High Probability Setups – Week of 12/6/10

LVS has great price movement.  Good entries tend to be on support levels such as the 20ema or the 50ema.  A stop on this trade would be below the 50ema.

There is a resistance point going back from 5/10 that has been broken here.  It is  likely that there will be a continuation up if we see a break above the 50ema.  Started a position and will hold with patience.

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Monday Trades

MON [Force yourself to learn something new each day]

IN
UUP – Added to position.
LVS – Started position.
SHLD – Started position.
VIX – Added to position.
KMB – Extremely cheap premium. Good value. Good levels.

OUT
MU (ALL) – Took profit at target (200ema). [13 days]
S (ALL) – Took profit on nice move up to the (200ema). [19 days]
BUD (ALL) – Not interested in this setup anymore. Took loss. Moving on. [5 days]

Portfolio

Weekly Quote

“Bottom line it’s about making money but more importantly, if you aren’t learning something new in this industry everyday, you are dead.”