Stock picks for 02/21/2012
Dear traders,
There is not much new to say. If we look weekly and daily SPY chart we can see that uptrend channel still hold. On the weekly chart we can see that previous high is here and because of that al options are open. When I scan for individual names I always follow: pace, volume, support area, resistance area etc. If I will see that chart don’t have room until resistance for good long trade I will avoid that chart, despite how good can be pattern. If chart will test previous resistance first time then odds that resistance will hold is bigger. Of course nothing is 100% sure, but I just try to describe kind of risk what we have for long trades. Despite of that individual chart could go with own way, but this time they could be without market help. On the other side there is no any selling signal on SPY charts. If we look at QQQ and DIA monthly chart we can see that both closed above previous high (DIA closed slightly above, but still above) and look ready for new highs and because of that at this moment I won’t count with any big selling (unless some bad news come out). On the SPY daily chart we can see that 10/20sma is trend support area and that will stay in focus. Until QQQ will stay above 10sma and DIA/SPY above 20sma up channel will hold short trades will be without market help. This kind of action what we can see on the SPY daily chart increase possibility for sharp intraday pull back, or gap down open at moving average support. We had something like that before 5 days when SPY was open with bull trap. Because of that smallest risk will be on smaller time frames so please keep that in mind. My advice is to trade with less risk and less number of trades. Without pattern setup for my style will be always higher risk.
I hope that my English is not reason that something is unclear, but if something it is, it will be my pleasure if I will answer on any email with question.
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Iviac Juracic
Trader and Founder
XpertStockTrader.com
PLEASE NOTE:
The primary focus of my service is to find Swing Trades. I look for intraday setups that have a potential to become swing trades. Since my membership is diverse I do post additional ideas (day trades, position trades and scalp trades). It is up to you to decide which trades are appropriate for your trading style. I do NOT personally take every trade. Your success depends on YOU taking trades you understand and like. I am always available to contact for additional trade explanation.
TRADING THE OPEN
During normal market conditions our regular setups generally do very well regardless what time they are taken. Trading right at the open always adds risk. It is recommended that new trades not be taken for the first 5 minutes the market is open. I will treat each new trade that sets up during this time as a gap trade and wait till the stock comes back and takes out its 15 minute high or low.
Trading is risky. It is our job as traders to reduce this risk and increase our chances of success.
IMPORTANT: Take only the opportunities that you really like and understand. Always enter a trade with a trading plan. If you have any questions, please feel free to ask me. There is a much greater chance of success in your trading if you understand the trade. That is very important. Taking just a few trades is enough to be a successful trader. Overtrading is probably the number one reason new traders fail. I personally mostly take swing trades. Please remember to keep that in mind!!!!!!!!!!!!!!!
If you have any questions, please feel free to contact me.
Good luck trading today!
Ivica Juracich
XpertStockTrader.com
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