Monday, August 11, 2003

SINA - did not take the long since with the gap and early trade hit the 3% targeted area so with the high of 31.89 x 0.97 = 30.93 so rounded down to nearest 1/8th for a short is 30.87 and that short hit the profit target. Now looking at a potential new trade long using the swing low so far of 29.53
SNDK on the long swing high of 50.29 x 0.97 = 48.78 so 48.75 becomes a short reversal.
CVTX through the target on the second trade long so with 2 trades to full target we're done for the day with CVTX.
AMLN hit a swing high of 23.27 x 0.97 = 22.57 so round down to the nearest 1/8th and the short reversal becomes 22.50
SOHU - this one is a bit messy -- the long we took on the pullback into 31.10 with a high of 31.74 after the first 10 minutes so you know your reversal of that long is 31.74 x 0.97 = 30.78 and round down to the nearest 1/8th or 30.75. That short got down to 30.26 x 1.03 = 31.17 which rounds up to 31.25 which did trigger so currently long on a third trade at 31.25 but need to watch for protective stops -- we would not reverse again since 3 trades and we're done -- the reason for that rule is for cases like this when the trade gets very volatile in a certain range so this limits our attempts to get caught in the mess.
NTES went long on the pullback into our set-up as the initial gap and trade after the first 10 minutes was not to the full 3% target so the pullback entry was valid -- however with the swing high of 46.32 set after the first 10 minutes (which we ignore prices during that time) x 0.97 = 44.93 and rounded down to the nearest 1/8th or 44.87 that was the point we reversed the long from 45.35 to short which is trading now.
CVTX went short early and that went quickly to target with a bottom at 20.75 x 1.03 = 21.38 which becomes our long trade number two for this stock and that is what is open right now.
ADRX currently short with a low of 18.20 x 1.03 = 18.75 which is right on the 1/8th and that becomes our long reversal.