Profit Hunting

Less actual trades, more interesting technical formations today.

First off, a pretty nice head and shoulders reversal formation which is beginning to follow through on SU.  Good example for technical purists out there.

SU daily - bearish head and shoulders reversal formation

SU daily – bearish head and shoulders reversal formation

Next up a look at what appears to be a meltdown in progress.  TC is down in the low single figures now, and formations on both the short/medium charts and long (weekly) time frame show how this has happened.

I imagine there’ll be short covering and bottom fishing at these levels.  I for one would not be opening any longs though, the stock looks pretty ill.

TC daily chart - clean reversal and continuation formations

TC daily chart – clean reversal and continuation formations

TC weekly - it's a long way down.  Good technicals following through

TC weekly – it’s a long way down. Good technicals following through

Advertisements

Profit Hunting

Its been a long time.

Not too many charts catching my eye out there.  Most are either churning upwards without a value buying area or chopping sideways.  7 charts caught my eye, the majority of them are longer term plays.

Long term

Exxon at major resistance, breakout looming?

Exxon at major resistance, breakout looming?

VVUS breaking down after long consolidation

VVUS breaking down after long consolidation

SWKS trying to break a triangle, will it hold?

SWKS trying to break a triangle, will it hold?

POT weighing heavy at these levels, potentially break down soon

POT weighing heavy at these levels, potentially break down soon

Short/Medium term swing candidates

Potential breakout on PNC

Potential breakout on PNC

C forming a nice ascending triangle formation

C forming a nice ascending triangle formation

Crunch time for SHLD

Crunch time for SHLD

PNC and C are my favourites here as they offer the cleanest trades.  I am also tracking TCK with interest.  A few of the gold stocks are reaching longer term bases too – but it may be better trading GLD or futures at this point in time.

Once a Trader, Always a Trader.

It’s been a good six months since I last wrote about trading.  There have been quite a few life changes over that period.  As a result, I haven’t been watching the markets or actively trading them.

However, this past fortnight provided two trading references which provided me with a happy reminder about trading:

To the commuter, this is strictly a bus timetable

To the commuter, this is strictly a bus timetable

To project managers or students, this is how you work out Critical Path

To project managers or students, this is how you work out Critical Path

To the uninformed majority, these two images are taken strictly at face value.  One is a bus timetable, the other a snippet of university work relating to the Critical Path Method in project management.

They are pretty much axiomatic – unless of course you’ve spent the last five years of your life engrossed with financial markets.

When I stood at the bus stop and when I worked out the critical path for a college assignment, I didn’t see a timetable or the path, I saw this:

Market Profile chart

Market Profile chart

Market profile.

Once you’ve traded, you look at things with a different perspective than most people.

Once a trader, always a trader.

Profit Hunting

Markets are top heavy once more.  I was expecting lighter downside consolidation after last week, but after dull narrow openings on Monday and Tuesday, the bulls took control with conviction to drive S&P and Dow to new all time highs by the end of today.

I’m finding it a little tricky to find the quality here, but still have some good setups on my radar.

Intel breaking out

Intel breaking out

MDT looking for highs

MDT looking for highs

PBI thinking about catching some action

PBI thinking about catching some action

SU looking weak

SU looking weak

AScending triangle in TYC

AScending triangle in TYC

WNR with reversal formations

WNR with reversal formations

Great mix of charts and a rare mid-week post tonight.  I’ve been surprised by INTC the past few sessions and it’s one of those slow turning stocks that moves quick when it gets a head of steam.

I finally ironed out the problems within my linear regression ATS and it’s been performing really well over the past few sessions.  I am looking to try it on a more robust platform as TOS is very limited when it comes to programming exit strategies.

Profit Hunting

Funny week of trading, markets still feel top heavy but still no real signs of reversal yet.  I am keeping an eye on VIX as an indicator, volatility seems impossibly low right now and I’m looking for some more VXX action to the upside to offset my long exposure.

Got some new action in WLT HAL IBM last week, while also adding GDX on a smaller sized and shorter term play.

There are some interesting technical formations floating about, and for the fourth week in a row they’re already on my watchlist.

Make money, take money.

FNSR breaking down into long term long entry

FNSR breaking down into long term long entry

GDX long on hourly chart from Friday

GDX long on hourly chart from Friday

MS is watch-worthy this week, no solid trade planned here yet though

MS is watch-worthy this week, no solid trade planned here yet though

PBI is thinking about it

PBI is thinking about it

PLCM daily, range trade opps

PLCM daily, range trade opps

Weekly chart doesn't look so rosy on PLCM

Weekly chart doesn’t look so rosy on PLCM

Technical action galore in SCCO - short term bearish, medium term bullish

Technical action galore in SCCO – short term bearish, medium term bullish

TCK bread and butter

TCK bread and butter

Something different this weekend;

Profit Hunting

Nothing hot and new this week, most of the good charts are already on my watchlist (see last 2 Profit Hunting posts).  ARO CIG PRU & MDRX are on there now but they aren’t the kind of charts you will learn much from.

Long term asc. tri. b/o in PLD offering upside potential

Long term asc. tri. b/o in PLD offering upside potential

IBM major overhead breakout, look for pullback

IBM major overhead breakout, look for pullback

Corning on the triangle breakout, nearby price resistance offers line in sand

Corning on the triangle breakout, nearby price resistance offers line in sand

Profit Hunting

Just a few charts to look over this weekend.  Most of the symbols that caught my eye are already on my watchlist.  There are about 20 on there at the moment – in terms of technicals and trade ideas they represent the cream in an otherwise grinding market.

I’ve included 2 longer term charts in JBL & PLD this week, both caught my eye for different reasons.

FNFG triangle

FNFG triangle

Corning looking interesting

Corning looking interesting

Long term JBL

Long term JBL

Long term PLD

Long term PLD

TEVA short term long setup

TEVA short term long setup

VVUS short term short setup

X heading to $18?

X heading to $18?

The watchlist did great last week but once more I did not add any more positions.  Still watching BAC FB PBR MS S SLV FNSR KBH DECK SCCO ICE.

Lastly, IBM is back up at $210 and looking interesting.  I made a meal of the exit on that one.

TSN RRC didn’t quite make the cut this week – both short ideas.

5th

5thFIVE YEARS AGO

I knew the site’s birthday was sometime this month, but I didn’t realise I reached the five year landmark on Saturday.

I’m surprised the site is still going and that I’m still interested by trading after all this time.  Looking back on all these posts last night was an interesting journey.  All the phases I’ve been through, different perspectives on things, encounters with new methods etc – posting my trading story has been immensely helpful and I highly recommend it to any aspiring traders.

There were a few downsides though.  Reading some of the articles I wrote years ago has made me realize I’ve forgotten a lot of what I’ve learned.  I’m also a slight disappointed that I’m not a superstar trader after five years.

In terms of technical analysis, I think my boom days were late 2009.  I was more astute with risk management theories in mid 2010.  My grasp of the market internals was stellar in early 2011.

From a personal perspective, it’s been funny to read the stuff that 24 year-old me put up on the Internet.  Some of the earliest posts from 2008 are hysterical and continue to make me cringe with their naivety.

Latterly I was a bit more sentimental.  I have plans to re-launch the site in a different format with a new ‘brand’.  As well as that, I’m developing an educational site.  This means that after half a decade, the end of thestudentloanranger is upon us!

Naturally, I’m going to keep this site live.  I’m also going to download it all locally and I’m considering using blurb or blog2book to make a keepsake book for myself too.

Trading psychologists will tell you there is no room for emotions or nostalgia in trading, but 5 years is a big chunk of my life and I’m human, right?  I am looking forward to the developing the new sites and the content, the time has come to move on.

I’ll still be posting here for maybe another 6-10 weeks while I work on the other projects though, so it’s not over yet! 😀