Momentum Trader Report: 12/09/09

09 Dec

Posted by Momentum-Trader as Momentum-Trader Report

The market started soft, but rallied into the close. The S&P 500 traded near support, but now looks like it’s ready to move to the upper range of this consolidation area.

I was busy yesterday and didn’t have time to post anything here. None of the stocks from my Watchlist triggered today, and I didn’t have any new stocks to watch today. CBS triggered yesterday, but didn’t do well today.

Some recent triggered had nice action today, and some look ready to move higher from here. WCRX is one example.

NANO another.

I like how many charts are looking here. Hopefully we are setting up for an end of year rally.

Trade Ideas for 12/10/09:

Good luck and good trading!

3 Responses

Steve Kilinski

December 10th, 2009 at 12:30 pm
1

Momentum,

I love the site & follow it often. I completely get your buy signals, which make a lot of sense, and I like how you use the market’s mood coupled with the signals of the stock to give you a better edge.

My question is what is your SELL signal? Oscilators? A % down on a day? Gut feel? etc.

Thanks,
Momentum-Trader

December 10th, 2009 at 11:34 pm
2

This is something I am still working on, and why I don’t post real time trades, because I don’t want to reveal my mistakes. I used to use gut feel to sell, but that usually causes me to sell too early. It seems I have the best success trailing my stops under the 10 or 15 SMA. I prefer to use those as sell signals rather than use gut feel. I use these on both the 5-min and daily charts, depending on if I am day trading or swing trading.

In this choppy action, once thing I will do is take a trade using the daily chart. Once I get a nice gain, I lock it in by switching to the 5 min chart after a day or two, and trailing my stop on the 5-min chart below a moving average like the 15 day, or whichever MA that chart is showing as a possible sell sign.
Momentum Trader Report: 12/14/09 by momentum-trader.com

December 14th, 2009 at 9:33 pm
3

[…] WCRX was one that triggered, and offered another buy point last week. […]