Online Stock Trading | Las Vegas Sands – Daily 080306
Today the online stock trader was busy trading LVS, Las Vegas Sands Corp. This stock gave a nice short selling signal on the daily chart as seen below. This is one of the online trader’s favorite technical stock patterns and will be designated as a BS1 setup, or Bear short 1 for future reference. This pattern in Las Vegas Sands Corp is nice because yesterday the stock closed near it’s high. Bulls were in charge and a reversal was thought to be in the making. Today, the stock gapped down below the prior day’s low. Those bulls got caught long and are wanting out of the stock causing selling pressure.
So how was this stock entered? You’ve got your first technical stock pattern on the daily chart. Next, the online stock trader evaluated intraday charts for his trading entry point.
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[...] We’ll call this pattern a BL1, Bull Long 1. It’s directly opposite the BS1 trading pattern. The reason it can be profitable is because of it’s reliability. Yesterday, MZZ closed near the low with a long red candlestick. It not only opens higher today, but gaps higher than the high of yesterday. If you’re short, you are instantly in pain. The pattern can be traded using an entry over the 5-minute high, or 30-minute high depending on your risk tolerance. A stop would be placed under the low of the day. This ETF was traded that way today using a 5-minute high entry pattern for a decent profit. [...]