Monday's trade - Short TNA, Long GLD

TNA formed a wide range red bar on Thursday right on the 50 EMA. Friday was a narrow range day. I was looking for a continuation of the downtrend on Monday.


Shorted TNA when price took out Friday's low. Covered partial at S2 and remaining near the round number.

GLD gapped up but I was initially looking for shorting gold because it seemed a little exnteded on the daily. Price formed 4 spinning tops and doji's just below R2 forming a bull flag. I changed my mind of shorting gold and went long above R2.

July 14 trades - GLD, TZOO

TZOO formed NRB's on daily and looked ready for a breakout. It gapped up a little, then price moved down to the rising EMA. Entered long on strong bar off the EMA on 5 min. chart. This Strong volume came in and took partial at R2 and decided to hold the remaining for a further move up based on volume but then decided to sell the remaining. Glad I did that. It failed at R2 and reversed badly.

Gold was a little extended on the daily. Shorted when price formed a bearish candle at R2. Covered partial near 20 ema and remaining at daily pivot.

Long Commodities - CLF, SCCO

SCCO



Missed trade:

Long CECO

Hope everyone was able to catch the 3 pm sell-off today. Just listing my morning trade.

I hate when the market gaps down lower and then shows strength. CECO have some nice volume coming in (daily chart) the last week. On the 15 min. chart, CECO was inside the PDR. A WRB followed by a red IB. Not a very ideal setup. 5 EMA was close to the entry price. Entered long on the break of ORH. A little consolidation followed by a strong bar closing just above the PDH. Added to my position here as it looked like a bull flag. Price expanded with very nice volume. Sold 3/4th of my position at R2. Price again consolidated. Added a little more to my position. Wasn't expecting 100% target extension. Sold near $23 level.

CTSH Short

CTSH short was based on daily chart.

Feeble attempt to rally at the open but could not break the coiled EMAs. Shorted on the break of 4th IB low. Partialled on the way and completely covered at S2.

CLF - NR7, Inside Bar on Daily

Yesterday CLF formed a NR7, inside bar within the tail of the previous bar on the daily chart. It was green on green and on very low volume. This have a high probability of an expansion move coming soon. CLF was on my focus list today. It gapped up above R2 today, moved sideways to reach the rising 5 EMA. 3rd bar closed very strong. Entered on the 3rd bar. It consolidated midway where I could have added to my position. Sold at $35.60.



This was yesterday's trade. Found resistance from all the EMA's. In this setup, stocks move up against the EMA's. Candles become narrower forming a bear flag. Best entry is on the break of the trendline.