Shorting Our Way to Success! Profits on $PNX and $RRI
Oct 15, 2008 Day Trading, Technical Analysis
Today was another great day in the market for our Black Service Stock Picks . Making solid gains on both PNX for our 3rd trade this week, as well in RRI using simple technical analysis. Lets see how I did it.
Day Trading Stock Pick #1 – PNX
I’ve been following PNX for the past week and traded it for the 3rd time today going 2 for 3 on the winning side of the trade with todays trade the most successful with an 8.81% intraday gain. I alerted Black Service members to go short in PNX around 10:15am pst to go short in PNX at 6.02 as price had been trading flat along the 13/9ema’s which serve as strong short term indicators of trends. Price dropped below these trends as well as the Dow breaking to intraday lows signaling it was time to go short. We then followed price action down to the intraday lows made on the 13th where i suspected a rebound and shorted. Price consolidated for a while and halted near the 13/9 ema resistance trends to close near 6. So you could have extended your profits holding into the close yet trying to make perfect entry and exits are a fantasy. Take your profits when you have them. Other wise how are you gonna make any money?
Technical ANalysis :
Day Trading Stock Pick #2 – RRI
RRI was another great short that we accomplished today going short around the same exact time as we did on PNX. It was already down huge on the day so profit expectations were smaller, yet still available. I went short at 5.02 when price was forming a consolidation pattern that appeared to be making a possible rebound, yet when the 13/9ema’s were broken to the down side this signaled weakness and a failure to rebound for this stock. Price then trended lower near the intraday low around 4.80 where i covered for a 3.81% day trading gain.
Technical Analysis :
Tags: Add new tag, Day Trading, RRI, Technical Analysis
