Selling Short Apple Computer at today's closing price of 501.75 on a sell signal from my leading indicator on the lower half of my chart. My 1st target price will be 461.04 with a stop loss set above Friday's closing price of 520.30. 

Campbell Soup Co. Ready to Move

Expect a breakout in Campbell Soup Co. (CPB) now that the Bollinger Bands have moved inside of the Keltner Channel on the daily chart. I will go long on a move above 35.50 for a day trade and look for a retest of 36.28 using a trailing .25 stop.

Looking for C.H. Robinson Worldwide (CHRW) to continue it's downward trend. I will be selling short below 55.50 with a target of 50.80 which was the July low. My stop loss will be 58.08 which is just above the August high of 57.83. I have found that whenever the Bollinger Bands get inside the Keltner Channel I can expect a breakout in the same direction of the longer term trend.

Intra-Day Game Plan for Tuesday 5-Apr-2011

Longs:
TCK 20 day high. Look for continuation above 57.24 and next resistance is 64.59
FTI New highs. Look for continuation above 50.33
ACE 52 week high. Look for continuation above 67.37 and next resistance is 68.00
TRV Testing the 60.00 resistance level again. Look for a break above 60.00 with volume and the next resistance level is 61.15
RHT Looking for continuation above 47.21 and 47.88 and next resistance is 49.00
CLF Looking for a break above 100.43 and then a break above 101.62 for a new 52 week high.
Shorts:
RIMM 20 day low. Look for continuation below 54.31
NTAP Look for continuation below 45.40 and a break below 44.50 for a new 20 day low.
BRCM 20 day low. Look for continuation below 37.78
RVBD 20 day low. Look for continuation below 33.25 and next support is 31.42
JNPR Looking for continuation below 39.40 then 38.85 for a new 20 day low.

Dom’s Intra- Day Game Plan for Wednesday 30-Mar-2011

Momentum LONG

DNDN 36.10 close Closed at a 20 day high with twice the average daily volume and will look for a long entry above Tuesday’s high of 36.17

HAL 49.00 close Closed at a 52 week high with strong relative volume. Looking for continuation above 49.25

CAT 110.51 close Closed at a 52 week high. Look for continuation above Tuesday’s high of 110.79

VLO 30.44 close Closed at 52 week high. Look for continuation above Tuesday’s high of 30.47

OVTI 36.07 close Closed at a 52 week high. Look for continuation above Tuesday’s high of 36.38

HON 59.60 close Closed at a 52 week high. Look for continuation above Tuesday’s high of 59.63

CVX 107.37 close Closed at a 52 week high. Look for continuation above 107.48

Momentum SHORT

APOL 40.55 close Gapped down on weak outlook. Look for a failed test of Tuesday’s high of 40.63 to initiate a short and add below 40.00

CCL 38.04 close Closed at a 20 day low. Look for continuation below 37.86

Economic Calendar

8:15 ADP Non-Farm Employment Change

10:30 Crude Oil Inventories

Stocks In Play

VRX makes a $5.7B unsolicited offer for CEPH sends share prices higher.

IBX earnings sends share price lower after hours.

Momentum Scalps Using Range Bars

Conoco Philips continues to trend higher making new 20 day highs which makes for textbook momentum trading. I use a 25 cents range bar to trade COP which provided 3 momentum scalps good for a total of 1.89 of profit. As you can see from the chart above my first entry provided the best scalp of .77 in only 10 minutes. The second entry was good for .49 in 13 minutes and the last one produced .63 of profit in under 5 minutes as it took out the previous day's high...textbook!

Conoco Philips Momentum Scalp

Today Conoco Philips provided another 20 day high breakout momentum trade for me. As COP opened above Friday's range I waited for the first pullback to go long using 25 cents range bars. My entry was 77.45 at 9:37am that had very good momentum as I watched it go straight up for 20 minutes. I booked my profit at 78.47 which was 27 cents of the high of 78.74 as you can see on the chart. My re-entry of 78.09 at 10:37am did not have the same momentum and I took a small 27 cents loss. My net profit in COP was 75 cents and I passed on the reversal at lunch. Using the range bars keeps me from taking big losses and never allows me to turn winning trades into big losses.

20 Day Breakout Momentum Trades

I have been taking 20 day breakouts for momentum trades the past few months with very good success. Last week there was a lot of momentum in the energy sector providing many opportunities for intra-day as well as swing trades. Conoco Philips (NYSE:COP) was one of the stocks that I took advantage of using a 25 cents range bar to time my entries and exits. I do not use time bars because of the noise and I find it easier to manage my trades using only price action regardless of time. The chart above illustrates my trades on Thursday & Friday.

EURUSD: This Is What A Trending Market Looks Like

There is nothing more frustrating than trading in a range bound market such as the S&P 500 index whether it be the SPY or the ES futures. I do neither. Instead I trade the EURUSD forex pair which provides me with more trending days than range bound days. I use a 25 pips range bar (see chart) which reduces the noise that time charts are notorious for and gives me just the price action. Friday Dec. 17th was a textbook trending day which provided a clean 171 pips of easy money. The short signal was a swing high at 5:28 am (1.3316) on news of a Moody's downgrade of Ireland. It was time to cover on a swing low in the range bar at S2 support (1.3145) which equates to a 171 pips of profit.

Market Scanner Ideas Working Well

Last week I used the eSignal Scanner...and it worked very well. Not surprising in this stock pickers market, where we are lucky to get 1 trending day per week. For the PreMarket Scan I look for stocks that have a minimum daily volume of 2 million share and trading at least 100k shares before the open. Last week there were at least 2 names each morning to concentrate on at the open. As long as they are outside of the previous day's range I will put the trade on with a stop loss using the hourly ATR (average true range). Last week they all played out well. On Monday I traded ABT and BIIB. Tuesday I had URBN and MON. Wednesday NOV and COH were good for nice winners. On Thursday NOV again as well as COH. Then Friday was a range bound day except for MRVL and PCX which were very nice winners. Above are the 5 minute charts that I used to day trade this past week.

Using Range Bars to Day Trade Las Vegas Sands After Earnings

Day Trading LVS after they released their earnings last Wednesday was just a matter of fading the gap opening (46.05) on Thursday and then going long above the Thursday intra day resistance (45.00) on Friday morning. LVS was trading as high as 46.55 before Thursday open. When the opening bell rang and LVS could not take out the pre-market highs, it was just a matter of getting short on the first pullback after taking out the pre-market low of 44.93. My 1st sell short signal came at 9:52 am at 45.06 after trading below thw 44.93 level. The 2nd sell short signal came at 10:08 am at 44.95. The 3rd sell short signal came at 11:10 am at 44.76. The signal to cover the shorts were at 2:47 pm at 44.04. Friday morning after testing the Thursday morning resistance level it was time to go long. That signal came at 9:50 am at 44.90 and we were long on our trading desk....Ka Ching!

Best Buy Breakout Trade

Going long BBY above 42.89 with my 1st target at 44.18; my 2nd target at 45.37; my 3rd target at 48.00. My stop loss for my swing trade will be just below 41.00 and my day trade stop will be below 42.16. Once I get my 1st target I will move move the rest of my position to breakeven.

TJX Co. Breakout Trade

I am looking to go long on the $TJX breakout above 45.40 with my 1st target at the June 16th high of 46.74; my 2nd target will be the June 3rd high of 47.34; and my 3rd target will be the April 26th high of 48.50. My stop loss will be below 44.35

Day trading US Steel short

$X US Steel stayed below Pivot Point on Friday. I will be looking to initiate a short position below 42.00 and add more shares below 41.30 with a price target near the July 20th low of 40.43 and a stop loss above 42.57

$RIMM Sell Short

$RIMM gapped down om June 25th and has been trending lower since March. I will sell short below 52.40 with a price target of 47.42 and a stop loss above 54.14 . This trade will provide a potential reward of 4.98 for a risk of 1.75 .

WYNN sell short

$WYNN has been on a downtrend since the gap down on June 29th. I like the sell short on a trade below 78.70 with a target at the July 2nd low of 73.12 for a reward of 5.58 with 1.80 of risk.

QCOM short for swing trade

QCOM has been trending lower since the gap down on April 22nd and has stayed below the 20 and 50 day moving average. I would enter QCOM short below 33.50 with a target at the monthly S1 support level of 31.44 and a stop loss above 34.20 . The risk on this trade is 0.70 for a reward of 2.05 .

Google Has A Fibonacci Retracement Support Level at 540.30

Google had earnings released after the close today and promptly traded as low as 549.00 after hours. As you can see from the charts, GOOG broke a trendline in place off the July 2009 low of 395.98 . Using a Fibonacci Retracement it looks like our first support will be at 540.30 .

Gold Futures

Gold Futures sold off today breaking breaking a trendline and the $1100.00 psychological support number briefly during Comex Pit trading. If gold takes out $1100.00 on Friday then look for the next major support at $1075.20 which was the December 2009 low after peaking at all time highs of $1227.50 on December 3, 2009.

American Express Using Rangebars

Today AXP was very weak and provided almost 2.00 of profit using a .20 rangebar for sell short entries. There were 4 sell short entries and no reason to cover until 4:00pm. The first entry was at 9:40 am @ 40.80; the second entry was at 10:50 @39.99; the third entry was at 12:53 @ 39.54; the last sell short signal was given at 1:10 @ 39.50 and there was no reason to cover because AXP just kept making lower low on the .20 rangebars providing a 1.91 profit if you covered on the close.