Trades 26/Feb/2009

Watchlist:
AFL,ALTR,AMT,BBT,CMA,COF,CS,DCI,FCX,FRX,FLS,SU,
HBC,HUM,IBN,IRM,NIHD,NUVA,PBR,PCS,PSYS,RY,STT,
SWY,TEG,TS,VOD,WFC,WRC

A really good day today and found quite a few nice setups.

NUVA (gap down)

Gap down with weak first then retrace but can't get very far up OR. The 6th is weak gravestone doji type off the ema and closing weak. This is our short trigger. Took partial at 2R as the Fib Ext was in same region then rest came back to stop out at breakeven.

CMA (gap up)

Bullish first which passes thru previous day's high. Then sideways consolidation in upper part of OR before breakout on 5th. Then sideways action but staying above OR as support. The 9th and 10th candles have lows at OR confirming it as support. the 10th is green bullish and closes strong above the ema. This is our long trigger. Never worked out though as market weakness bought it down and we were stopped out for a loss.

HUM (gap down) (chart from Tradestation)

Gap down then weakness. Standard tidy pullback to ema. The 7th is weak candle which ends the pullback and closes below whole number. This is our short trigger. A few data spikes in this but eventually it went our way and trended down for the rest of the day. Closed half at 1R as whole number was close as was Fib. The rest closed at end of day at just short of $2 profit (around 3R).

FRX (gap down)

Indecisive first after gap down. Initial strength is shown but then it rejects the previous day's low on the 6th candle. It falls and breaks the OR on 8th. The 9th and 10th both confirm OR as resistance, I took the 10th as short trigger and it just headed south from then on. Closed half at 2R which was near the Fib Ext and left rest to run. This was closed at end of day for $1 gain (around 4R).

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