Reversal Day & Setups

There was a nice intra-day reversal today where the automated system bought near the lows and took profits as the target was hit.  I was watching the futures for a while and the selling wasn’t overly impressive to me so it was no surprise to see some volume coming in to take prices higher.  It’s very satisfying when something you have coded picks a near perfect entry, even if there was a little more value to be extracted.

Cash cow

I ran a few of the scans I’ve been working on over the past few sessions which have provided a few setups.  I am slightly favouring the downside at the moment, but have still found some decent long action;

MTRX 3x3

MTRX came up in todays 3×3 bull flag scan.  Nice volume on a break to new highs with firm lateral support.  Like a long on moves above yesterdays high with risk at 13.30.

PACR range

PACR looks like imploding should 5 fail.  Look to short (if you can) below here.  Likewise, a move above 5.80 looks alright, albeit with limited overhead.  Volume is the key here.

LVLT 123 setup

Nice high volume break, shame about the crazy wicking back from 1.65.  This hit both lateral and trend support at todays low, and I’d be looking to get long here around 1.30 with risk at 1.22 with upside near 1.60.  Nice trade on the cards here.

Head and Shoulders, potential 123 in WGO

Broadening wedge, head and shoulders and major swing support failure on heavy volume make this a highly implied short setup.  Looking to sell anywhere between 14.10 and 13.80 with risk circa 14.65.  Another nice setup.

I still like KSU (triggered yesterday, experiencing some drawdown), CNQ, TLM, STJ and EXM.  STJ is getting a little messy at highs, so I’m more likely to remove to set an alert there.

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