020108 - ALTR - 10mins - Gain*Paper

Symbol: ALTR
Type: Long
Result: Gained +1.85R

• Picked up ALTR from Briefing/Jamie's Gapped-up list
• Prices formed a Cup-and-Handle formation, with the 10:50 bar closed strongly above Opening Range High
• The next bar (11:00) painted an Inside+NR7+Hammer(almost) combo
• The only thing that I didn't like about that combo is that it is a red bar, instead of a blue bar
• I decided to enter Long when prices break the high of the combo bar, with the bottom of the combo bar acted as my Protective Stop
• Upon entry, prices immediately shot up, but pulled back
• I didn't adjust my Stop and as long as the prices do not close under the Opening Range High, I was going to hang-in there!
• My patience paid off! At 1pm, there was surge in volume after another Inside+NR7 combo bar
• The prices went pass the 119% Fib. Level easily
• It painted a Shooting Star at 2:40pm, right at the Pivot Point / Resistance Level (see second chart.)
• I exited half of my position once the Shooting Star was completedly formed
• I moved my Stop to just underneath the flattening 5eMA
• My Stop was triggered 2 bars later
• My first winning trade of the year! I'm happy! Something positive going into the weekend!

Feel free to share your trades!

Cheers and Good Trades!

013108 - HRS - 15mins - Observatoin

Symbol: HRS

• It was already more than an hour into trading before I came across HRS


• It was clear to me that a resistance level has formed slight above the Opening Range High


• A review of the Daily chart shows that a Pivot Point / Resistance level has formed (at the yellow line on both charts.)


• I set a Price Alert a tick below the yellow line, thinking that I would enter Long when prices cross the Pivot Point


• I don't know why, but I missed the Alert when it happened!


• When I've found out the prices have crossed the line, it was already in the red bar coming back down


• I seriously thought about entering Long, but decided against it


• The thing is, had I been watching the market more closely, I knew I would have entered this trade, which would result in another losing trade


• I'm still debating if I should record this trade into my spreadsheet as if I really did executed this trade. Because I knew I would, had I was watching it as it happened


• HRS is now also on my Watch List. Let's see how it works out tomorrow

013108 - JBHT - 15mins - Observation

Symbol: JBHT

• Remember my failed trade from yesterday on JBHT?
• For what reasons? I don't know! But I decided to revisit JBHT, not for potential trades, but to just see if there were any opportunities
• The first chart shows how JBHT performed today, along with notation of my entry and exit from yesterday
• As you can see, JBHT totally surpassed yesterday's performance and moved on to (almost) reaching my yesterday's target of 138% Fib (from day-before/yesterday)
• The second chart is a Daily Chart (kind of) showing why JBHT resisted at where it resisted today. Sort of like a Pivot Point.
• In fact, today's performance on the Daily Chart painted a very nice Bullish Engulfing bar. A very strong bull signal, if confirmed its run tomorrow.
• I have added JBHT to the watchlist that I have just started building. (Something that I want to start doing for 2008.)
• Please! Please feel free to comment on your observation. I would like to hear your opinion.

082407 - QCOM - 10mins - Loss*Paper

Symbol: QCOM
Type: Long
Result: Lost -1R

• QCOM came from Jamie's watchlist from his Pre-Market post here.
• I've read a lot about Jamie's Pivot Point trades, and I decided to give it try today
• I plotted what "I believe" to be Pivot Points (see chart below) at $38.00 (hey, round number too!)
• As the prices closed in to $38.00, my finger was at the finger, ready to fire!
• The chart above is what the chart looks like during entry
• The yellow line (top chart) is the Pivot Point
• When the prices crossed the Pivot Point, it gapped up
• That's why my entry was a bit further away from the Pivot Point
• Unfortunately, I was stopped out during the next bar. (It would have been the same bar if my stop was tighter!)
• I spotted another potential entry at around 12:30, when it painted consecutive Hammers/Twizzer Bottom?
  
• But it also seemed to me that there a long Upper Shadow, Shooting Star like, bar right in front of it. That's why I didn't enter.
• And of course, the ones that you didn't enter, it always get to the 138% Fib!
  
• Thanks for reading my blog!
  
• Have a wonderful weekend!
  

Pivot Points Exercise

I got some time on hand this evening, and I decided to try preparing some "Pivot Point" set-ups (see Wall St. Warriors for additional samples) for tomorrow's session. I didn't come up much, but LVS seems like something that can be considered. Let's see if LVS can break $109.5 tomorrow.