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SharePlanner (< 20)

Long FLIR At $28.35

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November 09, 2010 – Comments (3) | RELATED TICKERS: FLIR

After closing out my long position in QID (Nasdaq UltraShort ETF) at the end of the day at $12.34, I bought a position in FLIR Systems Inc. (FLIR) at $28.35 with a stop-loss at $27.19. There's no certainty that today's sell-off won't continue into tomorrow, however, I felt that it was appropriate to begin dipping my toes in the water here, by adding a new position in the portfolio for the next leg up in the market. More than likely I'll be adding more positions to the portfolio tomorrow, ideally on weakness.

Here's my chart analysis in FLIR

3 Comments – Post Your Own

#1) On November 09, 2010 at 9:40 PM, FreethinkerKW (63.05) wrote:

I am curious as to why you did not set a much tighter stop/loss using your horizontal support across the recent lows of 28.19, 28.28, 28.19 and 28.21? Why not say 27.95 which is ten cents below the 200 day dma of 28.05 at today's close? Or why not just set it at 28.12?

 Another thing: FLIR's recent highs only suggests a target price of only $30.00 before hitting your upper downsloping trendline. 

 I'm not being rude. I'm just saying I believe there are a whole lot better trades out there with better odds in your favor.

 Regardless, I am enjoying your blog. And by the way, did you go long QID early morning and close out at the end of the day? Or were you holding QID for a longer period?

 I've just closed all my FAS (after gaining 18%) and bought back into it at day's end, just a tiny bit. But I'm letting GLD, TYH, CREE, PBR, and UNG continue to run. 

Have never played QID. Is it a double or triple short of the NASDAQ?

 

If you like tech, you do want to check out TYH and it's inverse TYP. They are two of the newest Direxion ETF stable and as more people learn about them, volume creeps up. Average daily volume on TYH is now about 900,000 for past 20 days, but over the past 10 days, it breaks 1 million shares often. 

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#2) On November 09, 2010 at 9:43 PM, FreethinkerKW (63.05) wrote:

p.s. I should have added that all stop/losses for my positions above are now "in the money", or above where I first bought in. 

  

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#3) On November 10, 2010 at 8:09 AM, SharePlanner (< 20) wrote:

FLIR is a breakout play, the double bottom confirmed, in the past few days. Just below the 200-day moving average was also considered as a stop-loss, and may ultimately be where I do get out. I'm never afraid to tighten a stop-loss if things look out of kilter with a stock. 

As for QID, I bought in this near the Thursday highs, when I sold most of my long positions. and sold it yesterday, about 10 minutes prior to the close.

Good job trading, and be sure to stop by at the SharePlanner Chat-Room - lots of good trading ideas going back and forth there.  

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