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Steve's Trading Diary - August 2007


8/22 Bought BPHX on the positive open and the positive trading on Wednesday with the market up. Continue to hold. Use a close below Wednesday's open of $13.33 as your stop. This should be breaking out to the upside, especially if it can get up through the $15 area. 8/23 It closed at $13.35, two cents above our stop. This one was supposed to be breaking out but it almost formed a Bearish Engulfing signal instead. If this one opens lower and the markets open lower on Friday, come out of the position immediately. It looks like it will at least pop down to the T-line. It should have broken out on strength Thursday and it didn't. 8/24 It opened flat, traded down to the T-line, and came back up. Continue to hold and buy it aggressively on a positive open on Monday. It's still in a rounded bottom mode. 8/27 It broke out nicely on Monday, closing at a new recent high. It came up through the recent high levels. We definitely need to see it trade higher on Tuesday. Use the T-line at around $13.90 as your stop. 8/29 It stayed up about the T-line. Continue to hold. It's coming out of a nice Fry Pan Bottom pattern. 8/30 It's still a nice uptrend, coming out of the Fry Pan Bottom formation. Continue to hold. Use a close below the T-line as your stop. This should be in a nice uptrend. 8/31 It continued to move up out of its Fry Pan Bottom pattern, continue to hold. We don't want to see it close below the halfway point of the previous bullish candle at around $15.05. 9/4 It opened higher and closed a little bit lower on the day. It's still in an uptrend. If it comes back down through Tuesday's low of $15.87, close out the position and wait for it to come back down to the T-line. 9/5 It's still getting a little bit toppy. At this point, use a close below Tuesday's low in the $15.09 range as your stop. That would tell us the Bears have started taking control. Take profits on any weakness on Thursday. 9/6 It consolidated back to the T-line. If you took some profits on Thursday, that's quite all right. Now, just watch it to see if it supports at the T-line and forms a J-Hook pattern. Then you can buy it back. 9/7 Be ready to buy it back on a positive open on Monday. It held up reasonably well in this market. We are still looking for a J-Hook type pattern. 9/10 It held up above the T-line. Be ready to buy this aggressively on a J-Hook pattern and continued strength on Tuesday. 9/11 It continued back up. Be ready to buy this one aggressively on a positive open. There is a J-Hook pattern in progress. 9/12 It's forming a nice J-Hook pattern that is very easy to see. Be ready to buy it aggressively on a positive open which would break it out through the recent high. 9/13 It needs to be watched. It didn't do anything conclusive but it's getting a little bit toppy. Either it will form a double top or it needs to break out to the upside very quickly to form a J-Hook pattern. At this point, use the T-line at around $16.05 on Friday as your stop. 9/14 It still held up above the T-line after consolidating, continue to hold. It's still in a nice J-Hook pattern after a Fry Pan Bottom, which is not an unusual pattern combination. 9/17 It held up reasonably well on Monday. Continue to hold. We're anticipating a breakout through the recent highs. Use a close below the T-line at $16.21 as your stop. If it closes below that level, it tells us that the current level acted as resistance. If it breaks out through this level, it should be in a new wave to the upside. 9/18 It's still moving up nicely off a J-Hook type pattern. It's still in a nice uptrend, continue to hold. 9/19 It showed a little bit of toppiness. It opened higher and closed about where it closed the previous night, forming somewhat of a Meeting Line. This is nothing severe yet, it needs to be confirmed. It may come down and bobble on the T-line. Traders might want to come out of it if it opens lower on Thursday. It needs to open fl

 

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