting nearly as well. The markets weren't acting all that well at the moment either.



Here's DUG, which I added as a swing, just after the FOMC minutes. My entry was at 25.88. It bounced off the median line of the pink channel, which happens to be the channel boundary of the purple channel. You'll also notice how a hammer was formed at that very point.

My primary target is ~28.



Here is DBA, which I highlighted on Monday night's watchlist.



I also tried to enter MDR as a swing, which was highlighted in last night's watchlist. It got above that 61.59 level early in the day, sold off and recaptured it later in the day. I entered there as it appeared to be stabilizing. After the FOMC minutes came out it was clear that the market was selling off and it was only a matter of time before MDR would sink with the market. I closed MDR for a tiny loss.

The market sold off pretty hard after the FOMC minutes, but I was flat going into it. It was hard to find an entry I liked afterwards, as everything that had sold off basically went vertical. I don't really like to enter after vertical moves, especially after emotionally driven events.

Posted by Trader M.D. at 1:05 PM 1 comments

Labels: Channel, DBA, DUG, LDK, Swing, Triangle