After breaking the downtrend line as well as the daily swing high, TSLA went higher. The stop here is a little arbitrary as there has not been a swing low yet, but trying at 193.61. A more conservative low would be the last swing low, but then the RRR would not be great.
IYT is positioned to perform well as a short if the market gets weaker at this point. This trade is not speculating that the market will breakdown from this point forward, but rather, as a good candidate with good RRR if the breakdown happens.
Yesterday the SPY closed lower than the rencent uptrend line which can also be attributed to the lower boundaries of a bearish wedge pattern. Watching closely to see whether the market will open with further weakness and will short the SPY if it does. Initial stop is at 209.37 but will look to close the trade on any signs of strength. This one will need a tight...
I consider ascending or descending triangles among the more reliable patterns, but failures of these patterns can be quite good too. EPD has formed a descending triangle on the short term, but is also finding support at the uptrend line on the monthly.
It also coincides with a similar support level on oil spot price.
Coupled with good fundamentals, a long on EPD...
Short AAPL on failure to overcome resistance of 129. I beleive a good entry would be around the 126 region, as long as the downtrend line on the 30 minute chart is not violated. Target is at around 122.
After the most recent double bottom on the daily chart, there was above average buying interest over the past 4 days. Buying on continued strength for a medium term trade, with an initial target which corresponds to the longer term downtrend line. Stop is just under the double bottom: If GLD has a lower low from here this idea would be invalidated.
STL is holding above prior resistance and is basing towards recent highs. In addtion, it is holding above the up-trendline started in June 2014. An initial trade with a stop at 13.34 and an initial target of 14.52 could be good. Alternatively a looser stop below 13 with the expectation that it will breakout through recent highs for a longer term trade.
While it is unsure that there is a major reversal in place, a limit order near the trendline, with a limit just below the most recent swing low and a target just below the most recent swing high would offer a trade with a favourable risk-reward ratio.
