Tuesday, September 18, 2007

No Trades, Only Trade Plans

Didn't make any trades today. I was watching 6 charts before the Bernanke announced the rate cut and right when it was announced every single stock sky rocketed and i had new high alerts going off like crazy. It was kinda cool to see. I didn't know when he was going to announce but once I saw all the activity, I knew what happened.

I've been focusing a lot on my trading setup and planning out my trades. Something I've been deviating from and I need a couple days off to re focus and get back on track. I've got about 10 stocks I have setup right now. This is what they are.

AIRN- low alert at 2.08

ANO- Low alert at 2.95

AZK- Low alert at 2.45

CHCG- Low alert at 4.72

CNEH- Low alert at 3.25

DIA- Low alert 134.50 (I won't be trading this, just want to know if it gets here. Very bad if it does, lol)

HEPH- Low alert at 2.13 (crucial pivot point) and then a Low alert at 2.05 for a potential buy

LUM- Low alert at 1.75

NABI- Low alert at 4.12

NFLD- Low alert at 1.85

QQQQ- Low alert at 49.00 (again, won't be trading this just want to know if it gets here)

RMDX- Low alert at 2.47

SCON- Low alert at 5.55 and High alert at 5.70

All of these price points came from the analysis of support, resistance and pivot point levels based on intra day charts and 6 month charts. If a stock hits these levels all It'll tell me is that a possible trade could be setup for that given stock. I won't trade it right away when it hits these levels.

My risk is a 1% loss (of my overall portfolio) on any of these stocks and exit point will be known before I enter my trade based on the stocks activity. I'll enter a trade if I think it can make a 5-7% gain over the course of a few days.

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