Targa Resources Prtn Units (NGLS) Day Trade

4 May

Another stock I added last night to my watch list was NGLS so I watched it today.

Targa’s stock looked ripe for a bounced based on yesterday’s price action. You can check yesterday’s post to see my notes on that.

I watched the 5 minute chart to plan an entry. The first opening candle didn’t feel very convincing. The second candle showed a price rejection above yesterday’s high and a huge bearish engulfing third candle almost turned me off to this trade. I looked for a follow through candle after the large bearish engulfing candle which would have definitely kept me away from this trade.

But, surprisingly, prices moved up and kept trying to break above yesterday’s high but kept getting rejecting until there was a bit of 5 bar consolidation starting at 10:40am.

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Halcon Resources Corporation (HK) Long Day Trade

3 May

Yesterday, I added Halcon Resources Corporation (HK) to my watch list. I said I would initiate a trade of if the stock opened up today. I initiated the trade 15 minutes into the session.

I watched the first candle on the five minute chart which set a high of $5.89. I put in a buy stop at $5.90 and was filled about 15 minutes later and put in a stop loss at $5.67 below the second candle’s lowest price. I had mentioned resistance at $6 yesterday but that was handily broken early in the session. I raised my stop to $5.90 at break even and let the shares run once it broke above $6.

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Targa Resources Prtn Units (NGLS) – Added to Watch List for Long Setup

2 May

Added Targa Resources (NGLS) to my watchlist tonight.

The stock has pulled back to the 50 day moving average after hitting an all time high of $49.24 on 4/22. Today’s closing candle shows a potential reversal sitting on the 50 day moving average as well as support at $44.45 . If we open up tomorrow on NGLS stock, I may look to go long with a stop at $44.35 – slightly below the low of yesterday’s candle.

Here is Targa Resources’s stock chart for today:

Targa Resources Stock Chart - May 2, 2013

Hewlett-Packard Co (HPQ) Bear Flag Chart Pattern

2 May

Looks like a bear flag on Hewlett-Packard. It is rising on low volume. Beware longs!

Hewlett Packard Stock Chart - May 2, 2013

Halcon Resources Corporation (HK) – Added to watchlist

2 May

Halcon Resources Corporation’s stock took a massive tumble today falling more than 10% intraday. Must have been some bad news.

But, I like the way the day ended with a long wick candle near resistance area. This stock is clearly on a downtrend since it hit it’s high in Feb 9, 2012. But, I’m looking for a nice bounce off resistance.

If the stock opens up early tomorrow, I may go long 500 shares with a stop below today’s closing price. Price target of $6 which is new resistance.

Here is Halcon Resource Corporation’s stock chart today:

Halcon Resources Corporation Stock Chart - May 02, 2013

S&P 500 (SPY) ETF Short Trade Update

2 May

The markets rallied a bit today on some good news. This caused me to get stopped out of my short setup on the S&P 500 yesterday. My stop was at $159.50 and the high for today was $159.89. Looking at the price action, with the high being rejected today and price closing at $159.75, I decided to re initiate my short position. The volume today was low at about 93m shares.

I shorted at $159.80 at around 3:35pm today. I put my stop above today’s high at $160 just to give it some breathing room.

Here is the SPY’s chart today:

S&P 500 Daily Stock Chart

Google (GOOG) Elliot Wave Stock Chart Analysis Update

2 May

Yesterday, I posted a chart of Google’s stock showing it’s resemblance to an Elliot Wave at the Wave 5 stage.

I was hoping today Google’s stock would put out a nice convincing red candle for a short opportunity. But, instead it rose with the market today.

Good thing I didn’t jump the gun initiating a short position yesterday . Yesterday’s low volume selling was not convincing enough for me as well as the fact that the candle had any lower wick at all was not a good sign. So, I’ll continue to wait. Any higher price move up to recent high would invalidate the whole Elliot Wave theory.

Google’s (GOOG) stock has been a monster this year and I would certainly hate to be on the wrong side of this trade. But, you only have to look back to last year and think to yourself, “Remember Apple”.

Here’s an update to Google’s stock chart today:

Google's Stock Chart - May 2, 2013

Raymond James Financial (RJF) Long Trade Update

2 May

I didn’t even want to look at this trade yesterday in fear I might get stopped out. But, it came roaring back with the market today. Nothing too exciting though compare to my cost. I was a little indecisive about whether I should take the miniscule profit today since the candle hit up against the 8-day moving average today. I decided to hang on to the position and raise my stop because of the above average volume today. Here is Raymond James Financial’s stock chart today:

Raymond James Financial Stock Chart - 5/2/2013

Tesla Motors (TSLA) Short Trade Update

2 May

Tesla Motor’s (TSLA) stock made a valiant effort for a comeback today but was rejected putting up another nice candle showing bears rejecting its high of $55.27.

The stochastic dipped down below overbought level of 80 today adding additional confirmation more red candles are coming for Tesla Motor’s (TSLA) stock.

I continue to wait this one out looking for at least one big red candle to take some profits.

I tightened my stops today to $55.30 from $55.99 yesterday. Here is Tesla Motor’s stock chart today.

Tesla Motor's Stock Chart on 5/2/2013

Amazon.Com (AMZN) – Long Trade Setup

2 May

I started a long position in Amazon.com’s (AMZN) stock today based on its price action the last couple of days.

After what was a disappointing earnings report for some investors, Amazon.com’s stock took a nose dive breaking through a major trend line from December 2011. It put out a big red candle on 4/26 and reached a low of $245.75. This happens to be a resistance area from the high of $246.71 on Oct 14, 2011. It also bounced around this resistance area from end of Nov 2011 until middle of 12/17 before a short-lived break out.

The stochastic currently shows oversold and %K and %D are crossing over today which gives me secondary confirmation this might be a short term bottom.

Finally, the price action today suggests a short term reversal so I threw my money in around 9:47am at a price of $250.91.  My target price would be a retest of the trend line from January 2012. My stop is at $245.75. It would make me feel a lot better about this trade if today’s candle breaks above yesterday’s candle’s high and above the 200 day moving average. Here is Amazon’s chart as of right now. The two lines on the chart is the trend from December 2011.

Amazon.Com (AMZN) stock chart

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