Some Shorts for the watchlist

I come across a few shorts to watch over the next few days.

BDX

Weekly looks ma just crossed below ema potentially entering a stage 4 after breaking down through support.

Daily looks to have broke down through a descending triangle and pulled back to breakout point.

Daily Chart

Weekly Chart

CBST

17.00 looks like a big support level and if the stock can break through this then it may head south?

Weekly Chart

LAMR

Looks to have pulled back quite orderly, tail through resistance in March/April.

Is this an upside down cup and handle?

Daily Chart

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Replies to This Discussion

Permalink Reply by James Stevenson on November 9, 2008 at 1:23am: Thanks KTF. Appreciate that. :)

I think you're right. I was thinking after posting that question that I can feel the greed monster rearing his ugly head. I guess I should focus my efforts on further minimising risk in my set-ups even when there appears to be none. We can never be too cautious I suppose. Thanks for you're advice.

I reckon in a week/2 weeks? when all the reverse head and shoulders patterns and wedges I'm seeing develop and play out, things are gonna get really interesting! :); ▶ Reply to This

Permalink Reply by James Stevenson on November 30, 2008 at 2:31am: Anybody short on Monday/tuesday?

I'm watching a few potential set-ups. AKR, ATMI, HCN, LUK, NNN, PPS, TJX, WTS.

Let me know what you think, and if you have any nice set-ups ;); ▶ Reply to This

Permalink Reply by James Stevenson on November 30, 2008 at 5:55am: A few short set-ups :)

I don't like nnn cos i would need to risk too high a % to keep my stop out of the price action of the previous day. Thought I would add it just in case anybody likes playing these kinds of set-ups. Perhaps if someone is skilled in the 1/5 minute charts, they could get their low risk entry somehow.; ▶ Reply to This

Permalink Reply by swing2freedom on November 30, 2008 at 10:03am: I'm not sure.

A lot of counters seem to be giving out positive divergence indication, but i just have a hunch that the bottom is still not yet finished.

It looks tempting to short into the current short rally, but ..... the positive divergence (mostly on RSI/MACD) just makes me nervours.......

what do you guys think?; ▶ Reply to This

Permalink Reply by James Stevenson on November 30, 2008 at 12:38pm: Hi swing, can you post a chart on the market direction forum and start up a discussion please. I heard a lot of talk about the positive divergance on MACD. It would be useful for me to see your notes, and hear your opinions. :); ▶ Reply to This

Permalink Reply by KTF on November 30, 2008 at 4:53pm: James, I posted a chart on Wednesday, on the market direction forum demonstrating the divergence on the MACD. Like swing, I would not be gung ho on shorting right now, although I do think if you take profits quickly you will be alright.

Thanks for your list of setups. I'll be taking a look at all of them. I usually like to wait until the rally completes what Craig calls a swing trading trap (AKA as the ABC waves of an Elliot Wave correction.)

I don't have any setups that are ripe yet, but should be a few in a couple day.s.; ▶ Reply to This

Permalink Reply by Craig on December 1, 2008 at 3:53pm: So many stocks to choose from for shorting that it seems almost too good to be true. Hard to pick from all of them! Decided to go with DKS today. Will look for more tomorrow...; ▶ Reply to This

Permalink Reply by KTF on December 4, 2008 at 3:36pm: Just shorted EBAY.; ▶ Reply to This

Permalink Reply by ccwells on December 4, 2008 at 10:35pm: I believe that is a good move. It is in the TAZ, but look at the past and see the price were the fall stopped mid October and the rise mid November stopped. The 14 level is a critical level to the herd.

At what price do you plan to take profits?; ▶ Reply to This

Permalink Reply by KTF on December 5, 2008 at 5:39pm: Man, are these markets a humbling experience. After today profit taking is not really on my mind. I was planning to trail my stops above each days high until stopped out. Of course, I'm keeping in my mind that we are either near the end of wave 5 or have already experienced it, so was prepared to take profits quickly with evidence that we are in a new wave. That looks more likely after today, so if I get into positive territory again I may place a stop at break even.; ▶ Reply to This

Permalink Reply by James Stevenson on December 5, 2008 at 10:23pm: When your wrong your wrong, and i was wrong. stopped out. If I'd taken profits quickly or used really tight stops on day 2 could've made a quick earner. I think I'm officially off any trading longer than a day and a half now. especially on the short side.

Shame I'm not long as well cos there's some interesting set up's in my watch list. MA crossovers, triangle break-out patterns. Let me know what you think of the following 3. I am still still very much an amateur trying to learn how to lower my stupidity on a daily basis so any advice is much appreciated:) I guess it all comes down to the S&P which is still as unpredictable as ever...?; ▶ Reply to This

Permalink Reply by swing2freedom on December 5, 2008 at 11:38pm: PLCN looks like it's gonna start a reversal .......

Not sure where it's heading, but the indicators tells that there's a possibility in a reversal.

just my humble 2 cents.; ▶ Reply to This