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Steve's Trading Diary - April 2006


4/23 Bought IRBT on the positive open. It traded up higher and stayed above the 50 day moving average. After hours it was trading up in the $16 area, which should result in a nice gap up on Tuesday. 4/24 It opened higher and came back down lower on the close. Keep owning this as long as it stays up above the T-line. The next target is to fill the gap. We don't want to see it close below the T-line at approximately $14.70. 4/25 It formed a Doji which told us that the selling had stopped. Look for it to open positive. Be ready to start buying this on strength on Thursday. 4/26 It consolidated nicely back to the T-line and then came up strong. We're still looking for it to come up and fill the gap at the $18 area. We don't want to see it close below the T-line. 4/27 It's still in a nice uptrend. Use a close below $15.60 as your stop. This one should still be moving up. It's coming out of a Fry Pan Bottom pattern and should fill the gap to the 200 day moving average. 4/30 It closed lower, at about the halfway point of Thursday's bullish candle. If it opens weaker on Tuesday, close out the position. 5/1 It opened flat, traded down, and bounced off the T-line. If you closed this out on Tuesday, be ready to buy it back on any positive trading on Wednesday, at anything above $16. That would tell us the T-line was acting as support. 5/2 It closed just below the T-line. This one should have been closed but be ready to buy it back on strength.

4/2 Bought HLTH on the positive open coming out of the Fry Pan Bottom. It formed a Doji so this one should be bought aggressively if it comes up through Monday's high of $15.31. That would indicate a breakout in progress. 4/3 It continued higher. It's a little indecisive at this level. Continue to hold. We don't want to see it close below Monday's low or the halfway point of Friday's bullish candle at around $15 a share. It still needs to show positive trading, especially to form a Fry Pan Bottom breakout. 4/4 It came back down, tested the T-line, and moved right back up. It's still in an uptrend off the Fry Pan Bottom formation. Look for a breakout, especially if it gaps up in the next day or so. Look for a strong move to the upside. 4/5 It came up out of the Fry Pan Bottom formation and is still maintaining the uptrend. Continue to hold. Use the T-line as your stop. 4/9 It formed a little Dark Cloud type signal coming out of the Fry Pan Bottom, which would probably make the T-line the support level. If it opens lower, close out the position but watch for a Hammer type signal where it comes down, touches the T-line, and comes right back up again. There is no severe selling here, it's probably staying in the trend channel at this point. 4/10 It's still bouncing off the T-line and is still forming a Fry Pan Bottom. Buy it aggressively on strength, especially if it gets up from here. Use a close below the T-line as your stop. 4/11 It held up reasonably well but be ready to take some profits on a weaker open on Thursday. It needs to trade flat or higher to continue the Fry Pan Bottom pattern. 4/12 It popped up off the T-line and is continuing its uptrend. We don't want to see it close back below Thursday's low of $15.46 or the T-line. That would result in a little Evening Star type signal. 4/13 It's still looking like a Fry Pan Bottom. Look for a breakout to the upside. 4/16 It was doing a Fry Pan Bottom pattern but formed a Bearish Engulfing signal on Monday. It needs to stay up above the T-line on the close. If it closes below that level, close it out. That would tell us that it's forming a Double Top instead of a breakout from a Fry Pan Bottom. 4/17 It's still coming up out of the Fry Pan bottom. Be ready to buy this aggressively if it gaps open on Wednesday. 4/18 It's still coming up out of the Fry Pan Bottom. Continue to hold. Use the T-line as your sto

 

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