XL and CCRT two of the few stocks we called swing and/or longer term trades CCRT 4 day trade and XL just called yesterday still moving well despite a continuing blitz of earnings short falls. A very few pharmaceuticals AZA, ICN, TEVA (new from today)AZA three day trade but stopped out yesterday retriggered grandly this morning. I picked up FNM for a possible move up to retest its year highs. It is not easy holding overnight, but to get some beefy trades in RELATIVELY safer sectors we need to chose sectors that are not "HOT" and volatile but "HOT" and consistent...
PSFT was not that easy waiting for but once it triggered (on the 27th) and then after again on Wednesday and Thursday for a nice ride up from 27 13/16 to 34 high today. You didn't need to even hold it but could have reentered today and yesterday although we did call it a holdover. But no matter what happens STOPS are mandatory. Note also that you MUST BE PROTECTED especially during the doldrums when lack of activity, consolidation and even reversals of previous uptrends can surprise you. Everyone has their favorites and mine usually the highly volatile high range stocks for intraday trades. I try to get about 4 stocks a day when I used to manage 8 easily. What I discovered that to actually stay in the same trade twice.. Once for a adequate time period of possibly two uptrends (morning and late afternoon) I (i.e HAND long at least once in two time slots where it clearly triggered)
Or a move up long in the key 9:50 to 10:10 reversal period (and then substantial time allowed for a similar short play) can save you time once you have chosen your morning trades. (that needs a little more practice but you will eventually find stocks that have nice 3 to 5 bar reversals and a like amount of move up) CMRC after a pretty short uptrend was called short for a much longer downtrend, and it was obvious that JPTR,PPRO, BRCM, ARBA, AVNX and GSPN were in tank modes much of the session I'd just leave them alone and allow them to tank for a while. Choose one or two but stay with them long enough to 'milk them'...
I rarely reenter a long or short play over and over.. Maybe that is because with the trading room I have to watch stocks for other people and its easier when you choose stocks with longer lasting trends.
Another point I'd like to make is that in the trading forum we should be focusing on trades that will give us the most bang for the buck. The trading room calls an adequate amount of triggers from the watch list and earnings plays and now the added element of pre market 'news' put in a new dimension and spice as well. I also track news during the day since I have a separate monitor for options and news.
Many of the 'subscriber' selections can mislead, confuse and blur the trades we are tracking with known resistance support lines or key moving average breakouts (or breakdowns). If some of you in the trading forum would follow recent watch list stocks (2-4 days, we rarely need more)and call them as 'looking good' or asking us to evaluate them its infinitely more valuable for the team effort than a flurry of stocks that are not in our lists.
The Market Gems Trading Room has a 'character and focus'. Its our watch list plays and earnings plays that make the forum unique. "Repeater" Strong stocks in pullbacks are some of the best trades. The RSAS, the NMSS, and the blockbuster moves in some of them. Lets leave the BEAS, QCOM, NTAP trades to the doldrum period.
Earnings season will be the next 3 weeks and then less intensely, but even more profitable (because we can focus better on 10 than 30) the 3 weeks after that for a total of six weeks.
I will track the earnings plays and hopefully with help from some others, we will capture a good deal of them. (they will mostly on the watch list) but let us stick to those calls and not diverge too widely. So there will be a 'system' some guidelines in the room for the major reversal periods. They are not etched in stone, but they are for the good of the forum to maximize the profits for the entire group. |
