Day Trader | Pristine Method | Market update

TraderHank’s play in VZ

Posted on January 16, 2013 by TraderHank

I had VZ on my list from yesterday which set up again short just near the middle of lunch time. I like the play a lot because all three time frames the 15, 5, and 2 minute were setting up perfectly at the same time. This means that traders in all three time frames agree on the direction and the more likely your trade will end up working as it did here with my short trade in VZ. A nice 3-1 risk to reward and price hit Target 1, with this trade and my GILD trade my day is in. Here is the chart for my short play in VZ…

vz

Posted in Daily plays | Comments Off

TraderHank’s play in GILD

Posted on January 16, 2013 by TraderHank

My next play was a 5 minute sell in GILD which I found this morning while I was doing my 9:45 wide range bar scan. The setup was very text book like at 10:30 reversal time, at the declining 20 ma, at minor support, railroad tracks made up by the 20 ma and the 40 ma, 3-1 risk to reward, and 60 % retracement of the prior move, a total of 70 points on the ole Pristine scoring chart. Once in the trade price behaved beautifully moving lower into major support and bouncing ending the move lower for now…

GILD 1

Posted in 9:45 Wide Range Bar Plays | Comments Off

TraderHank’s 5 minute buy in MS

Posted on January 16, 2013 by TraderHank

My next play I found on my gap list in MS, not a shock gap but price did manage to break major resistance and could be played long with the right setup. MS pulled back hard into support setting up a possible buy which I was not really interested in at first until price hung out an extra 5 minutes putting in a red small narrow range bar called a spinner. Once price moved above I felt that the odds were good enough to enter the play long which I did. Price moved up rather nicely at first then price put in a nice pivot area on the 1 minute chart that allowed me to move up my stop to just cents shy of my break even on the trade. Price then moved on up to new highs then pulled in again setting a new higher low which price bounced from this area twice, so again I moved up my price to just below this area. MS continued higher for 1 more bar but could not clear the last higher high and price came tumbling on down taking out my stop. A slight loss on the play that was disappointing because the risk to reward was excellent…

ms

Posted in Gap plays | Comments Off

QQQ update and TraderHank’s play in BK

Posted on January 16, 2013 by TraderHank

The Q’s had a small gap up this morning then sold off for the next 15 minutes setting the low of the day by 9:45, then the market rallied triggering the daily buy in the Q’s at 66.74 and continued upward setting the mornings high by reversal time of 10:25 am. Price pulled back in until 11:00 and found minor support at 66.80 and then price proceeded to breakout to new highs confirming a new uptrend in the Q’s. Price set the high of the day at 2:30 pm and moved back down into minor support where the day closed at 66.88. My first trade came from my gap down list in BK which had a beautiful gap down clearing major support and looked really bearish this morning. I wanted to confirm the down trend since BK broke through it’s 5 minute high. Soon BK triggered it’s first sell setup which moved downward nicely, but it did not take out the low of the day. I decided I would take the 2nd triggered entry short which happened shortly after. After 4 minutes a doji style bar appeared on the 1 minute chart near the low of the day which gave me a clue that the selling is over for now. Once price moved above this bar I covered my short in BK with a small loss which now looking at the chart was the correct thing to do…

bk

Posted in Daily Analysis, Gap plays | Comments Off

01-15-2013 Making changes

Posted on January 15, 2013 by TraderHank

I’ve started this year out managing my trades more agressively basically attempting to take myself out of the trade before taking a full stop out. This has worked out well in the past but I’ve noticed recently that I’ve become less patient and have been taking lower quality of plays as a result. I need to be taking the same quality plays as if I were going to take a full stop if price goes against me, a big ah ha moment yesterday and today. I always stress to other traders to make as little change as possible to their trading plans for this same reason as I have found with my trading, I guess my mind felt that since I was managing my plays tighter, I could take more plays that may not be the best but since I was managing tighter it would some how be all right. All I did was find myself taking more stops, losing on slippage, etc. and actually not waiting for my quality plays. I’ve corrected this today, and I’ve had a great afternoon with my short play in VZ. Also, I’ve decided to remove the stocks from my morning list that are no longer in consideration for afternoon plays. Ex. Longs not trading above their prior day’s close(same for reverse), I will not trade these, so now I’ll elimnate them from my list and remove their charts, allowing me to have more focus on the stocks that may qualify to be traded in the afternoon. Also, I’ve come to the conclusion that I will not add any stocks to my list for the afternoon since I should be attempting less trades in the afternoon anyway. Removing stocks from my list at noon and not adding any should really help me to focus on what I have left or decide to take the afternoon off…

Posted in Diary | Comments Off

QQQ update and TraderHank’s short play in VZ

Posted on January 15, 2013 by TraderHank

The Q’s gaped below 66.67 area of Major Resistance and continued lower breaking the 60 minute uptrend. The Q’s set the low of the day by 9:50 @ 66.33 then rallied into the lunch time period where it has set the high of the day at 66.73 at 12:40pm. The market since has rolled back over to test the low of the day but has found Major Support at the 66.42 area just above the lows of the day and has bounced higher. Currently, the market is stalling at minor resistance @ 66.65 area and looks like it wants to roll over on the 5 minute chart. This make sense since the market did trigger the hourly buy during the 14:00 hour. My play of the day was in VZ which I found on my daily sell list since it had triggered short yesterday. My entry was at 1:46 pm as the market was starting to roll back over after lunch. VZ put in a text book setup attempting a break out @ 1:20 pm that failed, then price based until 1:45 when price shook up again then went lower creating a small little Doji type bar, I entered short below the Doji and price moved lower nicely to break through the low of the day in VZ at .17 cents. I finally trailed out of the play at .12 cents with just shy of a 4 R trade. Here is the chart for my play in VZ….

VZ

Posted in Daily Analysis, Daily plays | Comments Off

TraderHank’s 15 minute buy in ESRX

Posted on January 10, 2013 by TraderHank

My next play was in ESRX which I found on my Daily list, early, ESRX gaped at the opening then put in a nice bottoming tail filling in the gap and price rocketed upward. I missed the morning entry so I stalked ESRX for a possible 15 minute play, by 11:30 reversal time ESRX had triggered just a beautiful text book 15 minute buy setup. The play setup after 6 bars down into a rising 20 ma at a 45 degree angle, with bottoming tail, green bar or COG, @ minor support, and the most important item, with the market going long. About a 3 1/2 hour play back up to target I area, a nice 2.38 “R”isk units of profits. Finally I got my profit for the week in with another day to go. Overall it’s been a tough week of trading but best of all it’s been profitable!

esrx

Posted in Daily plays | Comments Off

QQQ update and TraderHank’s LVS short play

Posted on January 10, 2013 by TraderHank

The Q’s gaped up at the opening over the highs of the last 4 days of trading setting the high of the day at 67.27 at 9:35. Then the market sold off hard through minor and major support levels and finally setting the low of the day at 66.55 @ 11:15 am, from there price went sideways until 2:30 where price then broke to the upside and currently is in the middle of today’s range at 67.12. Basically the Q’s have put in a W pattern easily seen on the 15 minute chart. My first play was just after 11 ma as the market was continuing it’s hard sell off, I shorted LVS just as it started to break down again. I was not very fond of the trade and I really hesitated since price was going no where in a hurry. Once I entered the play I throw the stop at break even after I was 3 cents up. In no time a quick flurry up took out my break even stop. Price continue for another 10 cents before retreating upward and finally breaking out. I would have been stopped out anyway, I’m not sure if I would have had profits on this trade or not If I would have stayed in the trade. I’m still even on the day looking for a pattern that I can trade.

LVS 01102013

Posted in 9:45 Wide Range Bar Plays, Daily Analysis | Comments Off

QQQ update and TraderHank’s Long play in HPQ

Posted on January 9, 2013 by TraderHank

The QQQ gaped up slightly this morning put in a topping tail and pulled into minor support and took off higher at 9:45 am. The low of the day was set at 9:40 at 66.55 and it looks like we have set the high of the day back into major resistance at 66.95 at 10:25 reversal time. The next move in the market will be a 5 or 15 minute buy setup and we will have to wait and see if we are going to move higher from here or if it fails we could move back down into major support near the 66.40 area. My first play of the day was in HPQ long which I found on my daily list as a level I pivot from yesterday. This is one of my favorite daily patterns because price usually just rips upward the following day(same for the opposite direction). HPQ gaped up this morning and price was a bit wippy for the first 3 minutes, then price started to consolidate for the next 6 minutes finally putting in a bottoming tail which is a pivot 1 on the 1 minute chart. This tells you that we are going higher, with one more small green narrow range bar, I was in long over the top and price took off nicely. Quick play, 3 minutes later price was putting in a topping tail so I sold 1/2 of my shares, a few minutes later, I added back some shares and reduced my stop. I was hoping that price would take out the high of the day, but HPQ finally rolled over and trailed me out. Hey, I’ll take this play everyday, a great little 2 R trade!

hpq

Posted in Daily plays, Market Update | 2 Comments

QQQ market play for January 9th, 2013 and TraderHank’s free stock picks

Posted on January 9, 2013 by TraderHank

The Q’s happened to trigger the daily buy today but by only a few cents and that was the high of the day. The daily chart looks more like a failed buy attempt now and the 15 minute chart shows a sideways price action while currently we closed in the middle at 66.54. The high end of this pattern is the 66.80 area and the lower end is the 66.20 area. For Wednesday, I’ll be waiting on the market to break out above or below one of these areas even though my bias is lower since the last 3 days we have made lower lows on the Daily chart. If the market opens neutral and powers upward, I’ll be looking to short at the 66.80 area near 10 am reversal time, and if we head lower I’ll be looking to buy at the 66.20 area at or near 10 am also. If we happen to gap below the 66.20 area, I’ll look to take the first pull back to the same area short on a 5 or 15 minute sell at or near 10 or 10:30 am. If we happen, which I doubt, to gap over the 66.80 area, I’ll be looking to take the first 5 minute buy setup at or near this area on a pull back near 10 am. Our lower target is the 65.67 area on a break of the 66.20 area, and a longer target is 67.37 if we happen to get over the 66.80 area.

Longs:

HPQ – Pivot I

JPM – Pivot I

Shorts:

AXP – Climatic watch

CELG – Climatic Watch

CREE – Gap Down continuation

RIG – Climatic Watch

QQQ01102013

Posted in Daily Analysis, TraderHank's Stock Picks | Comments Off

Pivot High

TraderHank’s play in VZ

vz