Breakout Trading using Time and Sales

This is a discussion on Breakout Trading using Time and Sales within the Trading Journals forums, part of the Reception category; Previous two 5-minute candles have failed to go below the $26 whole number implying that previous resistance has become support. ...

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Old Nov 3, 2009, 6:36pm   #61
 
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amit1986 started this thread Previous two 5-minute candles have failed to go below the $26 whole number implying that previous resistance has become support. EMA(10) has nicely enclosed the price activity over the last several candles. Therefore, the EMA(10) could be used a potential trailing stop after it goes past the entry.
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Old Nov 3, 2009, 6:43pm   #62
 
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amit1986 started this thread Long HGSI from 26.25. Momentum was excellent on the breakout.

Target: 27.00
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Old Nov 3, 2009, 6:55pm   #63
 
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amit1986 started this thread Half position closed at 26.70. Now using the EMA(10) as my exit on the second half or the whole number of 27.00, whichever comes first.
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Old Nov 3, 2009, 7:23pm   #64
 
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amit1986 started this thread Price has gone through the 27.00 whole number on very strong buying pressure. Staying in the trade and using the EMA(10) as my exit. EMA(10) currently at 26.72.
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Old Nov 3, 2009, 7:38pm   #65
 
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amit1986 started this thread Stock is approaching the 28.00 whole number. This is my next target to close out the remainder of my position. No point in getting greedy risking your profits disappear.
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Old Nov 3, 2009, 7:43pm   #66
 
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amit1986 started this thread Position closed at 27.32 due to extensive selling pressure on Time and Sales.

I will post a chart of this trade and more details on entry/exit a little later in the evening (Toronto time, which is Eastern Standard Time).

Amit
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Old Nov 4, 2009, 5:04am   #67
 
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HGSI Trade

amit1986 started this thread Here is a picture of the chart of HGSI on 5-minute candles.

There is a slight correction to my previous post whereby I mentioned the stock was making all-time highs. It was not making all-time highs as it broke out of yesterdays high, but rather, a quick glance at the monthly chart indicates that the stock did break out of a very long and extensive consolidation since mid-2003.

The stock did break out initially but Time and Sales was telling me to stay out as there was no momentum. Once momentum picked up and there was a surge in buying pressure, I took the entry, getting filled at $26.25. I closed half my position at $26.70 to lock some profit as some selling pressure arose (as can be seen by spike of volume corresponding to my position half-exit candle). The remainder of the position I closed at $27.32 due to extensive selling pressure on the Time and Sales.

Amit
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Old Nov 5, 2009, 3:01pm   #68
 
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amit1986 started this thread Earnings season still presenting lots of potential trades! Also, today retailers report Same Store Sales data, which adds more stocks to the watch list. Some of the notable ones today include: ARO, ATPG, QCOM, WFMI, and VALE.

GRMN was downgraded by RBC Capital Markets today, which may add further to the selling pressure it experienced yesterday.
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Old Nov 5, 2009, 3:54pm   #69
 
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amit1986 started this thread MDT and QCOM looking like they could present great long trades.
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Old Nov 5, 2009, 4:18pm   #70
 
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amit1986 started this thread MDT looking quite good for a breakout of the high. $38 resistance has now become support. High of day = 38.17. Target entry = 38.20 if Time and Sales confirms momentum.
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Old Nov 9, 2009, 3:40pm   #71
 
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amit1986 started this thread Some fairly interesting stocks to watch today. Earnings season is dying down a little, so there are a relatively little amount of stocks to watch today - approximately 25. Focus is on Gold stocks as gold is continually making new highs (ABX, GOLD).

Some other stocks I am watching include MT, MCD, and ADBE.
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Old Nov 9, 2009, 4:00pm   #72
 
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amit1986 started this thread RSH setting up for a break to the upside
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Old Nov 9, 2009, 4:07pm   #73
 
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amit1986 started this thread Long RSH from 20.34

Target: 21.00

Stop: 20.35
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Old Nov 9, 2009, 4:14pm   #74
 
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amit1986 started this thread RSH closed at 20.39 due to selling pressure and strong resistance around 20.50 area. If it breaks again, I may take an entry again.
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Old Nov 12, 2009, 3:51pm   #75
 
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amit1986 started this thread Got a few stocks to watch today. Besides the all-known acquisition between HPQ and COMS, JDSU, WMT, AMD, and BRCD. Nothing specific setting up at the moment, though I am keeping an eye on WMT.
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