The first chart is X and it was one of the weakest
WL stocks Friday, setting up a short when it couldn't hold the R-zone of the
PDL to
ORH as support.
Today X printed an
IB in the upper shadow of the OB, green on green, for a target trade back up to Friday's high. It then carved out a
tower top reversal pattern for a short back to the R-zone.
SU and
CNQ set up shorting
opps on Friday after Thursday's big rally. I was hoping to go from top of channel to lower channel, but prices stalled.
Today they opened weak but found support on the lower channel and rallied back to test Friday's highs.
SU carved out a morning star reversal for a long entry and
CNQ IB. After testing Friday's highs, we had shorting
opps.
So, we were long SU and CNQ Thursday, short Friday, long and short today - making the same money over and over. Tomorrow, I expect the channel to break.
I added
ECA to the short oil list as it extended to the 50% Fib. level of the
ORL to
PDH.
MS, a long on Friday, should have been shorted on a
trendline break, but I missed it. Eventually, it carved out a bear flag for a quick short.
I think the RIMM trade is self explanatory. If you're not familiar with the power of NR7, read this post from last week.
JPM breached the top of it's steep upwards channel on Friday. Today, it carved out a higher high with negative divergence of the RSI, so I put in a buy stop order on break of blue line. I'm keeping this on the focus list - looking for a correction back to lower channel line.
