Friday, July 22, 2005
Issue Contents:
| 09:17 | Swing Trade Setups Featured charts for Friday July 22 |
| 16:15 | TrendVue Trader Talk Today's transcript. |
Featured setups from Thursday July 21, 2005 closing data symbol scan
Jump to: Long Setups | Short Setups
Notes for the Day
- Yesterday was a news-inspired day, with a touch of profit taking; I wont be completely surprised if the market reverses its losses, but even if so, we know the market is able and willing to go lower which tells us open longs should be increasingly protected the longer price sticks around in this range of the past few days.
- I’ll be looking at a number of sectors during the day and on Monday, publishing notes and related stock charts if anything of interest is to be found
- GOLD – caution, we can pretty much expect the USD to bounce following the beating it took. Some profit taking might be wise in this sector with a view to reloading IF the USD weakens later or next week.
QQQQ – can be stalked short but keep in mind its only going to be pulling back, initially, to former resistance and what may be support. If not interested in shorting QQQQ then our job is to follow the retracements over the next 2–3 days and position longs above… and intraday today be ready for a push up if one materializes.
DIA – test of top and these can always be stalked in both directions.
Long Setups
General common strategy: Unless noted otherwise, buy stop just above the “high” value, with an initial protective stop at the low value of the bar, not below the bar.
Retracement or Pause in Up Swing / Up Trend
WFT – oilfield services – may be ready to come out of this range, single down bar in up swing
BHI – energy services
VLO – refiner – needs to climb here to hold support
APC – oil and gas
Test of Top – Continuation
SWY – groceries…
Short Setups
General common strategy: Unless noted otherwise, place a sell alert at or just below the low of the setup bar, and look for the first failed intraday bounce after the low has been broken. What we are looking for is price to push down, bounce a little, and fail again – this is where we want to get short.
Retracement or Pause in Down Swing / Down Trend
COMS – hardware, bear flag bounce to resistance
Today's transcript.
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