Day Trader | Pristine Method | Market update

TradeHank’s final trade of the day in WMT

Posted on December 12, 2012 by TraderHank

My final trade was a break down play in WMT after a shakeout just after lunch time. WMT was on my gap down list this morning and had been basing at the lows all day. After the shakeout, I felt confident enough to try a play lower once the base had been broken. Since it was the end of the day, and I was green, I played this one tight and as price moved down, WMT formed a small pivot on the one minute chart that I could bring my stop down to in profitable territory. A few bars later price action hit my stop for a small gain. I had a small green day today, not bad for a Fed day, a few years ago, I always lost on Fed day’s, but those days are over!

WMT

Posted in Gap plays | Comments Off

TraderHank’s 15 minute sell in LLY

Posted on December 12, 2012 by TraderHank

My next play was a 15 minute sell in LLY at 1:45 just as we were ending lunch. I found LLY on my gap down list just a beautiful mortgage type gap that many traders were reward handsomely this morning by shoring the first sell setup. I missed the morning play so I thought I would take a crack at the first 15 min sell. I kept it tight since I really did not like the area of the setup above the declining 20 ma. Price action fell nicely in the beginning only then to start basing. Once price action bases the next move should be lower, once price broke upward, I just killed the trade with a small gain.

LLY

Posted in Gap plays | Comments Off

TraderHank’s 15 minute buy setup in UNH

Posted on December 12, 2012 by TraderHank

My next play was a beautiful 15 minute by setup in UNH at exactly 10:30 reversal time. Text book bottoming tail, at reversal time, with COG, Near the rising 20 ma and 40 ma, @ minor support, moving averages look like rail road tracks, 5 minute buy was triggering at the same time, and last but not least, excellent risk to reward. This has to be at least a 70 point play within Pristine’s scoring critique. I was hoping that the market would turn bullish here as well but it did not. Price action in UNH stalled and started to retreat causing a red bar engulfing the low of my first profitable bar, so I killed the trade, small lose 🙁

UNH

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

QQQ update and TraderHank’s short play in CTSH

Posted on December 12, 2012 by TraderHank

The Q’s gaped up this morning at the opening to yesterday’s highs setting the high of the day in the first 5 minutes @ 66.32. Then the market sold off until the Fed announcement at 12:30 setting the low of the day at 65.65 where it rallied up like a rocket to test our highs again near 1 pm, 1:30 pm and again at 2:15 reversal time but failed to reach the 66.32 level falling short @ 66.27. The Q’s proceed to sell off hard breaking the low of the day and ending the day in a 5 minute downtrend. My first play was in CTSH short. I found CTSH on my daily climatic watch list and upon open it rallied hard for the first 5 minutes, the next bar put in a topping tail before turning red and nearly taking out the 5 minute low. The next bar did take out the low and I entered my trade short with my stop placed .01 cent on the high of the day. CTSH fell beautifully for the next 20 minutes hitting my target at $72 where I covered 1/2 of my shares. The next bar put in a bottoming tail so I covered another 1/2 leaving me with a few token shares that I would like to be able to add and reduce my stop. Price action rallied back within a penny of my original entry price and rolled over again. No room here to add or reduce so I just left the trade going and price just went sideways until the Fed announcement where prices jumped up and triggered my stop on the last remain shares.

CTSH 1

Posted in Daily plays | Comments Off

Forex trade update in AUDUSD

Posted on December 12, 2012 by TraderHank

I lost two lots short at noon during the Fed announcement. This is one of the few times that I had a trade going during a Fed announcement and I decide to leave it on. To many times I kill the play early and end up missing out on tremendous profits. Price action could have whipped either direction so I felt comfortable leaving my trade on. I believe at worst I’ll end with a break even trade or if price decides to test the highs again and pick up another lot then come crashing down again I might walk away with a profit… We will see in the next day or two.

AUD USD update

Posted in Forex | Comments Off

QQQ analysis for Wednesday, December 12th, 2012 and TraderHank’s stock picks

Posted on December 11, 2012 by TraderHank

Longs:

AIG – Gap continuation

AMGN – 123 pattern

CELG – Break out continuation

CREE – Break out continuation

EBAY – Daily buy Triggered

LLY – Break out continuation

LOW – Daily buy watch

LVS – Gap continuation

MOS – Break out continuation

MS – Break out continuation

RIMM – Break out continuation

Shorts:

CTSH – Climatic Watch

WMT – Weakly sell Triggered

WAG – Climatic short watch

XLNX – Climatic short watch

After the QQQ’s gap up this morning and rally, the day closed as we broke the 5 minute up trend and price put in a lower high. For tomorrow if we gap up over the 66.06 area or trade up over this area, I’d be looking to take the first 5 minute buy or base break out over this area with our first target of 66.26 area and a 2nd target at 66.56 area. If we gap or trade lower from the close of today, I would look to play the first 5 minute short in the market if we trade or gap though the 65.77 area. Short targets will be the 65.51 area and longer lower target of 64.54 area. My bias is short since the 5 minute chart is currently in a down trend breaking two prior pivot areas this afternoon.

QQQ12122012

Posted in Uncategorized | Comments Off

TraderHank’s short play in WAG

Posted on December 11, 2012 by TraderHank

I found WAG on my daily climatic short list watch and saw that it was starting to roll over this afternoon. As the market finally decided to sell off this afternoon, I was willing to take a failed buy pattern short in WAG. I lowered the share size so that I could use the high of the day as my stop. As soon as I shorted WAG price action began to rally, but my guts told me that price would make a lower high and WAG would continue lower. Price rolled back down after hitting the declining 20 ma on the 5 minute chart well below my stop. Price started to move down nicely but never got to my first target at .44 cents and after 3 red bars down, price rallied and took out the high of the last 3rd bar down. It was getting late in the day so I exited my trade with a small gain…

wag

Posted in Daily plays | Comments Off

TraderHank’s 15 minute buy in CELG

Posted on December 11, 2012 by TraderHank

My next play was in CELG which I found on my daily break out list and I was looking for price to continue to the upside. CELG triggered it’s 15 minute buy during lunch at 12:15, not a great time but when you follow your patterns lunch can be very profitable. Price action in CELG was a slow grind upward finally reaching target 1 before rolling over. Not a huge gain on this trade, but I booked it! Here is the chart for my trade in CELG…

celg

Posted in Daily plays | Comments Off

TraderHank’s play in LVS

Posted on December 11, 2012 by TraderHank

My next play was in LVS on a 15 minute buy setup. I found LVS on my gap list gaping over two prior days red bars and a very good mortgage style type gap. I took the first 15 minute buy, but price could not take out the high of the day and LVS kinda just floundered. 30 minutes later LVS had put in a topping tail bar on the 15 minute chart, when price took out the low I exited my play with a small gain.

LVS12112012

Posted in Gap plays | Comments Off

QQQ update and TraderHank’s two stops in TEVA

Posted on December 11, 2012 by TraderHank

The market gaped up big this morning to 65.60 and immediately set the low of 65.51 before exploding to the upside taking out the last bit of resistance near by at 65.75 and finally setting the high of the day at 11 am @ 66.34. The Q’s triggered a 15 minute buy at noon but could not take out the high of the day and price finally headed lower @ 2:30 pm EST. Price found support at the old level of resistance near the 65.75 area and closed at 66.10. My first play was actually a short near the 10 am reversal time with hopes that the market would also pull in a little as well. I found TEVA on my daily climatic sell list because it had seven straight days of buying, The first entry short I missed and actually that was the best entry and I would have been fine all day long. I took the a 2nd entry that appeared off the 1 minute chart at the declining 20 ma and just after TEVA had consolidated and was setting up to go lower. The play triggered but price could not take out the low and I was soon stopped out of the play. Price flurried up to the declining 20 ma on the 5 minute chart putting in a topping tail. Again I entered below the topping tail bar and I soon found myself stopped out again. I was done at this point since the market was continuing higher. Well the bar that took me out collapsed into anther topping tail and price took off lower and never took out the high of that bar the rest of the day. TEVA sold off hard the rest of the day, if I would have taken the break of the first 5 minute bar with a stop over the high, it would have been a beautiful thing. Here is the chart for my play in TEVA…

teva

Posted in Daily Analysis, Daily plays | Comments Off

Pivot High

TradeHank’s final trade of the day in WMT

WMT

TraderHank’s 15 minute sell in LLY

LLY

TraderHank’s 15 minute buy setup in UNH

UNH