OK, here's my attempt to crawl over the wall today!
I started with a scan of my favorites and narrowed the list down to 9. From that nine I selected 3 and actually played tow: SLW and KRY.
SLW Chart looked attractive because of the requisite 20/50 MA railroad tracks, a pull back to the 20 dma, the hammer candle formation at the pull back AND strong volume on the pullback day. It looks like the bulls rushed in to support the price one it hit the 20 ma. Target entry was a stop at 10.65 add 6 cents to the previous HOD. Stop was 10.22 or -4% of entry. Target set at 11.45 (wag).
stockcharts.com
Here's what happened. Stock opened up strong moving about 0.15 in the first minute. This brought the momo crowd and the buy stop triggered in the four minutes: it was filled at 10.69 near the climatic high. I have seen this 'gap n crap' pattern enough to know what comes next and the rounding shape of the minute bars was a clear indication. The question remained what to do with the stop. The fill above the stop meant the original stop was now more than the -4% the plan allowed, so it had to be moved. Now this is the hard part, where to move the stop? Run up tight to the price and minimize the loss, or keep a wide stop and hope for a bounce intra day. I don't think 'hoping' is a good modus operandi for a trader, so I moved it up and got stopped out.
Next I selected KRY because it is in a strong up trend, BIG volume found it to produce the gap (professional money?) and after an initial drop, the daily volume has been climbing pushing the price higher. Target entry: 4.44 or 7 cents above the prev HOD/ double top with 3/27's 4.36. Stop at 4.27 or -4%. Target - 4.65.
stockcharts.com
Here's how it played. KRY opened up a bit and backed down with the sector, however, as it approached the double top it accelerated and broke through, peaking at 4.44 and triggered my buy stop. Of course after such a run a bit of cooling was in order. On entry I moved the stop up to the LOD, currently at 4.28.
Also I took the DHR trade (as previously posted), stop is now at 65.40 so that most of the move is locked in. <edit> 3.52 PM moved stop up to 65.49. Looks like a H&S formation here with the neckline at 65.50. A break at that level might have lots of downside?
Thoughts on improvement? Different approaches?
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