Stocks on my Hot Seat

I have CHCI, TARR and EXPO on my watch list for tomorrow morning. I don't feel too good about EXPO but I'm watching it to give it a chance (probably won't trade it).

 

The other two I like more. TARR has a little resistance at 1.56 which is the 50 EMA. It couldn't even touch it today so we'll see how it reacts when it gets close. It's at 1.50 right after hours which is a good sign.

 

CHCI looks pretty good as well. I like the big blast out of some mild consolidation accompanied by the huge volume and nice 2 month high or so. Hasn't moved after hours so far so that's a good sign.

 

I'll see how these react at the open and decide whether to pounce or not. If not, no tears shed. I just saved myself from losing money and the name of the game is, "Don't lose money!" (easier said than done)

First bit of Self Restraint

WOO! I'm excited. I didn't go chasing after rabbits this morning. I sat back and watched a few charts that I was alerted too. Watched CELG, ONXX, EOG and OII as they had really nice runs. I'd keep repeating to myself over and over, "you don't have to trade today", which seemed to open my eyes a little and see more of what was going on. Like some pressure was relieved.

 

Now for tomorrow, I don't think I'll trade either. Nonfarm payroll and unemployment rate will be released 8:30am ET and I don't even want to know how rocky the market will be. I'm starting to like the low volatility days. Seems to be favorable for trading steady momentum stocks like the ones I mentioned earlier.

 

This is good though. I need to practice some self restraint and tell myself I don't need to buy everything that moves and it's ok if I miss a move because there will be more. Patience and Discipline, I've said it before but those two traits are so key yet so hard to implement in a trading environment.

 

All in all, Good day.

Sept 20th- Setup Recaps

These stocks did ok for the most part. The were was a little rally for the day so that probably helped. Here's a screen shot recap of yesterday and today's action in the same pic. The days are divided by the Black vertical line.

 

CHCG:

The yellow lines represent key levels from the day before and some for today. You can see how today's action bounces around these levels. Didn't quite break out like I thought it would but it doesn't make sense that it would now that I look at the results. It did however break yesterdays high but couldn't get any higher. I'd like to have seen it keep making consistent higher highs but it didn't have the strength.

 

 

DRYS:

Text book breakout. Tight consolidation the day before and you can see right out the gate it pierced the key high level of the day before it took off. Some small pullbacks along the way but it stayed strong. Volume also represents the action. The day before it was light and weak, then on the breakout, volume increased heavily. By far the best one of the group.

 

HTV:

Not much action here. It stayed about neutral for most of the day. Volume is still stable from the day before as well as the action being traded in between key levels from the day before. Couldn't quite break yesterdays high but didn't break yesterdays low either. Neutral for the moment. Maybe it'll show a sign on Monday.

 

NVDA:

This guy didn't do too bad. Broke yesterdays high and sustained a nice peak, came back down to ride yesterdays high as support and fell to about the mid point of the day. Volume picked up a little more to account for the price action which is a good thing to see.

 

Setups for this morning

I've gone over about 80-100 charts real quick to setup my high and low alerts. As I was going through them a few charts popped out at me that I really liked. These stocks I'll be keeping a closer eye on throughout tomorrows day.

CHCG: Low @ 4.05, High @ 4.30

-Made a giant swing from the highs of the day out the open rounded out the bottom and ended the day back at the open levels. If it breaks 4.30 and stays there we could see this head up more throughout the day. I'll be watching.

DRYS: Low @ 75.30, High @ 76.50

-Some decent consolidation. While the markets were slowing this one stayed still and traded in a very tight range. Looks to me like a setup for a breakout either way.

HTV: Low @ 25.50, High @ 25.70

-Huge consolidation. Looks like it might be setup to move big either way. This one might be my favorite. Looking forward to see what happens with this.

NVDA: Low @ 33.70, High @ 34.50

More consolidation. I'd like to see a move on one of these but we'll see what happens. Out of all those charts I looked like these stood out like a sore thumb. Maybe something good will happen :-)

If either of theses Lows or Highs are broken tomorrow we could potentially see some nice moves in either direction (long/short). The Q's gapped up post market which isn't a sign I want to see. I think we might see the market open lower out the gate tomorrow, especially since it's a Friday.

* Just because these stocks break these highs or lows I've set, doesn't mean I'll be trading them. It means that they've gotten my attention and I'll be waiting patiently for an entry point, if one isn't present, I won't trade.