Trades 22/April/2008

Watchlist:
AIRM,AUO,AVY,AXE,BJS,CNI,CPO,CSL,CVH,DST,EAT,INFY,KCI,LOGI, MHS,MICC,NFLX,NMX,OMC,PDE,PH,RE,ROH,SAY,TXN,UNH,WLP,ARTC,
CCU,FEED,FMCN,NVT

NFLX (gap down)

1st candle is weak, this is followed by sideways consolidation along the OR. I tried to short after the the 5th bar (NR7) but IB didn't have any shares. Later in the afternoon, there some available. The 9th, 10th and 11th candles are narrow range and drop with the ema. The 11th is also closing weak itself and is our trigger.

Entry: 30.63 Stop:31.25
Fib Ext: 27.60
1R=30.01 2R=29.39 3R=28.77

We fall nicely and take partial profits at 1R since we are at decade number. The rest is left to run, but doesn't successfully break the $30 level with any conviction and just goes sideways until end of day where we close the remainder.

DST (gap down)

First candle is indecisive, then we have weakness showing in most the candles as we drop thru the OR. The 5th bar closes below the OR after testing the OR. Wasn't too sure at this point as the ema was bit further away than I would have liked. The 6th bar is NR7 and closes weak itself. This is our trigger for a short. The 8th bar later would also have been a good trigger.
The stop amount meant we couldn't short many shares, but the gains were worth it.

Entry: 60.62 Stop: 61.35
Fib Ext: 58.92
1R= 59.89 2R=59.16 3R=58.43

The price falls dramatically as the $60 fails to hold and we take partial profits at the Fib Ext. The rest is left to run and closed 4 bars from end after the candle closes above the ema. You could make a case for closing after the high volume dragonfly type dojis. Either way a very good gainer.

Pleased, with the above two trades, but having said that, I missed out on other trades today due to work committments. Namely: SAY, TXN, NMX all of which showed good pattern entry points for shorting.