Here’s another look at BIDU. Yesterday it broke down from our ascending triangle, which would have been a perfect short opportunity. Regrettably I missed this one, but it may have more room to fall should it break the $120 level. Keep it on the radar.
We interrupt this trading day with a quick special on the women in Tim Tebow’s life.
Lucy Pinder seems to be Tim’s main squeeze, but reporters say he’s not dating anyone at the moment.
He has also been spotted with the infamous Florida State hottie, no one can confirm this, but damn what a nice win if true.
When the other two hotties are no where to be found he settles for his 3rd choice, the petite princess.
Tim, we at iBankcoin salute you. Job well done! Now go whip Oklahoma’s ass, and show them what the SEC is all about.
Go Gators!
Disclaimer:Long Florida
Comments »I sold what I bought yesterday today @ 54.45. I’m still holding a small position in the long-term account, and have plans to sell it at much higher prices.
The mood today feels bullish, we got the pullback most were looking for to jump in. I believe the report tomorrow will not be as bad as predicted, and even if it is, we still will rally.
Today I bought some UYG @ 5.50, as the financials are showing some mojo. Alternative energy is also looking good this morning, and I’m looking to add CLNE. Note: I still own JASO
My mood: I don’t want to be short this market, we are about to melt up. I hope you have your UA heat gear on.
Note: JakeGint wins again, refiners looking great.
Comments »Here are a few components that make up SRS. Many of the REITS are bumping up against trendline resistance. Should the market crater, SRS should fly like the good ol’ days.
However, with the dip buyers out, I would not be surprised to see a few of these names break out further, enabling SRS to become FXP like, if you know what I mean.
When it’s all said and done, SRS will print $1,000 as Devildogs predictions come true. But, in the meantime, bulls love this “healthy pullback”, so watch for a massive rally in stocks after the jobs report on Friday.
Comments »I added to my position in SRS @ 51.95.
DT mentioned EEV, which I also like, but decided to go with the old friend, SRS. Some of theses REIT names have been absolutely on fire, the deserve to trade down.
Also, take a look at the oil names being shot, I like a bunch of them short– paired with DXO of course. Don’t forget coal, just the other week JRCC was in the low single digits, no way it belongs where it does.
How about HANS short? Fly ping’d me the other day sayting it might be time to short HANS, due to the distribution deal with 180. That stock has been on fire as of late.
Case in point: Shit has been flying, time to take ’em down.
Note: don’t forget the line in the sand.
Note II: Jobs report on Friday, I expect weakness until the numbers are released,
Comments »I will try to review my trades in effort to help you see what I look for when trading. According to my 2009 survey, most people wanted to see a tutorial video on trading strategies. So with that in mind, I will try to educate my readers on different trading strategies in ’09.
Before entering a trade, I always look at a longer term time frame first. Brian, from Alphatrends.net, preaches this all the time, and even has a book on it– go read it.
Now let’s get into what I saw in BIDU today. On the 60 day chart I see an ascending triangle pattern formation, click here if you would like an explanation of this pattern, the ideal entry would be to enter on a break of the trendline around $140 supported by good volume.
Getting antsy to make a trade, with everything flying today, I decided to jump in early in anticipation of the trendline break, mistake #1.
Now that I have an idea of where the stock has been and where it might go, I look for my entry. I switch to the intraday chart with a 5 min setting.
The market starts to rip around 12:30pm, BIDU sets up a bullish flag, indicated by the blue lines above. I figured if the market would rally further, BIDU could rip from the flag, then rip again from the trendline break @ $140. I wanted to be early.
Needless to say, the market remained rangebound and so did my stock. I exited shortly after to flag breakdown.
Mistake #2, I did not give my stock enough room to move. I decided to move my original stop. at today’s low, once the flag broke down– panic. Tim over at slopeofhope.com has a rule to only let a stop exit a trade. I often use this same rule, and had I used it today, I would still be in the trade.
The trade ended up a loss, but provided a bunch of examples of what to look for. For those that know how to trade, sorry for the tutorial, just trying to help out the newbies.
Note: I’ll try to get some tuturial videos, on different trading strategies, in the coming weeks.
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