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Steve's Trading Diary - September 2007


9/25 Bought REDF on the positive trading on Tuesday. Notice that it broke out through the 200 day moving average, and it did it on good volume. It's doing a Fry Pan Bottom breakout. Continue to buy with the anticipation that it will move up into the $20 to $22 area, and possibly much higher than that. 9/26 It consolidated on Wednesday but if it opens higher and trades higher, continue to hold and buy more. We don't want to see it open lower and close back below Tuesday's open over the next couple of days. That would mean it would be going back down to bounce off the T-line. Use a close below the $16.50 level as your stop. 9/27 It formed a Doji on Thursday after the consolidation on Wednesday. This can be bought aggressively if it opens up higher on Friday. 9/28 It consolidated and is now starting back up. Be ready to buy this aggressively out of the Fry Pan Bottom pattern. 10/1 It pulled back a little bit on Monday. It might be forming a J-Hook pattern sideways. Be ready to buy this again aggressively if it comes back up through Monday's high at the $18.25 level. 10/2 It formed a rounded bottom and a J-Hook pattern. Buy on strength. It's forming a little cup and handle type setup. Look for a breakout to the upside. Use a close below the T-line as your stop. 10/3 It's now flattening out. As long as it holds above the T-line, it's all right. If it closes below the T-line, close out the position. 10/4 It's starting to run out of steam here. It's still above the T-line, but just barely. If it closes below the T-line, close out the position. 10/5 It's still staying above the T-line. Look for a breakout to the upside. Buy this on any strength, especially above Friday's high of $18.20. 10/8 It had a big trading day and closed positive. Be ready to buy it on strength on Tuesday. 10/9 It consolidated but closed toward the upside. It's not very strong but did show some strength at this level after the consolidation. Watch for the next leg to the upside. Use a close below the T-line as your stop. 10/10 It looks like it's coming up out of the consolidation area. Continue to hold. Target the $23.00 to $23.50 area. 10/12 It was closed out on Thursday as it closed below the T-line with a big Bearish Engulfing signal. It did a little positive trading on Friday but it wasn't enough to get us back into the position.

9/24 Bought OPTM on the positive trading on Monday. It opened higher, consolidated, and closed at the high end of the trading range. Continue to hold. It's in a very strong Island Reversal pattern. We're looking for it to come up to at least the $12.50 level. 9/25 It consolidated but notice that it was very indecisive. The next leg up could be a pretty strong move. 9/26 It did exactly what it should have after a couple of days of consolidation. It continued up off the strength of the pattern. Continue to hold. We're still looking for it to possibly close the gap. 9/27 The upward direction didn't change. Continue to hold. 9/28 It's still in an uptrend. Use a close below the $9.50 level or the T-line as your stop. It should still come up and eventually fill the gap. 10/1 It consolidated. It might be forming a Bearish Engulfing signal. If it opens lower and trades below Monday's low of $10.02, close out the position. More than likely it will come back and then form a J-Hook type pattern, but it's going to consolidate first. It needs to open positive and continue higher on Tuesday to continue to hold. 10/2 It came right back up again and is still in an uptrend. Use a close below the T-line as your stop. 10/3 It formed a little Shooting Star type signal. It's not showing great weakness but you might start taking profits if it opens lower on Thursday or if the market shows that it's selling off hard. 10/4 It moved up a little bit again on Thursday. Continue to hold. We don't want to see it close back below the low of the previous Shootin

 

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