7/18 Wednesday

Well this is new.  It’s not a text book Ascending Triangle nor is it a text book Symmetrical Triangle.  I am gonna call it a “Ascemetrical Triangle Pattern”.  Its definitely a Triangle Pattern and usually Triangle Pattern can break on either side (bullish or bearish) but just looking at the angle of this, I would assume that it is going to break bullish.

And usually Triangle Pattern’s first start of the move, its highs and its lows (which is on this case about $5 move April 12th – June 5th). So we should expect $5 move on break out.

But $96 being major pivot area (if you look at your chart out further you will see that it is quite a strong resistance), just below that price point will be my target.

I personally dont like $FDX because its very CHOPPY stock.  Even just looking at this little snap shot of my screen, its messy. It’s not like $AAPL.   So I would expect to see (what I want to say is “I WANT TO SEE”) a Marubozu Candle (Long White Candle) and hopefully close this out in a same day it triggers.

7/22 Sunday – Trade setup for this week

7/23 Monday – Almost got triggered bearish

Wow how awesome was that that I didn’t get triggered bearish yet! I was just few cents away.  (Obviously I don’t always have time to look at my charts in the morning so i got a good break there)

My bullish trigger stays the same but i did move my bearish trigger just little below of the lows today.

Market has been very choppy all day today. Lots of whipsaws were happening and just huge up and down moves.  Heaven for day traders and hell for swing traders.

I am trying to discern if the gap we had is a breakaway gap but we don’t have the confirmation yet.

Gap from June 28th is acting as support which I considered that price point when i put my bearish trigger there.

So the question if its going to hold this week but if it rolls over, definitely $86 next target and $84.5 2nd.

Watch out for 200 SMA though, its coming up close currently sitting on $87 area.

7/24 Tuesday Morning: TANKING

(Entered and closed with 45% ROI)

Closed out the trade just now.  With a choppy market like these days, I don’t know when its going to reverse you.

Plus option prices has been very volatile lately, so i am taking my profit whenever i can and i run. That’s probably smart thing to do in this up and down market.

Overall good trade for us and it certainly looks like (looking at indicators/oscillators) we can get to $85 or below which was our ultimate target.