Firsrt, let's update yesterday's picks.
MAXIM: This is a classic chart. We discussed why it would be best to play any potential first hour breakout off a small intraday pattern, mainly because we've seen this a million times: everyone is looking for the "breakout" and it goes in one direction, fakes and then reverse. If we insist on taking the first retracement pattern intraday after the "breakout", we do not get sucked in since the setup never forms. Now we can make a new statement. IF MXIM has failed on the upper edge of this pattern, THEN the usual place to head for is the other edge. The downside target is admittedly skinny, so if we play it at all, we will once again play it on the 10- or 15-minute intraday chart,
NEWMONT MINING: The sell stop was not triggered yesterday, so we will move our alert price up to yesterday's low of 49.50 to set up a one or two day hit and run swing trade on the short side.
XILINX: Short sale was triggered. The first downside target is the 20-day EMA below in the 35.47 area, but this is a retracement in an uptrend, regardless of the fact that ADX is extreme for this symbol and timeframe. Stop loss should be moved to $37.60.
CISCO: Intraday setup produced a good scalp on the long side off the 15-minute chart before it made the round trip. No more on this one for now. The area circled is a small bull flag, above the high of the day before.
03.12.04 09:26 #