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Trading The Plan
By: Wall Street Warrior   Tuesday, June 10, 2008 12:15 PM
Symbols: AMZN, CTSH, ENER, ESRX, HANS, JOYG, NIHD, NKE
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My personal trading list (after nightly review of the daily WL charts) for today was as follows:

AMZN B&B $82.00, CTSH B&B $36.00, NKE B&B $69.00, JOYG Bull Flag $85.00, ESRX symmetrical triangle on the daily, ENER break of 3 NRIBs on daily. I also wanted to catch HANS which has been running without me lately, and NIHD, a HCPG pick from yesterday which I missed but could catch on a pullback/continuation play.

So what happens when everything breaks simultaneously on the open? I knew we would have a strong open following the less than estimated job claims because the futures started running up at a good clip on that economic release.

At the end of the day, the entire trading list posted gains topped by HANS 7+%, followed closely by ENER. The worst performer was ESRX just 1.3%. The average was approx. 3.5%.

Usually when I put a trading list together, I'm hopeful of 2-3 good candidates. Today I managed to catch a piece of 6/8 names. Which ones did I miss? The E's ESRX because I didn't like the choppy mess in early trade and ENER because it went vertical off the open :( Almost 4 pts. in less than 30 minutes). That's the power of NRIBs!

Got an early start by placing a buy stop order for CTSH at $36.02 as the market was about to open. Used the pre-market low around $35.85 as my stop.

AMZN - missed $82.00 but found a mini base at $83.00. First exit is a partial, followed by a stop out.

HANS - Thought this one was going to run away from me again, but I liked the base at R2 and it was obvious this was going to fill the gap on the daily. R2 held as support in the afternoon, so this was a double play.



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