I’m Watching This Level In Ebay To Trigger A Potential Entry
Wow, what a week we just experienced.Â
The index system suffered some
chop due to the larger intraday price moves without the subsequent directional
price bias that traditionally occurs outside of the channel. This week, I
have recalculated the channel figures, added several stocks to our watch list,
closed the Oil trade, after being stopped out, and have a plan to get back in.
Here’s our strategy for today!
The DJIA
The choppy sessions last week dictated a recalculation of the DJIA
channel. It has been widened in order to absorb the large intraday moves
that potentially may continue to occur this week. The current channel
levels are 10577–10723. The positive news is that my top projection made early
in the month is still valid. We will see what happens this week!
Flat
Oil
This trade was finally closed when our stops at 67.07 were hit. I am
instituting the following strategy for this week, short if 63.97 breaks and long
should 67.77 be violated. Flat
US Dollar:
The Euro is weakening slightly against the dollar. My long entry at 1.2233 is
still nicely profitable. I am maintaining my long bias in the pair at this
time. Long EUR/USD, Short USD, profitable
US Equities
GOOG:
This has been an excellent trade so far! I gave back some
profits on Friday, but am still holding short at this time. The profit
protecting stops are set at 292.53. Short/profitable
X: US Steel remains below the 200 day MA of 46.41. This stock
has strong current fundamentals and I am maintaining the bullish bias.
Long/profitable
PLMD: A good swing entry is setting up here this morning. The stock is
up big in pre-market trading and here is my strategy—I will short should 36.90
be violated and go long above 38.10. It’s tough to tell what way its going
to break after the open, but whatever way, I suspect a nice move from the entry.
Flat/no bias
EBAY: This one is looking very interesting here as a swing trade
short. I will short should 40.77 be taken out on the downside.Â
Flat/short bias
Best wishes in the market!
Dave G
David S. Goodboy (marketsurfer) has been
trading professionally for over 14 years. Mr. Goodboy trades ETF’s, stocks,
index futures, energy futures and options. His primary focus is a unique
multi-time frame index trading system based on a combination of time/price
cyclical studies and statistical models. David was a trader/partner with
Biltmore Capital, traded with an option arbitrage firm, and is currently in the
launch stages of IntrendX, a global multi-strategy fund.