CIT - Short

CIT was the only stock in my watchlist that met all my criteria and presented a good short opportunity. I missed nothing today and made decent money so I feel good. Here's the trade (15-min chart):

• Placed fibs from first bar low to high
• Price retraced but met considerable resistance at the 38% level
• After a doji on the 6th bar, price dropped down and just below the 61.8% level
• Shorted on a break of the 7th bar low
• Exited on break of the 16th high
• Ho hum trade, but profitable and stress-free

SWIM - Long

If it's good enough for King Jamie it's good enough for me. I am now going to look at the 15-min chart for my exit regardless of what timeframe I enter on. It's not that I haven't thought about this before, but now I'm going to try to stick to it and make it a routine. It worked well for me today with SWIM... here's the trade on the 10-min chart:

• Placed fibs. from first bar low to high (strong first bar)
• Price retraced and bounced of the 50% level (never fell below, bullish sign)
• Entered on break of 10:10 bar as it closed strong above the 38% level
• Exited off the 15-min chart when priced closed below the low of the 3:15 candle (also below the 5ema)

10-min

15-min

CMC - Long

CMC offered an interesting setup today as I first saw my entry candle on the 10-min chart, but the high/low spread and the target price was not at least 1R. So, I looked at the 5-min chart, saw a nice candle with a .13 spread (as opposed to .30) and took the trade for a very nice gain. You'd think I'd reward myself with something nice... instead, I had to cut my day early to get a wisdom tooth pulled. So, I'm writing this post with one-half of my mouth numb - sorry for the drool. Here's the trade:

• Placed fib. lines from first bar low to high
• Priced retraced 100% (which I didn't like) then went back up above the 38% level in the same candle (10am candle, 5-min). However, volume was not 1.25x the previous candle so I didn't look to enter here
• Switching back and forth from the 5 and 10-min chart I noticed a hammer forming on the 10 with nice volume behind it. But, as I mentioned before, I didn't like the high/low spread
• So, I looked at the 5-min chart and decided to enter long above the 10:05 candle high (dragonfly doji)
• Since I really entered based on the 10am, 10-min candle... I was using the 10-min chart for my exit
• I needed to get ready for the dentist and exited during the 11:40 candle (10-min chart)

5-min

10-min

I probably made this post sound confusing... but basically, I saw my signal on the 10 and bought on the 5.

PBG - Long, DHI - Short

Today went pretty smooth. I traded both long and short and I am always happy when I can do that AND be profitable on both trades. I don't know... just kinda tells me there are opportunities in any kind of market. I missed SHLD which really bugged me, but it was on my watchlist and it was just a matter of me not seeing the entry in time. I can live with that. Here are my two trades:
 
PBG (5-min)

• Placed fibs. from first bar low to third bar high
• Price retraced to the 61.8 level but bounced up off of it
• Went long off a break of the 10:10 candle high
• Exited off a break of the 11:20 candle low (closed below the 5ema)

DHI (10-min)

• Placed fibs. from first bar high to second bar low
• Price retraced to the 61.8 level but then dropped
• Went short off a break of the 10:20 candle low after it closed below the 38% fib. level
• Exited at the fib. ext after price consolidated with a series of NR7 bars. This wasn't a big price mover and I didn't want to risk a .10 jump so I exited all my shares after price hit the fib. ext again

No trades

I had a pretty full watchlist and came close to pulling the trigger on a few trades... but, I ended up sitting on my hands.

If you did well... feel free to leave a comment about your trade (just like Jason did - congrats to him)

Ready to go

After a week off... I'm more than ready to get it going today.

Good luck to all and I hope to post a nice chart of a winning trade today.

I hope you caught these...

I tell ya... trading sure is easy when you look at charts at the end of the day and pick the perfect entries :)

So, I'm on vacation this week but I'm still running my scans to see what I would've missed (pure torture). Here are a couple of stocks that came up on 7/3:

ACH - Long, 15-min

• Placed fibs from low to high of the first bar
• Price retraced and leveled off at the 38% level
• The 10:30 bar formed a perfect candle at the 38% level. This is where you have to weigh the risk as price was still a bit far away from the 5ema (at least for my tastes).
• There wasn't a real exit point so I think I would've exited close to end of day
  

ACAS - Long, 5-min

• Placed fibs from first bar high to second bar low
• Priced retraced back up to the 61.8% level then fell back down (looking like resistance)
• From 10:10 - 10:25, price retraced back down to the 50% level
• 10:25 bar burst back up and through the 61.8% level on increased volume (more than 1.25x the previous bar)
• I would've entered of a break of the 10:25 bar high
• I would've exited off somewhere around the 11:50 area