I had two really nice plays today in both NOV and COST. Nothing out of the ordinary as far as profit, just two nice 1 risk unit plays that gave me a nice 2 risk unit day. You could make day trading a career if you can average 1-2 risk units of profit daily. Anyway, my first trade was a short attempt in NOV. I hesitated in taking the play at first since the market was continuing its bullish trek higher but was also nearing an area of possible resistance. I found NOV on my 9:45 am wide range bar scan and spotted price triggering a fairly nice sell setup. I was short in the play at 48.14 as price triggered with my first take profit area near the prior low of 47.79. I soon hit my first target taking profits but price just spiked upward soon afterward causing me to believe that price was over going lower for now, 2nd, the market was breaking out above its prior high, so I covered my final shares with about a full 1 Risk unit of profit in the bank…
My second play in COST I took after I had a confirmation COG and buy trigger on the 60 minute chart. I then zoomed down to the 5 minute chart and waited for the next buy setup to trigger. This has always test my patience since I already wanted to be in the play, but I waited and I got a beautiful 5 minute buy setup. Price triggered and moved up nicely hitting my first longer target at 150.15 where I sold 2/3rds of my stock. I wanted to hold the rest into the close but soon afterward COST put in a Red wide range bar to the downside that I just could not ignore so I ended the play. Not a bad day at all to start this new week in March with two risk units of profit, I wish a safe St. Patrick’s Day for everyone!
