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Mark Reid Rank: 94 Followers: 5 Votes: 2 Years Member: 1 Last Update: 14 May 2013, 18:46 Categories: Swing Trading
Support / Resistance Lines
Chart Patterns

Really nice moves with TSO and YPF so far. We are likely in the fume stage of this bull run. Locking in some profits now would be prudent, and adding new positions might not be wise until we get a healthy pull back. One way to lock in profits without worrying about timing is to ratchet up your stops. Also, I added an inverse bond ETF to the watch list. Pundits have been calling for a end to the bond bull for what seems like years now. Well, they may be right soon if bonds see any further weakening.

1/27 I added a few names to the watch list for this week: HOMB, KORS, TSO, and YPF. Good luck.

1/17 The markets might be starting to gain some traction. Some of the names off the watch list are moving away from their buy points as well, including OII and LII. AAPL is treading around 500, which like I mentioned last night, is likely to be a magnet until some resolution is gained from their earnings report next week. I wanted to talk a little bit about how I determine stops. If you have noticed, some stocks that we have been in have come within pennies of our stops. Notably, FB. I use the shorter time frame charts (60 min or daily) and combine Fibonacci analysis and support lines. I am usually looking for a confluence of support from the fib retracements and support lines. I usually place my stops right beneath the strongest confluence of support. It usually works well as an indicator of whether a stock is simply pulling back before resuming its uptrend, or if stronger bearish forces are taking over. I use weekly charts to time my entries, but shorter timeframes to pin point stops. If I were to use a weekly chart to pin point stops, it would mean taking unnecessary draw downs and unnecessary risk. I hope that helps. Good luck and thanks for the votes!


1/16 Resting or stalling? That is the question right now as things just seem to drift sideways in the markets right now. There is no way of knowing until after the fact. The only stock on the watch list really worth talking about tonight is AAPL. I thought