Trade Wrapup - 20080415

Trade Wrapup - Tuesday, April 15, 2008

11:35 am ET - Hey gang, I was out this morning and missed the best breakdowns of the morning *frown*.... I have meetings today, so I'm going to be in and out, but will update as the day progresses....

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10:34 - KCI is basing at lows. A con is that this has been moving strongly lower for a number of days already then gapped large today
11:04 - KCI off watch

11:06 flea: INFY ?
Toni: i like that daily for more upside this afteroon... infy... the momentum intraday here is not great though... can easily pullback (aka flush) since its just creeping higher

11:17 futures at support

11:19 AoN: Toni - ur thoughts on DECK plz?
Toni: i like it .. concern is the extreme move already though. the daily is good for a swing short

11:41 LEH 5 min momo reversal short

11:54 futures hit 5 min 20 sma

12:19 DRYS starting to form a bear flag on the 5 min
12:29 DRYS off watch

12:40 Toni: so many things i am finding today have cons with the larger time frames... like POT is forming a "D" setups short on the 5 min but the daily is bullish
Breakout Template:
For information on A, B, C, D, or Z template patterns, please see http://tradingfrommainstreet.com/images/roomexamples/BREAKOUT_TEMPLATE.gif
The green circle is the entry with the red bar as the stop.
That is the breakout patterns link btw

13:29 indices at 50% retracement back to highs

13:49 ES just hit 62% retracement back to highs
NQ at 30 min 20 period sma

14:03 LDK base at intraday lows - not available on IB

14:07 fut looking to remain bullish.. 5 min 20 sma as support on this congestion.. expecting congestion here along the NQ 30 min 20 sma

14:12 2 min futs avalanche forming in NQ and YM... 5 min 20 sma is support
14:31 futures holding that 5 min 20 sma... was a nice avalanche scalp

14:52 momentum is a bit strong for the market off this retest of highs
gonna make a longer congestion along highs more difficult
has first bit of support here
will see how it handles it but not looking great
(update: market held support but had to round off at the lows instead of being able to bounce quickly because of the momentum on the selling into the support... eventually it was able to offer the continuation pattern on the congestion along the 30 min 20 sma in the NQ, but didn't do so until heading into the close)

15:17 MTW 5 min bear flag - ran out of time... I had shorted within the range and had to scratch, losing 5 cents a few min. before the closing bell...

WRAPUP
Overall a difficult day for me... Did not have time to do as much scanning intraday and missed the open as well as mid-day breakouts due to other engagements, so ended the day flat. KCI ended up going into the close, but I had passed on it. Opps!