Trades 10/June/2008

Initial Watchlist:
ABB,AMSC,ASML,BEAV,BHP,CHU,DPTR,DRYS,EXM,FEIC,FNM,HUN,K, LVS,MELI,MT,SEIC,SHPGY,SID,SLT,SM,SOLF,STAR,TSL,TS,URI,XTO,
BRCM,NVDA,TEVA

K (gap up)

The first candle is bullish hammer, then we trend up past the OR. The 5th is a pullback hammer off the OR and ema and it closes strong. This is our long trigger.

Entry: 51.69 Stop:51.40
Fib Ext: 52.05
1R=51.98 2R= 52.27 3R=52.56

We take partial at 1R since we are near the whole number Fib Ext. The rest is left to run, but it doesn't really go anywhere and we close at end of day for around 1R.

TSL (gap down)

The 1st candle is weak and goes past the previous day's low in the first candle. The next few candles then pullback into the OR until we hit the ema resistance. The 7th breaks the OR as we head back down. The 9th is a pullback NR3, NR7 close to ema and is our short trigger.

Entry: 36.98 Stop:37.40
Fib Ext: 34.43
1R= 36.56 2R=36.14 3R=35.72

The next candle was promising, but there was no follow thru as the stock gained support and we are stopped out for a loss a few candles later.

NVDA (gap down)

First candle is bearish and is followed by trend down past the OR before we start to pullback on the 6th and 7th candles. The 8th is a gravestone doji type red off the ema and a NR7 and also closes weak. This is our short trigger.

Entry: 22.44 Stop:22.61
Fib Ext: 22.14
1R=22.24 2R= 22.10 3R= 21.93

Never moves lower after entry and we get stopped out a few candles later for a loss.

Overall a tough day today. But we are still doing ok for the month.

Also a quick word about potential later trades > both SID and NVDA offered entry points around the 13th and 14th candles which would have given decent rewards. I wasn't able to watch the market at those times so missed out. But worth bearing in mind and it shows the value of patience if you are able to watch the market throughout the morning session.