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Last Update: 1.23.14
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1.15.14 Wednesday
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[8:44am CST] Entered Calls @ $137.70
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This setup is purely using market’s bullish momentum to it’s advantage today as we had pretty solid bullish candle yesterday which confirmed that inverted hammer candle on Monday. So this morning, we just need to hold above $137ish for continuation and we did that as we close at $138.44. Next resistance at $140ish.
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1.21.14 Tuesday
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Well it’s not a textbook bull flag but close enough in my opinion. What I worry more about is that 10EMA (blue) is slightly declining with today’s action and because of that, we would need bulls to make a move quickly to the upside like tomorrow. If not, I think we may want to come back down to retest that $134.50 level and I am not sure if I want to hold through that. Recent market volatility also did some damage on this stock. I am still holding full positions but I am eagerly waiting for it to move up soon.
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1.23.14 Thursday
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[11:26am CST] Positions (April calls) Closed @ $134.21
I had been holding April calls and I held longer than I usually do and the loss was a bit higher than my normal trades. The reason I held this one longer was because of the grinding-up/sideways action on $SPY and I really thought that if $SPY breaks out to new highs, $MMM will bounce for sure. Well, $SPY gaped down and $MMM tanked today with gap down. Unfortunate but I took a hit on this one and not looking to get back in anytime soon.
This was quite unfrotunate loss. What percentrage of loss did you take on this one and what is your usual risk %
agni123 usually 15-25% but this was little less than 40% loss. Normally I wouldve gotten out of this trade at $136ish with about 20% loss but decided to hold longer like my $AAPL longs which worked out but this one didn’t…
2kaykim agni123 Hi Kay, Sorry you had a bad trade here, but my system would not have allowed me to enter this trade at the time you entered. The MACD had a sell signal, and the stock was getting overbought. Not a good combination.
I do expect MMM to be a buying opportunity this week, along with the DIA rising. Other stocks I expect will rise this week along with their current prices are:
AAPL – 519.68
BIDU – 161.14
ICON – 37.25
ANSS – 81.00
ABM – 26.50
MMM – 130.33
CRCM- 26.72
CBI – 77.43
WAG – 60.96
MCD – 95.92
Check back with me Friday and let me know how I did.
Regards,
Jack Godoy
2kaykim agni123 Hi Kay, Well it’s been a week. Let’s see how I did.
Then Now
AAPL – 519.68 544.45
BIDU – 161.14 167.33
ICON – 37.25 39.39
ANSS – 81.00 81.94
ABM – 26.50 27.44
MMM – 130.33 131.92
CRCM- 26.72 25.41
CBI – 77.43 79.42
WAG – 60.96 64.89
MCD – 95.92 95.63
That’s an 80% win rate. Stay tuned for next weeks picks.