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Steve's Trading Diary - April 2008


4/30 Bought MASI as it gapped up through the 50 day moving average and started trading higher. Continue to hold. This is a very strong signal with a gap up and a move through the 50 day moving average. 5/1 It continued higher on Thursday after the gap up a few days ago. Continue to hold. There is still a tiny previous gap area that could be filled. 5/2 It consolidated. You might see some profit-taking but it should still be in an uptrend. At this point we would take profits if it closes below Thursday's low at around $29.50 level. That would tell us that it may be pulling back before forming a J-Hook pattern. 5/5 It's consolidating and hasn't really moved too much. Be ready to buy this on the positive open over the next couple of days. 5/6 It finished its consolidation and is still moving up nicely. Continue to hold. 5/7 It continues to move higher. Continue to hold. At this point use any trading below Wednesday's low of $30.86 as your stop. If it came back down through there, it would tell us the Bears are back in control. 5/8 It's still in an uptrend. It formed a little Hanging Man signal. At this point use any trading below Thursday's low of $31.12 as your stop. It shouldn't move down through that level if it's still in an uptrend. If it does, it will probably come back and test the T-line. 5/9 Continue to hold. Use a close below $31 as your stop. 5/12 It's still moving up nicely ever since the gap up off the T-line. Continue to hold. 5/13 It's still holding up well after the previous gap up. Continue to hold as long as it stays above the T-line. 5/14 It gapped up in the overbought area. Be ready to take profits on any trading below Wednesday's low of $34.28. It needs to show more upside movement. If it starts coming down through Wednesday's low, start taking profits. It gapped up in the overbought condition. 5/15 Ever since the earlier gap up it's had a nice run. Now it has gapped up in the overbought area so watch to see what it does from here. At this point use any trading below Thursday's low of $33.82 as your stop. If this is still an uptrend, it shouldn't come back below that level. 5/16 It's not showing any strength after the gap up. Be ready to close this one out on weakness on Monday. 5/19 It was closed out as it came down through our $33.82 stop. Notice it started its uptrend with a gap up and topped out with a gap up.

4/24 Bought WAT on the positive open on Thursday. It came back and tested the 34 day moving average. We don't want to see it close more than halfway down Monday's bullish candle or below Tuesday's low. It needs to open higher and start trading higher. Coming out of a Scoop pattern, it has a good probability of doing that. 4/25 It continued higher. Continue to hold. It's still coming out of a nice little Scoop pattern. We're anticipating the 200 day moving average as the next target. 4/28 It still moved up nicely, coming off the gap up/Scoop type pattern. Continue to hold. We don't want to see it close below Monday's low of $58.67. If it came back down through there, it would tell us there was too much bearish pressure. 4/29 It formed a Bearish Harami on Tuesday. We wouldn't be surprised to see it pull back and test the T-line before moving back up. To hold this, it needs to open flat and trade higher. On Wednesday traders might want to come back out of it on weakness and wait for it to turn back up again. 4/30 It moved up nicely. It's just now breaking through the previous congestion area. We're still targeting the 200 day moving average. 5/1 It's coming out of a Double Bottom/Scoop type pattern very nicely. We're still anticipating the first test to be at the 200 day moving average. 5/2 It consolidated but the upward trajectory hasn't changed. Continue to hold. At this point we probably don't want to see it close back below Thursday's low at the $61 range. That would also coincide with the

 

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