9:45 am wide range bar play kept TraderHank in the Black for the week

Posted on March 12, 2014 by TraderHank
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My play of the day came in VLO which I found while doing my 9:45 am wide range bar scan.  My entry came right at 10:30 am reversal time as price triggered a 15 minute buy.  I entered the play with a partial share size since the entry bars were not the narrow range bars that make the PBS potent.  Price action took off and soon put in a two bar pull back that I declined to get full on my play in VLO.  I finally got the PBS I was looking for @ 1:30 pm reversal time where I got full on my play.  My first target was hit without much pain @ 55.16 where I sold 1/3rd.  I soon found myself tailing out the rest of my shares @ .19 as the market looked like it was starting to roll over as lunch time was ending.  Price action in VLO remained strong but I really did not leave much on the table as the high for the day in VLO was .32.  

VLO 03122014
VLO 03122014

  

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Tier II gap play in JCP made a great play for TraderHank

Posted on March 12, 2014 by TraderHank
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This play was from yesterday where I found JCP as a nice Tier II type mortgage play.  I soon found an entry as price triggered the first buy setup on the 1 minute chart near 9:35 am reversal time where I entered with a full share size @ .97.  Price continued sideways until the 20 ma caught up pushing prices higher.  I reached my first target near 10 am and sold 1/3rd of my shares.  I was looking for a much higher last target of .56 cents found on the daily chart back in December, but this was not going to be the case as I soon tailed out of the play near 10:30 am as I sold my last remaining shares @ .17 as price started to break down.  A solid 2 “Risk” units of profit made on the play.  Here is the chart for my play in JCP…

JCP 03112014
JCP 03112014
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HOG got the job done for TraderHank today

Posted on March 5, 2014 by TraderHank
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My play of the day came in HOG which I found while doing my 9:45 wide range bar scan.  I took the first 5 minute buy at 10 am reversal time with a partial share size but it wasn't until 12:30 that HOG triggered a 15 minute buy where I went full on my play.  HOG then took off like a rocket hitting my first target at the high of day @ .98, and my 2nd target @ .08, and finally price hit my last target @ .20 where I sold my final shares. A beautiful trade on a stock that usually trades on light volume and can be a bit violent at times.  Here is my chart for my play on HOG...

HOG 03052014
HOG 03052014
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TraderHank’s FB trade is a textbook use of multiple time frame analysis

Posted on March 4, 2014 by TraderHank
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Honestly, with a large gap up in the market today, I found it difficult to come up with a good play this morning and was surprised at the setup that Facebook gave me starting on the 5 minute chart.  I found FB on my daily watch as a possible daily buy which triggered as FB gapped up this morning triggering the PBS.  I just needed a pull back which price triggered at 10 am reversal time on the 5 minute chart.  I bought with a small lot hoping to get a chance to add to may play as price proved itself.  A few minutes later FB's 15 minute buy was also triggering so I added to my play with a full share size.  When you get both time frames to line up and trigger independently, increases the odds in your favor that price will continue higher and that is exactly what happen as FB began it's flurry upward hitting my first target at the high of the day @ .72 and hitting my 2nd target @ .86,  both targets allowing me a chance to sell 1/3rd of my shares at each location.  I had a third left but as we were heading into lunch time on Wall Street, I decided to dump my last remaining shares, my thinking was that the market would probably fade during lunch not helping my FB trade and I really was in the mood for a early morning nap...   

FB 03042014
FB 03042014
FB Daily 03042014
FB Daily 03042014
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Climatic stop out in TGT

Posted on February 28, 2014 by TraderHank
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Every trader always wants to show the winners but as Oliver Velez has said on many occasions "show me the losers, because the winners always take care of themselves".  It is how a trader reacts to the losers that really measures a traders mastery.  So today I'll show you my stop out in TGT which I had on my daily list as a gap continuation play.  Price action in TGT was so strong this morning that It did not pull back until 10:25 am reversal time.  I noticed the topping tail bar on huge volume and thought this might be a nice short back into the 20 ma.  I usually don't trade with the moving averages up but I have tab charts hidden with the ma's so I can easily put them up in a second.  Well, I found myself short @ 61.77 with my stop @ 62.10 when price retested .09 again before the price bar turned red and triggered my entry short. The next green bar tested the highs again but came up short @ 62 even.  I thought, I was in the clear as the next bar tested 62.10 before going red.  The next 5 minute bar broke the low but then bounced and closed green.  It was all over then as price grinded it's way back up to take out my stop above .10 cents... Ouch!  The main problem with my play was that TGT had been consolidating all of Thursday and most of Wednesday, price action was just breaking out again which makes it a poor choice for any climatic setup.  I'll keep posting more losing trades so as to help myself and all of you who may learn from my mistakes, and besides, I'm sure there are a few readers that get sick of this guy, TraderHank, always showing off again, lol...  Have a great weekend everyone!

PS  Yes, I did finish the day even, up nicely for the week and month in both Equity and Forex trades...I had two nice shorts today in SBUX and JOY at the end of the day as the market sold off hard...      

TGT 02282014
TGT 02282014
60 minute chart of TGT 02282014
60 minute chart of TGT 02282014

   

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Homerun game over

Posted on February 27, 2014 by TraderHank
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 All three lots go to 40 pip take profit 🙂

home run
home run
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Major support play in AUDUSD

Posted on February 27, 2014 by TraderHank
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I have a nice trade setting up in AUDUSD long from the .8940 area of Major support where I have 1 lot in and have added 2 more lots at .8926 and .8911.  If all 3 lots hit their targets it would be a homerun type play.  I’m almost up about 40 pips in profit on the combine 3 lots but my play must finish by Friday at 3:00 pm EST. so I’m running short on time.  Here is the 4 hour chart for my major support play long in AUDUSD…

AUDUSD 02272014 4 hour
AUDUSD 02272014 4 hour
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WMT had TraderHank over a barrel this morning…

Posted on February 26, 2014 by TraderHank
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  The Pristine method teaches that there are 4 stages to the market, stage 1 is flat, stage 2 is an uptrend, stage 3 is wide and whippy, and stage 4 is a down trend.  In between these stages we have the transitional phases A, B, C and D which are the most challenging times to trade successfully.  Currently I believe the market(QQQ) is in a stage 3 in a transitional phase C heading into a stage 4 down trend.  As I have just mentioned this transition C has made trading difficult over the last couple of weeks.  The really cool thing about the stages is that they always come in order 1,2,3,4 along with the Transitional phases A, B, C, and D, they never occur out of order.

Since the market has been more difficult to trade because of what I just mentioned in the above paragraph, I decided to show off my textbook looking losing trade today which came in WMT this morning.  I had my WMT on my list as a 9:45 wide range bar play but it should have been left off my list because of the large gap up this morning.  It could have made my morning gap list as a Tier III gap but I did not find it until my 9:45am scan.  So WMT should have been on my list and I believe that the PBS that set up at reversal time, 11:15 am, was a good buy to take with my stop .05 cents below my entry bar, but actually, I moved it .03 cents lower to .49 cents because of the whole number .50.  Price action looked good for a while as the market took off upward at the same time as well, but when the market started to roll and go sideways WMT started to bleed lower.  Price action bounced 3-4 times off .52 and looked like it may recover but this was not going to be my day in WMT as finally .49 was taken out by 12:24 pm over lunch.  I took a little over a 1 R loss on my trade but I had some nice trades in AIG and JPM lower this afternoon that took care of this loss.  I ended the day with a small gain and I’m still on tract to end my week and month in the black 🙂  Here is the 15 minute charts for my loser trade in WMT…

WMT 02262014
WMT 02262014

  

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TraderHank loves PCAR

Posted on February 24, 2014 by TraderHank
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Today was one of those day’s that everything went right with my trading, when this happens you feel invincible.  My trade in PCAR got the day off right as I found the stock while doing my 9:45 am wide range bar scan.  On Friday PCAR had a huge gap up and then was sold off hard filling the gap, so it was no surprise to me that PCAR broke out again today as price put in a beautiful 9:45 am wide range bar.  The reason Friday’s price action was significant is that all of the sellers had sold so the bulls had nothing to worry about going back up.  Price went back up so fast I thought It may not pull back to give me an entry, but soon at 10 am reversal time, PCAR triggered a beautiful 2 minute buy setup which I bought using a full share size.  Price grinded it’s way up allowing me to take multiple targets @ 64.24, .34 and .49.  I held for a longer target and sold my final shares as we were heading into lunch time at 65.21.  Just a great day of trading today and maybe we can have a strong finish as we are in the last week of February 2014…

PCAR 02242014
PCAR 02242014

  

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HD short paid the bills for TraderHank

Posted on February 19, 2014 by TraderHank
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My play of the day came in HD that I found on my 9:45 am wide range bar scan.  Usually I don't like these bars to have tails but on wide range red bars I've noticed that a topping tail is ok as long as the bar closes solid at the bottom, this is the case with HD. My first entry triggered on the 5 minute chart on a two bar pull back and since it was not a textbook style setup, I went with a single lot size.  At 10:50 am HD finally started to trend lower and broke to new lows.  On the next 5 minute sell that triggered at 11:50 am I went to a full share size and was almost immediately rewarded as HD fell to .76, my first target, where I sold 1/3rd of my shares.  I covered more shares @ .58 and I was looking for a much lower target @ .06 for my final 1/3d shares left.  I decided to cover 1/2 of my last 1/3rd looking to add to my play and reduce my stop.  My add and reduce came soon as I shorted more shares @ .53 and lowering my stop to .69.  My play looked promising with a low target of .06 but as HD retested the lows price started to rally and finally took me out of my last 1/3rd at a break even.  This could have been a huge play but maybe next time.  Here is the chart for my play in Home Depot...

HD 02192014
HD 02192014

     

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