Short term trading .....
I mentioned yesterday that using technical indicators along with candlesticks, and taking 7-8% gains in 1-5 days, was in my opinion, the way to trade in a bearish market.
I used AMD as an example.
I mentioned the hammer pattern that appeared a few days ago and was confirmed with a long white candle. Assuming you traded the close (17.50)of the confirming candle, which is how I trade using the sticks, AMD has had two more up days following the confirmation pattern.
As luck would have it, selling for an 8%, 3 day profit, would have had you selling at the high of the day today. Ha! Isn't that something.
I mentioned not getting greedy and that would have been great advice. AMD pulled back from it's high and almost closed flat on the day. Although the technical indicators are still bullish, the candlestick pattern is flashing a warning. We may see a pull back here. Those that bought the hammer pattern have some very handsome returns.
stockcharts.com[h,a]daclyymy[pb50!b200!b25!b9!f][vc60][iut!Ub14!Ua12,26,9!Lh14,3!Lc20!Ll14]
Not much has changed with WM but it did finish higher.
The near term low is 39.65, where the bears lose momentum. The near term high is 41.04 where the bulls can't seem to get it together. The bulls made a charge today, but the bears pushed them back. A real struggle going on here. This stock needs a catalyst.
stockcharts.com[h,a]daclyymy[pb50!b200!b25!b9!f][vc60][iut!Ub14!Ua12,26,9!Lh14,3!Lc20!Ll14]
RIG shareowners got abused by the market today, we PENG shorts may have our turn tomorrow.
Anyone thinking of buying RIG here for a short term trade?
dabum |
