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Thread: Could use some advice on my technicals....

  1. Default Could use some advice on my technicals....

    So I went ahead and moved some money around and upgraded my account to a margin account. I made a few trades this week based off of some sketchy chart analizing.....I am still a bit overwhelmed at all the possible trend lines found in the charts . I managed to make a few hundred dollars this week, but I am dying to start making a few hundred a day. Anyway I have come up with a couple stocks I am interested in day trading and wanted to get some opinions from some more seasoned players out there. I have spent a few hours this evening doing some research and chart comparisons and here are a few I am considering for tomorrow.....

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    On the 6 month/daily chart it looks to be making a nice even set of support / resistance lines trending up nicely.
    On the 5 day/10 minute chart its forming a strong wedge indicating a break out or break down very soon.

    On the 6 month/daily chart the stock seems to be forming a wedge heading into the beginning of August.
    On the 5 day/10 minute chart it looks to be trending horizontaly in a rectangle with equally spaced support/resistance lines. The setting and establishing of new support resistance lines can be clearly seen over the last 4 or 5 days.

    On the 5 day/10 minute chart it seems to have established a short term set of easily identifiable support/resistance lines trending upwards.

    I think this is my favorite for tomorrow.
    On the 6 month/daily chart afew different trend lines can be found but they all trend upwards.
    On the 5 day/10 minute chart there is a very strong wedge forming heading into the beginning of August.

    I would appreciate any critiques or suggestions anyone has to help me out.
    I kept feeling myself being pulled toward the small cap stuff where i kept seeing the large 30-50 gains....must resist...

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    Define your goals--is a few hundred a day in closed daytrades or just running daily unclosed out profit on swing trades lasting a few days? And is it realistic with your average sharesize and acct size?

    If too many moving averages or trendlines confuse you--delete them. If you can eliminate confusion do so--unless you are Bolimomo (just kidding Boli but you should send him a screenshot)

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    My goal right now is to make a minimum of 2 on each trade and always have my stop loss factored in at around .75. I am trying not to concern myself so much with $$ and more on just reaching my goal. Right now I enjoy the day trade and have started to understand how to use sliding stops to lock in my prophets. I can not go full blown day trading as i dont want to get slapped with a PDT warning......I dont have the $25k in my account to cover that yet. Holding over night scares me because so much happens in after hours that it could destroy my gains but I have no choice for the time being. Its either hold over night or skip trading a day or two during the week.

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    I dont see anything special for tomorrow's early daytrading on JNPR
    Not convinced on HBAN but I see it more as a possible short than a long for the morning.
    COF has MFI price divergence on the daily so I see that more as a possible short as well.
    CAT doesnt tell me anything based on the daily chart support resistance levels looking left on it.

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