After the Wednesday’s impressive gains, we gave it back some on Thursday. SUNW reached 5.93 intraday. It needs to break 6 resistence. Both LFC and CHN retraced to 20MA support/resistence. Judging from lower volume, they were doing fine.
SUNW: +0.01; LFC: +0.39; CHN: +2.46; SOHU Mar 30 C: -0.25.
SUNW continues to build new base around 5.5 inspite of recent drop to 5.12. We likely see another breakout from base or congestion area around 5.5 level.
LFC took a big hit as its predecessor was found with accounting irregularities. It dropped $2.13 or 7.4%. Other China stocks was also impacted. Increased my LFC position. Also bought CHN. Looking for opp. to buy HNP again.
SUNW went down to 5.12. It needs to stay above 5 level to keep previous uptrend. Otherwise, we shall see it back to 4-4.5 level.
I hit my head when missing the spike 1131 to 1136! It happened seconds after closing a long position. After lunch, a short worked ok although the target was set at 1135 missing half of the plunge. Oh well, I was not watching the market anyway.
Increaded LFC position. It’s moving down lately. Likely it may find support at 25, its IPO price.
Closed SUNW position. I may reopn it when it breaks out or continues building base around 5.5 level.
1 point tonight. Two shorts: 1046.75 and 1046.5. Covered them at 1046.25 and 1046. The stop was set at 1048.5 way above recent high 1047.
It’s been profitable on ES front although scalping is just picking the pennies. I may venture into swing trade over a few days or a week horizon. What would be the target and stop for swing trade? I guess I would risk no more than 1-2% of the capital on each trade. The setups will be two: trend following using SMA 5 and 20, and Bollinger Bands/Slow Stochastic. I’m using the same setup trading other stocks and options.
Bot SUNW Jan04 at 4.05, rolling over Nov contracts to Jan.
Other than a long position on SUNW, almost 100% is in cash right now.