QQQ analysis and TraderHank’s stock picks for Monday, October 22nd, 2012

Posted on October 21, 2012 by TraderHank
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Longs:  None

Shorts:

AKAM – 4th day of sell triggered, still has void below.

BRCM – Daily sell triggered

CELG – Daily sell triggered

PCAR – Daily sell triggered

T – Daily sell triggered

TGT – Daily sell triggered

XLNX – Daily sell triggered

MSFT – gap continuation lower

After the large sell off in the market on Friday, we have a red, large wide range bar on the daily chart of the QQQ.  After Friday’s price action we should be expecting a narrow range day with price action between 65.25 and 66.50 areas.  If price opens and or gaps down below Friday’s close, I will be looking for a long at or near 10 am reversal time.  I probably won’t look to play the market lower since we are very near support at the 65.25 area.  If the Q’s gap up I’ll be looking to take the first 5 minute higher low with a target area of 66.50.  The 66.50 area should be our next hourly sell in the market and expect it over lunch time.  On narrow range days, unlike trend days,  you should take your money and run! 

QQQ10222012
QQQ10222012
Posted in Daily Analysis, Recommendations, TraderHank's Stock Picks | Comments Off on QQQ analysis and TraderHank’s stock picks for Monday, October 22nd, 2012

TraderHank’s play in AKAM

Posted on October 19, 2012 by TraderHank
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My next play was a 15 minute short in AKAM.  I found AKAM on my Daily watch list because it had triggered a daily sell on Wednesday.  Today I expected another red bar lower as this would be the 3rd lower day.  This setup appeared late morning after the market had already moved a lot lower.  I was expecting the Q’s to rally at anytime, but since the Q’s could not even get above it’s 20 MA on the 1 minute chart I felt my late play short in AKAM would work out.  As I entered short, the market really started to sell off and my play in AKAM took off lower like a falling rock, wow!  It took out my first target but I decided to take the rest off at the break of the 5 minute bar.  I just felt that since it was 11:30 the market was due to rally.  This trade along with my trade in SNDK has made my weekly goal 🙂 which is significant since I’ve had 4 scratch days in a row.  Patience, patience, patience is the key to trading mastery….  Have a great weekend everyone!

AKAM
AKAM

   

Posted in Daily plays | Comments Off on TraderHank’s play in AKAM

Update for the QQQ and TraderHank’s Long play in SNDK

Posted on October 19, 2012 by TraderHank
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TGIF – After yesterday’s strong sell off because Google did not hit it’s numbers on their earnings report, the market opened neutral  and continued to move lower for the first 15 minutes when it appeared that we may had hit a bottom.  The Q’s rallied for 15 minutes only to trigger a perfect 5 minute sell at 10:00 reversal time.  The market continued lower and broke down to new lows.  My first play was a long in SNDK which I found this morning on my gap up list.  SNDK is a nice example of a Mortgage/Monster type gap where price is gaping over a nice wide range red bar.  SNDK pulled in nicely setting up and triggering a 1 minute buy setup that I had to take.  My stop was .30 cents but if I was right on the play, price action should take  out the high which was a full 1$ buck away, so I had a good 3-1 risk on the play.  Well, price action almost got to the high but a narrow range topping tail bar appeared on the 1 minute chart and I took my chips off the table.  On these types of plays, that are against the market, you have to know when to hold them and when to fold them.  My exit ended up being the correct exit.  Here is the chart of my play in SNDK…   

sndk
sndk
Posted in Daily Analysis, Gap plays | Comments Off on Update for the QQQ and TraderHank’s Long play in SNDK

TraderHank’s short play in CTSH

Posted on October 17, 2012 by TraderHank
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My final play of the day was a short play in CTSH as the market sold off just after lunch.  CTSH was actually on my long list because price had triggered a daily buy yesterday.  This morning CTSH opened as a shock gap, gaping below yesterday’s green bar and selling off hard.  I waited patiently for a 15 minute sell setup which I took this afternoon with the market.  This is what I had been waiting for and I took CTSH short and I was handsomely rewarded.  Here is the chart for my final play of the day in CTSH….

CTSH
CTSH
Posted in Gap plays | Comments Off on TraderHank’s short play in CTSH

TraderHank’s play in INTC

Posted on October 17, 2012 by TraderHank
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My second play of the day came from my gap down list, INTC(Intel) had a beautiful shocking gap down under a nice sold wide range green bar on the daily chart from yesterday.  My opportunity came on the 15 minute chart when INTC triggered a sell at the 200 moving average (Hoss).  I usually hold out for the declining 20 ma except for only one condition and that is if the play sets up at Hoss.   I really like the gap and the huge void below on the 15 minute sell setup that accrued.  The play worked as well as a short play could while the market was rallying in the opposite direction.  I covered 1/3rd at the .66 area because of the market strength and I finally trailed out of the play over lunch at the break of the 20 ma on the 5 minute  chart.  This play has me even on the day and I’ll be looking for a clue to which way the market goes after lunch.  Here is the chart for my play in INTC…

INTC 1
INTC 1
Posted in Gap plays | Comments Off on TraderHank’s play in INTC

Update for the QQQ and TraderHank’s first trade in POT

Posted on October 17, 2012 by TraderHank
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The last two trading days have really been exhausting for me, I’ve had two days in a row as scratch days, neither up or down, actually I think I’m down a buck in fees.  When a trader can squeeze his losing day’s into scratch days he/she is well on their way to trading mastery.  I mention this because I did not post yesterday because I was mentally fatigued and wanted to take the day off.  Today was going about the same as Monday and Tuesday until my last trade in CTSH short as the market finally rolled over for this afternoon.  The market gaped down this morning setting the low of the day by 9:35 and began to rally into 10:00 setting the high and taking out yesterday’s high.  We’ve been sideways into lunch with basically a sideways trend since 10 am.  My first trade was in POT which I found on my gap down list.  Pot gaped down at the open and proceed to fill the gap.  Price action put in a double top on the 5 minute chart and proceeded to take out the low triggering a 5 minute short with a nice void below.  Price action proceeded to bully and test the high, but never hit my stop and rolled over hard.  Things were looking good for 10 minutes when POT put in a COG on the 5 minute chart and proceeded to rip upward again finally taking out my stop…  I thought I had this play in the bag but the gap that bully’s got me instead.   Here is the chart on my first play of the day in POT…

POT
POT

    

Posted in Daily Analysis, Gap plays | Comments Off on Update for the QQQ and TraderHank’s first trade in POT

Stock picks and Market Analysis for Tuesday, October 16th, 2012

Posted on October 15, 2012 by TraderHank
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Longs:

AIG – Base breakout

AMGN – Daily buy triggered

HD – Daily buy triggered

JOY – Base breakout

T – Climatic watch

Shorts:  None

The market basically did a head fake this afternoon going short as we came out of lunch at 2:15 only to recover and blast off upward at 2:45.  A little after 3:00 we were breaking out to new highs with the market closing at or near the highs of the session at 67.24.  For tomorrow I’d expect a gap up and a trader could buy the first 5 or 15 minute pull back in the market at 10 am reversal time would be preferred.  If the market gaps down to the 67.00 area look for an immediate buy set up.  Target area will be the 68.17 area at 10:30 or 11:00 where one could look for an hourly sell with the market QQQ.  Alternatively one could look for the hourly sell over lunch time as well.

qqq10152012
qqq10152012
Posted in Daily Analysis, Recommendations, TraderHank's Stock Picks, Uncategorized | Tagged , , , , , | Comments Off on Stock picks and Market Analysis for Tuesday, October 16th, 2012

Market update in the QQQ and TraderHank’s short play in CELG

Posted on October 15, 2012 by TraderHank
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Happy Monday everyone, the Q’s gaped up this morning and rallied into Friday’s high for the first 5 minutes, setting the high for the morning at 9:35.  Price action then rolled over took out the low of the first 5 minute bar and continued lower taking out Friday’s low by a few cents @ 10:30.   The market has now rallied back to the high and is now challenging the high.  We are definitely in a sideways trend on the 5 minute chart.  My first play was @ 10:28 which now was a mistake since the market turned upward at 10:30.  I took a consolidation break down in CELG which I found during my 9:45 wide range bar scan.  CELG had a nice  dollar void below that got held up on a 200 moving average on the 60 minute chart.  Price action had traded through this area before and I thought there might be a chance that we could move through again.  With the market starting to rally, I was forced to move my stop down to a 2 minute pivot area that had formed which got me to a break even on the trade.  I finally trailed out without hitting my targets.  I’ll see if CELG will set up again later on the 15 minute chart.  Here is the chart for my short play in CELG.  

CELG
CELG

      

Posted in 9:45 Wide Range Bar Plays | Comments Off on Market update in the QQQ and TraderHank’s short play in CELG

Stock picks and market analysis for Monday, October 15th, 2012

Posted on October 13, 2012 by TraderHank
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Longs:

JCP – 123

LOW – Buy setup triggered

Shorts:  

ANF – Sell setup triggered 

HOG – Retest & Failure

INFY – Gap continuation

WFC – Gap continuation

Looking at the weekly chart of the QQQ the week formed a nice sold red bar down which gives the appearance that we have not yet bottomed out and price should be headed lower.  I marked the two areas of support at 65.40 and the next area of 62.18, these are the areas that we should look to see some type of bounce, COG (Change of Guard), or a narrow range bar with in the next few weeks.  Even though our Daily chart is in a downtrend, our weekly chart is still in an uptrend which makes for a wippy type of price action and is very challenging for day traders.   For Monday,   once we trade below Friday’s close, I would look to take the first 5 minute sell setup.  If we happen to gap up and or rally, I would look to take a 15 minute sell setup at 10 or 10:30 reversal time but make sure the 2 minute chart has established it’s down trend as well.

QQQ101312
QQQ101312

   

Posted in Daily Analysis, Recommendations, TraderHank's Stock Picks | Comments Off on Stock picks and market analysis for Monday, October 15th, 2012

Market analysis for Friday, October 12th, 2012

Posted on October 11, 2012 by TraderHank
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Longs:  JCP, WAG

Shorts:  COST, QCOM, TGT, X

Today the market (QQQ) gaped up and sold off for the first 20 minutes then rallied until almost noon, setting the high for the day at 11:40 which broke the high from Wednesday.  We then proceeded to sell off hard the rest of the day taking out Wednesday’s low.  This type of price action is bearish and we should continue lower on Friday.  If we gap down or trade down past the 66.70 area I’ll look to take the first 5 minute sell setup in the market with lower targets of support at 66.35 and 65.40 areas.   I would not look to go long until we have a 5 minute uptrend in place or if we happen to gap above the 67.12 area. 

 
QQQ 3
 

 

 

 


 

 

 

 

 

 

 

 

 

Posted in Daily Analysis, Recommendations, TraderHank's Stock Picks | Comments Off on Market analysis for Friday, October 12th, 2012