23 March Update

So the $DOW had a nasty sell-off at the end of the day, but still remains in an uptrend.  Meanwhile, the S&P, which also sold off, is starting to flatten out a bit.  Overall, I’m cautiously bullish.  If the trend of the last few trading sessions plays out, we can expect a white candle tomorrow.

Real Account Update:

Reviewing yesterday’s trades, $DD was up slightly. I was able to get into the trade around the lows of the day.  I bought the stock outright, rather than buying calls.  $DD held the ascending trend line and still looks healthy.

$EXPE sold off with the rest of the market.  I was hesitant to get into the trade, due to the volatile open.  $EXPE sits on solid resistance, so this is an even better bullish entry with less risk and more reward.  I’m not sure I will take the trade, but I’m very interested to see how the stock moves tomorrow.

What I’m looking at:

$JNJ

$JNJ has been in a down trend since the end of last year.  However, a double bottom may be in (see chart below).  If we close above the “neck line”, I like $JNJ long; first target ~$106.50.JNJ

$PFE

PFizer just closed at its all-time high today.  You can see that MACD is about to turn positive and volume was strong on today’s breakout.  The long wick is a little concerning, but this entry provides low risk/high reward.  First target is $36.03.PFE

$VLO

Lastly, Valero is on the cusp of a breakout to all time highs with MACD just starting to turn bullish.  If this one breaks out, I like a medium term target (approximately 1 month) of $68.45.VLO

  On My Radar:

$COH, $MA, $SBUX, $TIF, $WFC, $AAPL

Just a quick note on $AAPL; although it gapped up slightly, the candle was still one of indecision.  I’m still looking for the $129.50 entry.

That’s all for tonight.  Happy trading!

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Potential Return

Hello everyone,

It’s been a long time since I’ve posted.  After the mounting frustration of loss after loss, I decided it was time to take a break from trading.  After some time, I slowly started to get back into looking at the market and analyzing a few stocks here and there.  I also took a step back and analyzed my trades and realized I was making some very fundamental mistakes  (i.e. trading against the trend, holding losing trades, trading on a whim, not letting winners run, etc).  While reacquainting myself with the market, I also took time to review old technical analysis course material.  I resumed trading in October, just taking on a couple of trades per week.  I wasn’t coming out in the green, but I also wasn’t losing either.  It was extremely encouraging to me that my account was holding steady.  After the new year, I decided I wanted to get back into trading more frequently, and I am happy to say that since that time, my account has been a positive 2%.  This may not seem like much, but just being in the green over a period of almost 4 months while trading almost daily has been such a great and exciting experience.  I am keeping my losses small and letting my winners run as best I can.  I fully believe that I have improved and taking a step back may have been just what I needed to push forward and become a better trader.

As far as this blog goes, I am not sure how often I will update it.  Probably not daily, at least, not at first, but I certainly want to update at least once per week.  So here is what I’m looking at for Monday’s trading session:

$DD

Dupont has been in a strong uptrend since October of 2014.  There is an ascending trend line that the stock has bounced off three times since the uptrend.  It is now sitting on that trend line for a 4th time.  I see this as an excellent R/R trade.  Approximately 60 cent risk for a potential $10 gain or more. As long as it’s not up more than a dollar at open, I plan on buying a few calls.

DD

$EXPE

Expedia just broke out to an all-time high.  I see this as another good R/R trade.  The risk is ~$1.  Reward is ~$4.  First target is $100.

EXPE

Some other stocks I’m watching: $COF, $AXP, $MA, $AAPL.

As far as $AAPL goes, I am expecting it to go lower, but if it holds at this level, I plan to buy around $130.  Otherwise, I’ll be looking for a bullish entry around $122.

Thanks for reading and happy trading!