Friday, January 7, 2011

Friday, neat day

I had hoped the slew of earnings would provide some good trading opps in the morning, and it did, but the 2 that worked well, RBN and one other, can't remember right now, took off after the 1st minute bar, and I was just not at the right spot in the 10 seconds or so it took to take them. So I sat around all morning watching people make trades while nothing caught my eye for my style. Come the lunch lull and Jay in the CGW chatroom called out HE, and we noticed this was the second electrical utility to go off in the last 2 days... and I always thought utilities were for your grandpa, stodgy, slow, with a mediocre dividend. A quick scan of the tickers in the industry found 3 decent setups and I set buy stops for all 3. Two triggered, EEE and CEG. John Lee had been drilling us the last two days on only taking the best setups, and adding a dash of his old post about sequential breakouts, and viola, patience got me these two nice trades to close out the first week of 2011, my only trades of the day. 1/4 of my realized gain in EEE was +20%, not a bad gain for 2hrs.

Here is the EEE trade.

The setup

The execution

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