Trades 21/Nov/2008

Initial Watchlist:
ADBE,AMGN,AMZN,BUCY,DTV,ERTS,FDRY,INFY,JOYG,KLAC,
LRCX,MCHP,PCAR,PHLY,RIMM,ZION,ANSS,AVP

Not surprisingly (after yesterday's big move) market was choppy early so not much in the way of trend action. Missed rally at end of day as I was out with some friends.

INFY (gap up)


Although gapped up the initial price action was weak relative to the market. I entered short as it fell thru 2nd bar low and the previous day's high wasn't held.

Entry: 22.46 Stop: 22.80
1R=22.23 2R=22.00 3R=21.77

Took partial at 1R then rest came back for breakeven.

ANSS (gap down)

Weak price action as it consolidates at it's lows. Shorted at the 5th bar as the market turned down. I missed the earlier signal at the 3rd bar NR3, NR7 pullback as I added this to my list from the topgun scan a bit later.

Entry: 23.69 Stop: 24.06
1R=23.32 2R=22.95 3R=22.58
Fib Ext: 23.18

Fell nicely after entry as the market weakened, took partial at 2R as we got to whole number. Trailed the rest after the 7th bar hammer. This was closed at around 1R. Nice gainer overall.

PCAR (gap up)

Strong initial price action as it held previous day's low and went up with the ema. I went long after the 4th NR7 pullback and as market turned up.

Entry: 23.17 Stop: 22.70

Didn't work out as the stock weakened and we were stopped out for a loss.

DNA (weak stock)


Fell thru previous days low intially before recovering. Went short for a quick scalp 1R as the market turned down from an overbought indication. Closed all my position for 40c gain.

CNQ (gap up)

Had gapped up and then retraced before finding support at ema. Then began trending up and hit the OR high. Went long as it went thru the $30 level and the market started trending up.

Entry: 30.00 Stop: 29.42

I moved my stop to -0.5R as we go thru $30 just in case it couldn't hold. I was stopped out as it came back. Then as often happens it then continued on it's merry way to get to +1R.

Overall a profitable day, and every little helps on the monthly figures.