More Reference on Shorting GLD

Kevin posted his analysis on why he is bearish on GLD and his post can be found here.  Meanwhile, my setup for trading/shorting GLD is posted here from earlier today.

Weekend Links – Non-Trading Related

On-line education anyone?

When in doubt, pick ‘C’!

100% Home Grown Ignorant.

Did the US participate in Earth Hour?

Twitoria – How many Twitter Friends are you really following?

How to add Windows Live Messenger to your website

BMW’s April Fool’s Jokes Collection

The drying reservoir (via Maoxian)

Long Term Trade – Setup - GLD

• GLD is looking to test the 40EMA Support Level
• Instead of using the 40EMA as Entry, I picked a round-number of $84.00 instead.
• Protective Stop is another round-number of $88.00
• Target is $72.00 and below.

Long Term Trade – Setup - EFA

• Trying to catch a reversal on this setup
• The trigger point is above the white line
• Target is where the blue rectangle is with the bottom of the rectangle sitting at 2R
• The Protective Stop is just under $31.55

Let’s see if this setup will get triggered!

Long Term Trade - XHB

I entered long on XHB on Monday.  My Stop was set to just above the high point of last week.  Let’s see if this trade will work out.

Laying low… to avoid lay-offs

Folks, I haven’t been trading (from work) lately because rumors are flying everywhere that the senior management is planning for some work-force reduction… a fancy term of the big “L” word known as lay-offs!

In addition, the management is trying to find every possible way to get rid people!  Just the other day, someone from Marketing was ‘let-go’ because he was caught using bit-torrent software from his PERSONAL lap-top through the company’s network!

The last thing I want is to have someone caught me trading from work!  As my Readers well know, my trading is not good enough to be profitable, not to mention sustaining a living.

Everyone is guessing that the ‘pink slips’ will be handed down in the next week or so.  I will try to post some updates here whenever I could, when I’m NOT at work.

Best of luck to me!  :-|

Weekend Links – Non-Trading Related

A site that tracks your hotel price

A very cool Nikon commercial

I didn’t know there’s such a thing as fake eggs

The to-do list for the unemployed

Google Chrome is too difficult to hack

The AIG “I quit'” letter

Everyone should cut down on salt intake

Madoff’s hourly rate

Should you trust Google Products?

How to embed Google Reader from within Outlook

A flying helicopter hotel that doesn’t even look real to me.

Weekend Links – Non-Trading Related

• Only in Saudi Arabia.  Is it because the roads are so sandy all the time?
• How to climb up a cross… naked.
• Maybe someone should hire his wife instead.
• F U!  per Mickey Mouse’s Chief.
• How to send and receive Hotmail from your GMail Account.
• Hudson River Landing CGI mixed with radio tower conversation.
• A bottle of Perrier-Jouët Vintage 1825.
• Looking for a brand new BMW M5 or M6?
• A cool Twitter Plug-in for Windows Live Writer.

Chart of Interest - IEF

What do I see?

• Resistance become Support at $92.75-ish level (see white line.)
• A higher Support was formed at $93, which happens to be the 50% Fib. from June low to December high

Action Item(s)?

• None at the moment
• But may consider Long using $93 as Support

I Need to Mix Things Up

Things have changed!

Since I have (sort of) started trading again, I have noticed that my work-load at work is no longer the same as I used to when I first started this blog.  It is getting increasingly difficult to find time to daytrade while at work.  My responsibility at work has increased tremendously, and it translates to more meetings, emails, and administrative stuff.  Although my company has just announced a plan to layoff some of its workforce.  If I can avoid the layoff, it only means I will have even more work.  And if I’m PART of the layoff, I guess I will have more time doing daytrading!  For now, I have to be optimistic and assume that I will survive the layoff.  Therefore, I need to re-strategize my trading. 

No, I’m not quitting daytrading!

Instead, I have decided to mix things up a bit.  Instead of solely focus on daytrading, I’m going to mix up my strategy with some swing trading and some long-term trading.  I will still be involve in daytrading whenever I could.  After all, I still see it as an unaccomplished task of mine.  But should you find some longer term charts on my blog, I want to officially disclaim the reason here/now. 

For now, I have decided NOT to change the name of my blog, nor my alias. 

Until next time, Happy Trading!

Traders Anonymous Confessions

Chart of Interest – XLK

What do I see?

• I don’t see much except that prices broke $16.49 Resistant

Action Item(s)?

• None at this moment / Monitor for Long

Chart of Interest - XLE

What do I see?

• Pivot Point / Resistance at $53.28
• I don’t see an Entry at the moment

Action Items?

• None at this stage
• Looking for a Long entry

Chart of Interest - SMH

What I see?

• A Cup and Handle formation
• Pivot Points at $19.16 level
• Gap-Resistance at $23.00, which could also be an even number resistance as well
• Possible Long entry if prices close above the $19.16 level
• However, R factor is not favorable if the Stop is set to $16.00

Action Item(s)?

• None for now

Observations: ADM, BG, ERIC, TIF, and UBS.

I tried, and wanted, to make a trade today, but I just couldn’t spot any Entries!  Here are a few charts that I was looking at this morning.

• It was a NR7 + Inside Bar + (almost) Hammer, and I wanted to go Long had prices broke through the previous bar high
• My Target would be merely the next Fib Level
• It would still put me at 2R profit, had it worked out the way I wanted it to
• It didn’t, and you are looking at the reason why it didn’t
• Fortunately, I didn’t jumped the gun

• With BG, I was hoping that the lowering 5eMA would act as Resistance and push the prices back to the Day-Low
• The Entry Bar was the Inverted Hammer (see circled), and my Entry was set to the Previous Bar low
• I thought with the market in such a Bearish mode, it’s easy to drop back down.
• It didn’t, and my trade didn’t get triggered
• I’m certainly ‘okay’ with it looking at the chart now

• I was hoping for a Base and Break and it never happened
• Once again, I was proud of myself for sticking to my entry rules, and never dive-in ahead of time in anticipation of what *could* happen
• In this case, nothing!

• With TIF, I was almost certain that Yesterday’s Low would act as Resistance and push the prices back towards its Day Low
• Too much wishful thinking there!
• It looks like Yesterday’s Low was blown away just like that!

• As for UBS above, I saw the 3rd Bar Inverted Hammer, but I just couldn’t see an entry in the shorter time-frame
• As prices fell pass the Opening Low, I thought I’ve missed the entry (as mentioned in Twitter.)
• It turned out that this is another ‘Good Miss!’

Overall, I’m proud of myself for sticking to my rules, and not “early-entry” into these positions.  But “not trading” means “no money.”  I need my trades to be more frequent, and more accurate.