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Either I‘ve become too picky or setups have in fact become fewer and fewer over the last days. I guess for now I‘ll have to attribute it to the up-down-up-down action in the broad market. Two examples:
LVS. Looks good at first glance, but 36 is definitely a support area that has been tested at least four times in 2011, and recent price action looks like a fakeout with a quick reversal, so this is most definitely not a short candidate.
CLF. Almost the same.
Can you help answer these questions from other members on NexusFi?
S&P 500
Up day. Take profit of the (a) position was missed by .37 points. There‘s not enough follow through, so I exit both positions at the open on Tuesday.
Nasdaq 100
Up day.
Stocks BTU. Back at the 61.8% retracement in a strong downtrend. Short STP(ab) 21.15; SL(ab) 22.05; TP(a) 19.80.
Stocks BTU. Entered short at 21.50. SL(ab) 22.05; TP(a) 20.67.
ABX. STP was not hit, so no entry. Made a reversal bar right at the EMA(30) and a resistance level, just below the 50% Fibonacci retracement. Short STP(ab) 33.65; SL(ab) 34.75; TP(a) 32.00.
TCK. Solid downtrend, bounce back to a resistance level at 29, nice doji yesterday. Short STP(ab) 28.55; SL(ab) 29.33; TP(a) 27.38.
T. This looks a bit premature, because the retracement is small (hasn‘t hit the 38.2% level), and there‘s no support. But it did form a nice little reversal bar, and the last move up has been strong. Buy STP(ab) 37.55; SL(ab) 37.00; TP(a) 38.38.