TrendVue :: Swing Trade Setups

Featured setups from Wednesday December 1 closing data symbol scan

Jump to: Long Setups | Short Setups | Special Situations

Notes for the Day

Its hard to find decent picks after a strong up day, but fortunately for us we had good entries in a number, including ETF’s, made some money on futures going up – so hopefully today’s price action is a narrow range consolidation in the upper part of yesterday’s range (at worst), or continuation directly upwards (at best).

It goes without saying that a big reversal here would not be good.

I’ve included a few short possibilities, just in case. Canadian picks to come. Today I will probably not be in the room the entire day, I need to knock this cold back.

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

AVP – 3 inside up pattern near a test of bottom. Could also be stalked short.

DG piercing line – reversal pattern. Use intraday buy technique.

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

ANN was a highly profitable short pick three days ago – the next step here is to see if further downside lies ahead. Many retail stocks yesterday put in small harami candles within Tuesday’s big down bar—you can pick any number of these as potential short targets, although the pattern also works as a “3 inside up”. If a weak bounce in the retail sector develops from here we’ll have more short candidates in the next 1–3 days.

PSUN – Single up bar in a down swing.

GM – if it does trigger hold only if very profitable at the close.

Special Situations

CSCO – long – break of the two day high. It sure is lagging its peers…