Friday, March 21, 2014

Friday's Prospects: Round 2

It's a whipsaw sort of day. The symbols that survived my first round of screening (see "Friday's Prospects") and confirmed the signal by trading beyond the 20-day price channel today are moving back toward their channels intra-day.

They still count as confirmed bull signals, but I'm not seeing a lot of momentum. SF had the most bullish chart of the lot, but it in the process of whipsawing.

My fallback analysis of high-volume bear signals also failed to produce any symbol worth further analysis. FEYE, it turns out, began trading in September of last year. I require a full year after the IPO before I'll start trading a symbol. OXY appears to be forming a triangle, which is not a formation I want to jump into for a directional trade.

So, I'm moving outside of the first-round analysis in search of a potential trade. SLV broke below its 20-day price channel on Wednesday and confirmed the bear signal on Thursday. SLV has been sitting on my Roll Shelf since I closed my most recent options spread last December.

I plan to reanalyze I've reanalyzed the SLV chart to see if it's ready for a fresh bear position. My initial analysis last November, which I've updated, is "SLV: Silver bears".


My trading rules can be read here. And the classic Turtle Trading rules on which my rules are based can be read here.

Tim Bovee, Private Trader tracks the analysis and trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment.
No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decisions for his or her own account, and take responsibility for the consequences.

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