3 for 4 Day Trading for Black Service Members! STEI, MER, UAUA, and FNM
Oct 8, 2008 Day Trading, Technical Analysis
Today was a great day for day trading as there were some decent setup ups to play despite that whip saw environment we witnessed. I went 3 for 4 making some solid gains in STEI, MER and UAUA that were alerted to BLACK SERVICE members in Live Chat as well as real time Email ALerts
Day Trading #1 – STEI
I was following large gap downs on JASO, SOLF, DRYS, and STEI hot out of the gates in the AM but all of them moved to quickly for me to make a sound entry and were risky due to the volatility. STEI was the largest gap down and was moving the slowest so seemed to be the safest and most reliable play if there was a breakout to the upside. As all the other stocks i was watching blew up STEI starting breaking to the upside on the 3rd 5 min candle. Its safest to wait for the 3 or 4th candle to make a gap entry as i detailed in the previous post below which is the 15 minute rule. I alerted Black Service members to go long at 5.29. I exited the position when price began to slow near the 9ema resistance at 5.74
Technical Analysis :
Day Trading #2 – MER
MER was another great trade. I was only able to alert this stock via Live chat as it moved fast and i was glued to the computer screen watching it, didn’t have time to send an email. I entered at 17.14 as price was sitting on heavy support of the 13,9, and 50 ema and was on the verge of a triangle breakout. I exited at 17.97 near $18 resistance. Whole #’s serve as great exit and entry points, especially in stocks below $10.
Technical Analysis :
Day Trading #3 – UAUA
UAUA still has potential to complete the breakout i was hoping for tomorrow but i expect we will see selling accross the market since the short ban on financials will be lifted, i could be wrong though. If price breaks out above 5.58 this could easily head near the next resistance levels around 6 – 6.25. a breakdown below 5.25 and a short could be profitable here down to 4.50 – 5.
Technical Analysis :
FNM was the only failed trade of the day. Went long at 1.17 and out at 1.14 for a very small loss.
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Tags: Day Trading, FNM, mer, STEI, Technical Analysis, UAUA
