$QQQ $SPY $ES_F gapped down right at the open made things a little tricky, i.e. whether the bulls are gonna come in and bid it up or bears are gonna crush it and take it lower. However, the bulls took control and moved the prices higher above yesterdays high and on the pullback that is when we took out $CHK trade.

It was an easy 4R trade in our online trading room. Trading is easy when you can find these setups, again and again.

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Strong close in $SPY $QQQ $ES_F after a series of down days, with earning season in full effect, markets are looking more bullish. A pretty good day in our trading room as well.

$KORS long was one of the trades which we took in or online day trading room, these are the kind of trades we trade every single day. Its low risk and highreward. This trades was an easy 5R trade.

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I came about writing this post while I saw $COST getting a beating on wednesday after reporting earnings ( which we discussed at www.dchsn6.com) , on thursday and then again on fri. I really wanted to see what is happening under the hood and when I pulled up the charts for rest of Discount variety stores like Dollar General $DG, Dollar Tree ($DLTR), BigLots ($BIG), Target ($TGT), Walmart ($WMT), things don’t look right. A lot of the mentioned names have been seeing some distribution in past week or two and $DLTR have just been destroyed.  One question which comes to my mind is even if these discount variety stores are getting hit in this so called slow down in economy, if people are not even going to these discount stores anymore, do they still have cash left to buy at all. This is a cause of worry in the next few months.

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Not much action in $SPY $QQQ $ES_F , but we still managed to find some great trades in $QCOR $VVUS and $DDD for some nice gains on our online live trading room. All of this is from our ultimate setups that we trade day in day out, if you would like to trade these setups with us email me [email protected] for free 14 day trail.

The trades  are pretty much self explanatory, with no pain in any of the trades once we enter our long or short positions. Come check out our online live trading room. if your in the right names during trading day , you will make money. As mentioned in the trading room, there is easy money and then there is hard money, question is which one do you want to make. If you want to make easy money, then check us out.

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Congratulations to all my followers, readers and trading room members, after the gruelling summer trading we have finally reached our first target in $SPY of 142. It has been a long haul, but building the core positions around 133.50-134 region as mentioned in my blog and in the trading room has been profitable.,  the market gave us more than 1 chance  to get in and we should be thankful to the market for that 🙂

For new readers, please visit my post http://dchsn6.wordpress.com/2012/07/10/why-i-am-long-spy-qqq-iwm-going-into-tomorrow/  where I have mentioned my trading room members to go long $SPY in the 133.50-134 region on July 10, 2012.

Don’t forget to check out our trading room . Email me : [email protected]  for trading room access.

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Today is a perfect example of why there are days when you sit out and days when you take on risk. Most of the guys in  online free trading room are sitting on sidelines today.  Just by the view of $SPY chart, it can bee seen fake breakout above opening range highs and fake breakdowns below opening range lows.  Big Picture perspective $SPY is doing everything right for continuation of bull trend, most of the people in online free trading room  are long SPY from 133.50-134 region based on this post. http://dchsn6.wordpress.com/2012/07/18/thesis-on-spy-and-qqq-going-forward/

Feel free to drop by our free trading room.

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Fading the gap is my second best setup to trade after Base breakout. $BHI is one of the names which was gapping up premarket and was on our watchlist premarket which we had build in our free online live free trading room. A thing to note  on $BHI daily chart was the downward trending 200 day moving average and also price of $47 which was a key resistance on the daily chart. Initially I was looking to go short this name as long as it was below $47.

Once I saw the break of support on the 5min, your truly pounced on it and made a quick 4-4.5R  reward to risk trade on it in just under 10mins. I lot of people have been saying markets are slow and boring and what not and it’s stock picker’s market. But my question is when has it been not a stock picker’s market. As a trader, you ought to be in the right names, if you are, then it will give you multiple opportunities to get in and make money from these markets. If your having trouble in being in the right names, drop by our free online live trading room for idea generation.

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Basebreakout my favorite play was back in action today. Right off the bat in the morning in the free live trading room, I mentioned best case scenario for the bulls would be a slight up or down day in $SPY $QQQ $IWM, basically long story short a DOJI Candle is what I was looking for.

At this point of time unless a stock has some catalyst behind it, I don’t wanna be shorting any stock. I was looking around for some names to go long all morning, but most of them acted really sloppy and the candles on those charts were all over the place. As usual I ask my guys in the trading room to look for stocks which are clean, hence lesser chances of getting chopped out. I came across $LULU which was one of the strongest stocks from yesterday and was eyeing for an entry to go long. Once I saw the pattern , basebreakout in this case,  yours truly pounced on it and  made  a quick 5R reward to risk trade. The best of all, I timed it the markets as $QQQ was just breaking it’s intraday high as well, it helped me to get in pretty big in size with this trade.

Picture are worth a thousand words, so here it is

My top idea going into tomorrow is $LNKD, drop by in the free trading room , if you would like to see how I trade it.

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Here is a quick followup on the post  http://goo.gl/Di8dH  which I did   on July 10th, 2012 as to why I went long  $SPY $QQQ at 3:50pm EST .

Let’s take a look at 6 things which has happened since then, all of this has been reviewed in our free online trading room , where we bounce ideas all day as well.

1. ON July 11th, we had a flush down which was quickly bought back up. Read this post http://goo.gl/frtfG about why it happened

2. ON July 12th, 2012 we once again had some bs news which came out and everybody was thinking for the world to be over again. But hey guess what the dips again got bought and we ended near the open of the day.

3. ON July 13th, 2012, as always after a few dip buyers, we see some conviction buyers aka followthru candle which was beauty. Enough said.

4. ON July 17th, 2012 once again Mr. Ben speaks, we get a flush down but hey guess what we tested 20ema on daily and dip buyers came back in. We did call it out in free online trading room  to start putting out feelers before we loaded the boat to go long.We also closed right above the neckline of the head and shoulders pattern which as been forming since Feb 2012.

5.  Today on July 18, 2012 we are back above the key 136 level and are going strong with no signs of weakness in the markets.

6. Next resistance is at 138.70 and after that is 141.75 which is almost the highs which we saw back in 2008.

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Inside day in $SPY $QQQ made it kinda hard to trade, with no followthru in most names on either side. The most convincing play of the day for me was $V Visa to the short side which was called out in free online trading room.. It had some settlement news premarket, which made it gap up above 127.60 on the daily chart. But with the market being an inside day not a lot of conviction to the upside so I tried eyeing it for the short side. $V went down 2 points from where I shorted, however from my trading plan perspective it was still a 4.5 reward to risk trade.

Shorting the gapup names are always tricky as you never know when those bag holders are gonna jump back in and drive the prices up.

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