TNA short again - 3rd time in a row

Price gapped down below PDL and just above S2. It moved down nicely till 5 EMA caught up with the price. Shorted just below $77, covered partial above $76 and the rest above $75. It was a smooth ride, price never took out 5 EMA which was my trailing stop.

Love this pattern but did not take the trade. Nice move down, followed by consolidation and then price bounces right at intraday support and then breaks down. produces nice results. Same was the case here. At times, price takes out the high of the consolidation and then breaks down.

Swing trade turned into day trade: AXP

AXP (American Express Company)


I have started looking a little into short-term (5-7 days max.) swing trade recently. I started to paper trade in my simulated account but did not follow through how they performed. So I decided to trade with real money and see how it goes. My risk is less to avoid emotions play into the trades while I am learning. Right now my plan is to time the entries as day trade. SL will be like day trade stops (other end of the trigger candle).

I entered AXP as a swing trade when price took out the high of the 6th candle high with PDH as first target and $24.50 as the final target on the remaining. AXP hit both it's target today turning it into a day trade. Honestly, I was expecting price to hit the PDH today but not the final target. I will post the charts on my swing trading blog (http://swingtradr.blogspot.com) to track how it did after my entry and exit.

QLD - Hammer on PDL


QQQQ gapped down in the morning and formed a very bullish green hammer on PDL. I went long QLD instead of QQQQ which is 2X of QQQQ's. Entered long on the break of the hammer (2nd candle). Since the candle was very wide, I used $36 as SL and not the low of the candle. My reasoning was that price should take off after that bullish hammer. 3rd bar was strong, followed by a red bar. I moved SL to BE wondering if the 2-4 bars were just attempt to fill the morning gap before moving down. Price moved up smoothly reaching PDH where I partialled and exited the remaining at 38% FE of PDL - PDH. I was not expecting such a smooth ride.

SOHU - Cup & Handle


SOHU had a big move yesterday and retraced in the afternoon after hitting a previous resistance. Today SOHU formed a NRB below the PDH. Entered a little above PDH and set my sell order at 50% FE of the C&H pattern (PDL to PDH). Price missed my target of $66.40 by 2 cents and I exited when price formed a bearish candle on 15 min. chart.

I also had a short in AGU which initially moved in my favor but then took me out at BE.

One of my best day

A nice day in terms of R profit. 4 trades in total. X was 0.6R loser. Happy with the other 3.

QLD (Trade based on 5 min. chart)


Nasdaq gapped above the PDH and the first 5 min. bar of QQQQ was a doji. I went long QLD which is same as QQQQ but is 2X which means if Nasdaq moves 1%, QLD moves 2%. This saves some money on commission because I have to go long half the number of shares as QQQQ. Went long on the break of the doji. My target was 38.2% FE measured from PDL to ORH (15 min). 7th bar spiked down and I exited half my position at around 36.21 (1R) to book in some profit and moved the rest to BE. 7th bar formed a nice green hammer on ORH which would have been a nice place to add back to my position but I did not. Price reached the target smoothly after that.

Inside Bar: WYNN


WYNN (Wynn Resorts, Limited) gapped up and the first bar closed just above PDH leaving an upper tail. Real body of the 2nd candle filled the tail and closed strong. Long on the break of 2nd candle high. I was ready to exit my position if the low of 9/5 was taken out. Luckily it did not and price continued up reaching my target of 61.8% FE of the first bar.

Relative Strength: AXP



Market rallied in the morning but AXP (American Express Company) was very weak compared to the market. First bar (1/15) saw some selling and the third bar was a doji that bounced off the 20 EMA. 6th bar formed a not so good red spinning top, 7th candle closed very weak and below PDH and 5 EMA. Entered short on the break of the 7th bar low. Covered my entire position when the bar (shown on the chart with a white arrow beneath) was formed a bullish engulging candle.

Quick Trades - CNX, CNQ, JOYG

Gap down, WR bar closing very weak followed by a spinning top normally leads to continuation. Short on the break of the low of 2nd bar. Cover at 61% FE of the first 2 bars.


Gap down, red first bar followed by spinning top. Short on the break of the low of spinning top. Cover at 50%-62% FE.

Gaps dow below PDL. Price comes to retest the 15 min. ORL, forms a bear flag. Short on the break and cover at 50% FE.

STT

STT was relatively stronger compared to the market in the early morning and formed a green candle with a long upper wick. 2-5 candles started consolidation. Wanted to enter long on the break of a green bar. Was waiting for the green bar to be formed. The 6th bar was a WR green bar that closed very strong. R:R was not good but I still entered on the break of the 6/5 bar and exited completely at exactly 50% FE of the 15min. OR. If the market was in green, I would have targeted 61% FE. Did not want to take risk when the market was 100+ in red.

CNQ

CNQ gapped below the PDL and sold off immediately. It then consolidated in the lower range of the first 5 min. bar. Entered market order below the low of the first bar. Exited completely at 61% FE.

DDM - ORH Retest

Trade was based on $INDU chart. Price breaks and comes to retest ORH. Entry a little above the break of the retest bar. Partial at swing high, sold completely at 38% FE. Was thinking of holding the remaining a little longer but then decided to close the position.

SOHU - Failed BO

Entered on the break of the OR B&B. It was a failed BO. Wanted to short on the failure but did not have courage. Would have been a nice trade.