Wednesday, May 10, 2017

So I made my first trades today and the first one was well executed gap-and-go set up in former recent runner $MTBC while the second was also a well executed 2nd pull-back momentum play in $PIRS. While I ended up profiting around $131 on the first trade and only $15 on the second I was happy with both trades.

While I was focused on $MTBC; $VRX completed the red-to-green move I was anticipating from last nights watch list and proceeded to rip to almost $13.00 from just below $12.00. After having a good morning, I decided to shut down my laptop. As a result I missed the 2nd set-up off last night's watch list in $WTW which came around mid-day.

I really don't mind missing trades as that's a part of trading. Besides everything's always 100 in hind sight!

Before moving onto my watches; I wanted to highlight one observation. Afternoon break outs are working again!!! That's not to say I'll be looking to aggressively trade afternoons now but I'll be a bit more open to it now should I see a really top quality set-up.

Now onto my best ideas for tomorrow:

$PIRS I believe this stock has a second green day in it after peaking out of it bull flag on the daily chart. This stock has a low float and close about 40 cents off all-time highs. It reported earnings after hours and is yet to show any sort of reaction. I would love to see it open around $4, show some slight weakness for the red-to-green + break of whole @ $4 play. This stock has the potential to at least touch the $4.40 all time high and possibly even break into new high territory.

$SHLD has finally made a decisive move out of the range I highlighted on Monday night. Based on its recent trading history; I believe this stock has more upside potential. The break of today high which was also a penny below the half dollar ($11.50) could see this stock rip to $12 and then possibly $13. Ideally I would love to see this stock form an intra-day flag beneath $11.50 then break out with volume.

$WTW another stock I've been stalking for the past couple days. Finally made the push I've been anticipating today when I wasn't paying attention! lol No need to fear missing out though as I believe this is only the start of this up leg. I would not be surprised if this stock touches $25 tomorrow and hopefully I'll be holding it long! I don't see a play in it from the open as its a bit extended intra-day. So I'll be keeping an eye on it for some sort of intra-day flag or late-day consolidation break out for the long.

$DATA textbook earnings flag + this stock trades very clean. $60.75 has acted as staunch resistance today. So the ideal set-up in this for me would be an open just below $60.75; slight weakness then red-to-green push through the resistance level with volume for a push to at minimum the low $62.00's.

If I see anything else worth watching based on pre-market activity in the morning as was the case with $MTBC today; I'll try to tweet about it...so be sure to follow me on twitter!

No comments:

Post a Comment

MY DAY TRADING RULES

I will ONLY put stocks BREAKING OUT OF DAILY CONSOLIDATIONS TO NEW HIGHS OR NEW LOWS ON HIGH RELATIVE VOLUME from my DAY TRADING SCAN into m...