Spy - Possibly forming right shoulder. Would not be confirmed until neckline is broken. Plenty of time.
ALXN - Pocket pivot move as it cleared 10,21, and 50 day moving averages. Still with in this range.
CATM - On watch, with alerts set at a break of this descending trend line.
EOG- Held 50d, which is a good sign. Still watching the 105 area.
Cat testing the lower end of its range. Needs to hold.
HANS - Pocket pivot move on Friday. Long entry thru 97.00
A couple different looks at PANL. Butterfly and descending wedge
STMP - Descending Wedge. On the weekly, has held 21wk moving average so far.
V - Holding up and basing. Will add thru highs.
VMW - Possible Gartley long entry setting up here.
Some charts are holding key moving averages and support. Others look like shit. I see equally the same amount of long set ups as I do short set ups, at least in the 200 names on Quote list. The inverse ETF's even look like shit to me. I have moved away from day trading to swing trading in the last couple of years, personally. But this is a day traders market in my opinion. I don't feel comfortable holding on the long or short side at this time. For me Cash is best and all I can really do until something changes.
GLD AB=CD Still working on the C to D leg.
Spy Weekly Ascending Wedge
Spy Monthly Range
Fuck it, Day trading, I love trading the high beta names with big ranges. I prefer catching points on smaller shares, then cents on thousands of shares. My main monitor has the 1min, 5min and either a 30min or Daily, along with the level II and position manager. The other three screens are filled with the 5min charts of as many high betas I can fit.
Talking with @SteelerTrader this evening and it sounds like he prefers to use the first 15min range. I prefer the first 30min range. 9 times out of 10, I will sit on my hands the first 30min and wait for the range to develop.
I'm either short thru the first 30min low or long thru the first 30min high. On the 1 and 5min charts are what I love to day trade off of. I use almost the same moving averages as I do on the daily time frame and the same way, mainly as trailing stops. The idea is to use the 50 period in determining the trend and the 10/21 as trail stops.
To me there is no reason set targets, your just going to limit your upside. Why I use trailing stops. The most lucrative days for me are when stock trades down in the morning, sideways, then follow thru to the downside in the afternoon. I haven't day traded in almost two years so I could just be off my rocker, or it's just me missing trading 08. Obviously hindsight is 50/50. I just noticed some nice looking 5min charts today. If this bear starts to get some legs, I might just have to saddle up and start piking again. If that's the case I'll start hangin in @GtoToy's Chat Room.
VMW Trend Day
MELI completing it's measured move out of this descending channel and clearing highs. Held it's 91-92.00 area it broke through yesterday.
SPG creating a small flag between 121 and 125.00. Keeping an eye on it.
Solid bounce today in V on average volume. Sitting right at previous all time highs.
LTD breaking out on huge volume today
FFIV remaining strong. Bounced today off this descending trend line that was previously resistance now acting as support. Still keeping an eye on the weekly as the measured move is back at highs near the 145 area.
XOM tryingto dcide if it wants to break out here or now. Volume came in as it cleared its 200d. Watching the action here and keeping a close eye on it.
CAT holding 10/21d today. Could see an explosive move out of this 87-98.00 range
ULTA - Watching for a move thru 75.75.00
EOG - Along with APA, APC, SM
I've come to the realization that while my watch list is about 100 stocks, my focus list is too big. I always try to narrow down my favorite 3-5, but lately its been 10-15 causing my attention to spread thin. On top of that I had my worst day in a long long time. Rookie mistake, overslept, thought I had my stop orders placed in which I didn't and ended up puking up my swings at the lows of the day today, all of which closed at their highs of the day and look great for higher places. I had great prices, what the hell was I thinking? Ouch. Live, Trade and Learn. Sometimes you just need to take a beating to wake yourself up.