GBP-USD 11-16-11

GBP/USD Daily

Research in Motion (RIMM)

RIMM Daily Chart

RIMM has dropped from the low $70 range down to the mid $20 range since February of this year, forming a huge downtrend on its daily chart over the past few months.  The past three days RIMM has put in one elephant bar, extending itself away from the 20-period moving average.  This elephant bar seems to be more of an exhaustion bar as opposed to an igniting bar because it has formed itself after such a big move to the downside in the stock.

I think we could see a significant bounce in RIMM over time and this may be the start of it.  Today, I entered into a long position in RIMM at $28.13 on a daily buy setup.  From this point I am expecting a bounce into the low-mid 30′s area.

This trade will be played more long-term, as a position trade, NOT a day trade.

6/21 – Abercrombie & Fitch (ANF)

ANF 5-minute

ANF opened the day gapping up and over, clearing it’s previous day’s bar.  Once ANF put in a bottoming tail on it’s first 5-minute bar, I looked to enter once the stock traded over the high.  My initial entry came at $67.24.  From this point ANF traded to the upside then pulled back some, offering another buy opportunity.  I added to my position at $67.45.  My target was $68.00.  ANF had no problem getting there as it rode its 8-period moving average to the upside.  I took off a portion of my position at $67.80, after 40 cent gain (trading plan method).  I sold 2/3 of my remaining position at the whole number and let the rest trail out.

6/21 – Qualcomm (QCOM)

QCOM 5-minute

QCOM opened this morning’s trading session, putting in a decent size bar to the downside.  However, QCOM seemed to have held its moving averages.  I entered on a 5-minute buy setup at $53.55.  My target being the whole number of $54.00 and then the $54.20 area (same location as the 15-minute 200MA).

From my entry, QCOM had no problem trading to the upside.  A little bit of resistance at the high of the first 5-minute bar, as it tried two or three times to get over that area.  However, once it cleared that 5-minute high, QCOM was clear for takeoff, quickly hitting my targets at $54.00, where I took off 2/3 of my position, and $54.25 where I took another portion of my position before letting the remainder trail out.

4/6 – Halliburton Company (HAL)

HAL 5-min

After gapping up, HAL pulled back to the 200-period moving average.  With the stock being above the 200-period moving average, holding that support area, as well as having rising 8 and 20MA’s, I looked for an opportunity to get into a long on this stock.  Bouncing off the 200-period moving average, I entered on a buy setup at $49.91 with a stop at $49.50.  I wanted to give HAL a little bit of extra room because of a prior pivot.  From my entry, HAL struggled to get back above $50.00 and instead fell hard to the downside, once the market broke down late this morning.  I took another full dollar stop loss on this trade.

4/6 – US Steel Corp (X)

X 5-min

X gapped up this morning clearing resistance of the 200-period moving average on the hourly chart.  For this reason, I looked for X on a buy setup for a possible move to $56.50.  The first 5-min bar on X formed a bottoming tail; once the stock traded above the 5-min high I entered into my long.  My entry price was $55.43 with a stop below $55.00.  From my entry X traded up to $55.75 then had a sharp pullback.  The pullback came down to the 8-period moving average and put in a buy setup which was an encouraging sign.  However, X failed to make a new significant high and retraced below the whole number $55.00 and even further, failing to hold support.  I took a full dollar stop on this trade.

4/5 – Juniper Networks (JNPR)

JNPR 5-min

JNPR formed solid first 5-min bar to begin this morning’s trading session.  I entered into a long over the high of the first 5-min buy at $40.22 and looked for the move up to $41.00.  JNPR seemed to struggle getting going as it just lousily consolidated.  However, I kept a strong bull bias in the stock because of the 8-period moving average holding it up, along with a rising 20-period moving average.  An hour and a half after my entry in JNPR price had barely moved and lunch time was nearing.  Lunch time is typically a slower market where there are quite a few failures because there is a lack of participation in the market.  Anyway, JNPR broke down below the moving averages and stopped me out of the play.

The market this morning seemed to be a little bit sluggish.  Days when the market is slow and barely moving, the game becomes not about profitability but more so about not blowing up.  Today this JNPR trade was my only trade.  Though it was a loser, I did not blow up in a sluggish market this morning.

4/4 – Net App (NTAP)

NTAP 5-min

NTAP began the morning trading to the downside; its first 5-min bar put in a decent size red bar.  The location of the stock, under its flat 200-period moving average created a short bias for me.  NTAP then put in a sell setup which I took advantage of, shorting the stock at $47.96.  This play turned out to be a good one, riding the 8-period moving average to the down side.  However, I was a little tight with stops and I quick profits instead of letting the chart take me out.  After my entry, I covered 1/3 of my position at $47.50 and $47.20.  In hinesight, my first area of covering should have been $47.20 because this area showed decent support on the daily chart.  Anyway, this trade did produce nice profits, but I will look to do a better job of letting the chart take me out instead of getting tight on my stop and taking quick profit areas.

3/24 – Research in Motion (RIMM)

RIMM 5-min

RIMM gapped above its 200-period moving average, then pulled back into that area.  Once resistance, the 200-period moving average was now support.  In this area, RIMM put in a buy setup and I looked for the move to the upside.  From my entry price of $62.38, RIMM accelerated to the upside.  I probably took profits early in this trade but still nice profits at $62.75 and $63.00 initially.  Once RIMM popped through the whole number of $63.00 I looked for the move to $63.50 and then possibly $64.00 which was the same location at the 20-period moving average on the daily chart.  RIMM consolidated right above the whole number then put in a buy setup which presented an opportunity for me to add.  I added shares back on at $63.20 and reduced at $63.50 and then $63.75.  Down to my final lot I used the first break of a 5-min bar as my stop which took me out by a penny at $63.50 before RIMM made its move up to $64.00.  Great trade this morning!

3/23 – Juniper Networks (JNPR)

JNPR 5-min

Forming a nice big tail bar with its opening bar, I looked to play any buy opportunity on JNPR within this bar.  I did not want to buy over the high of that  bar because the range was a little too much for me to play.  After pulling back, JNPR put in a buy setup and I entered at $39.47 with a target area being $39.90 (200-period moving average overhead).  From my entry, JNPR accelerated to the upside reaching the 200-period moving average.  With this resistance area coupled with the whole number resistance, I sold majority of my shares in this area and used one remaining lot to ride the moving averages.