Steve's Trading Diary - May 2008
5/29 Bought SINA on the positive open on Thursday. It's setting up nicely for a J-Hook pattern. Continue to hold. Use the T-line as your stop. 5/30 It consolidated a little bit but didn't change the pattern you would expect to see after a Fry Pan Bottom. Continue to hold as long as it closes up above the T-line at around the $51.50 level on Monday. 6/2 It held up well. Continue to hold. Use a close below the T-line at around the $52.40 level on Tuesday as your stop. We'd like to see this open positive and eventually move up to test the $58 range to complete the J-Hook pattern. 6/3 It's getting a little bit toppy. It needs to trade higher and close higher on Wednesday to continue to hold. Otherwise, there is no pattern setting up anymore. It was trying to form a J-Hook pattern. If it closes below the T-line, definitely close out the position. 6/4 It's still moving sideways. It needs to open higher and trade higher on Thursday off the Inverted Hammer. If it opens lower and starts trading down, close out the position immediately. 6/6 It was closed out as it closed below the T-line. It had some positive trading on Wednesday and Thursday but the fact that it traded back below the T-line on Friday warranted closing out the position.
5/27 Bought UNFI. Continue to hold. 5/28 It consolidated and formed a Doji. It can be bought aggressively on a positive open on Thursday. Use the T-line at around $20.50 as your stop on Thursday. 5/29 It consolidated again. It may be getting a little bit toppy. The stochastics are rolling over. It needs to open higher to continue to hold. If it trades back below Thursday's low of $21.04, close out the position. That would tell us it will probably come back down to test the T-line. 5/30 Continue to hold. It's still in a nice uptrend as long as it stays above the T-line. 6/2 It formed a Bearish Engulfing signal and closed right on the T-line. This one should be closed out if it starts trading below the T-line on Tuesday. It needs to open positive and start trading up to stay above the T-line. If it starts trading down, that would be confirmation that it's forming somewhat of an inverted Cradle pattern. 6/3 It's still right on the T-line. If it opens lower on Wednesday, close out the position. It needs to open higher and trade higher to continue to hold. 6/4 It formed a little Morning Star signal right on the T-line. Be ready to buy this again on a positive open. Continue to hold. 6/6 It was closed out because it closed below the T-line. It held up well on Wednesday and Thursday but the selling on Friday brought it down below our stop. If it closes lower on Monday, close out the position if you still own it.
5/21 Bought XIDE on the positive open. It looked like it could be breaking out. It consolidated and closed near the top end of the trading range. It held up reasonably well considering the conditions of the market. We don't want to see it close more than halfway down Tuesday's bullish candle or trade below the T-line. Continue to hold but expect that it might take a day or two for it to get started again because of the market conditions. 5/22 It pulled back a little bit on Thursday even after it traded up higher. As long as it closes above the T-line, you can continue to hold it. 5/27 It held up on the T-line fairly well. It's still in a nice uptrend. Continue to hold. 5/28 It consolidated and then came back up. It closed near the top end of the trading range. Continue to hold. Use the T-line at around $15.60 on Thursday as your stop. 5/29 It's still using the T-line at support. It's still in an uptrend. Continue to hold. 5/30 It formed somewhat of a Shooting Star signal on Friday. Take profits if it opens lower on Monday and starts trading down. It needs to open higher and continue to trade upwards. It's probably still in an uptrend as long as it stays above the T-l