BMO – ES +1.25 and NQ +4.00 futures are slightly higher just before the open in pre-market trading and point to a slightly higher open …
TLT is down 76 cents and the Euro is down 40 pips in premarket trading and is above horizontal resistance…
NDX leaders AAPL, GOOG, NFLX and PCLN are higher in pre-market trading…BIDU are near unchanged…AMZN is -12.67 in pre-market…
Earnings
Thursday
BA beats, lowers EPS
CAT beats, raises
CTXS beats, raises
LRCX beats, lowers
NFLX beat, EPS, raises,
QCOM beats, raises
SWK beats, raises
UTX beats, confirms
Dave’s Insight for Friday: Write down in your trading journal what is the best action you took this week? What is one thing you would do differently this week if you could? If you would like to share what you wrote for others to benefit from, post in the Comments Section below.
Continue to follow key earnings releases and the opportunities they create.
SPX
Resistance: 1300, 1,311, 1,321
Support: 1,281, 1,256, 1,241
Quoting Down – AMZN, HUM, CMG, WLT, F, ACN, TLT, HLF, ZION, LVS, ATI, MA, SNDK, PCLN, ROST, SHLD, FAST, VOD, AMGN, NIHD, BBBY
Quoting Up – CRM, ISRG, NFLX, FFIV, GOOG, RVBD, CF, POT, SOHU, MOS, CAM, PCPC, FDX, SLB, VMW, TVT, MCP, FCX, WHR, CAT, CRUS, A, GS, DLR, NTES, HANS, SWKS, SIAL, AAPL, NTAP, CHRW, KLAC, ALTR, BRCM, VRTX, AKAM, JOYG, TEVA
21 comments:
I stayed with my rules instead of closing two trades I "felt" were going down.
Kent
Good morning DAVE! I'd say the best action I took this week is to look at your blog everyday. I review the charts of my own watch list but always check ALL the charts of the equities you reference. So far, I have "exceeded" my January goal. Thanks for your great blog. I WILL enter the information you suggested into my trade journal. Have a great weekend! Judy
Not finding my ideal setups, I stayed in cash. I see several setups for next week and I'm prepared for them.
Jorge
Greetings Dave ... I would say the best action I took this week was staying with my rules and not entering into a credit spread on AMZN prior to earnings. That saved me a lot of money. On the other hand, those same rules prevented me from making a good profit on NFLX since I didn't make the trade there before earnings either.
What I would do differently would be to be a little more patient on selling calls against FNSR this early. I will probably cost myself something like $200 per contract, though I stand to profit $300 per contract if called out at 32 and 33 on 2/19.
All the best ... Jim Blande, Katy, TX
The best action I took was to practice along with Monday nights ATA trades, I am beginning to love the bull flag as I more understand it. For once, I have no regrets this week, followed my rules and traded accordingly, was a successful week!
Best action: Exit losing trade and then re-entering according to rules.
Do different: Change the timing of waiting for confirmation. An earlier entry on the losing trade would have resulted in a smaller loss. Waiting another day would have avoided the entry altogether. It is easy being a Monday morning quartetback.
Hi Dave, you always preach buy at support sell at Res. and get into another trade if it breaks out. You did a excellent trading room a week ago on the 5min charts which showed that exactly
I am a bit greedy so I didn't follow your advice got into X this week up 180% near Res didn't sell and sold it for 110% profit (7500 mistake). Took your advice on JDSU got into it yesterday and sold it near res. and probably near the high for today for 60% profit
Thanks Michael H
Best thing I did was to buy some Jan IWM and SPY puts yesterday, since I didn't want to be unhedged after 5 straight up days in /ES. I'm trying to just trade like Dave with the trend, but this gives me some peace of mind, and kept me slightly in the green today, while X and other long calls were getting a haircut, but still staying in their trends. The weeklies get really cheap with just a day or two left. Maybe I should just have more conviction in the trend positions, but this will help me stay with the trend
John R
The best thing I did this week is to exit my trade at the target (SWKS) and look for reentry. The worst thing I did was move my stops too soon to protect small profits and lose on bigger moves. I really like to hear your thinking on an open trade as you did last night on MOS. Entries are easy now but managing a trade is challenging.
Thank you
Paula, I second that, I would also like to see Dave take on a couple of paper trades maybe (4-5), short and long trades 1 week or less and also ones that last maybe a month or more and to see where a professional trader like Dave would move his stops each day to protect profit and loss. I know your really busy Dave its just a thought
Thanks for all help you give
Michael H
Followed rules - Good! But need to learn to manage stops and need to be more fully invested so I have a better chance at getting to my monthly goal.
hi dave my best action was to get out of gm when it broke its trend line. i broke even on the trade as it dropped. what i would do differently is buy some puts on the iwm, like john r said but did'nt act. way to go john r ! i learn alot reading these comments
thanks for all the help and all you do dave
reno bob
Dave:
The best thing I did this week was give myself a "time out" because I did not follow my rules the following week. I'm on conditional probation and can trade again next week.
Thanks
Robert
CANI_212
Great idea, Robert! I need to put myself on probation, too... My best action was to NOT trade earnings on anything. I was heavily bullish today, and dropped a lot of positions to my stops. I need to go back to school.... Next week I will try to exit my remaining positions and see what happens. I'm feeling very discouraged (and not just by today's price action).
Linda V., Dallas
Well David it is nice to go through the comments and see how every one goes through the learning curve, today when things look bleak and got stopped out, I was at peace because I had followed my rules and I know now I was prepared an not over invested. Days or weeks like this create opportunities,being prepared will make you more money than news or report that two expert will not agree on. I like the idea this year to evaluate an chart your progress on week by week. Trading can be made simple if you let it.To let you know this week even though I may sound like I did a lot I grade myself c- .This week be more prepared to enter trades.Filters will keep you out of trades that you shouldn't have entered.
RB
Best thing I did this week was create a trading journal. I back tracked and brought all the data I could so that January was near complete. Amazing to look, study and learn at some end of the day entries and notes. I like how this process takes you from student to teacher within your own trading. I really think this is going to help make me a better trader. Thanks Dave.
For the first time in 2 years having trades ready to go for the downside. Made a nice little profit on “VXX” on Friday…. this stock trade’s volatility. Hard lessons I’m learning is to always protect profits and get out of trades at hidden resistance levels that I did not see when I put the trades on to begin with.
I spent some time developing a shorter list of stocks to watch that met my revised trading criteria.
I made several resistance set up orders that never filled, VAL, CSX, WM,NVLS, NVDA. Which turned out to be great. Now I can look for bearish set ups if the marker continues to pull back.
Next time I gonna know the future and trade the pull back before it happens
My best action was setting a target as well as a stop on the SWKT trade I put on Wednesday. I hit my target Thursday and was stopped out with a nice profit, avoiding the pullback on Friday.
Pam
Hi Dave,
The best thing I did last week was that I reviewed my positions each day and moved stops up according to my rules. One thing I would do different would be to move my stops up more aggressively when the broad indexes are near resistance, I will change this in my rules. The other thing would be to check the market during the day just in case I need to take action (move stops tighter or exit trades), sometimes do not have the opportunity at work though.
Thanks for your blog, it really helps.
Post a Comment