BTU, CLF, TIE

Well Traders, some new plays came to me today; BTU, CLF and TIE. I have been lying in wait for these to come back to their Ascending Channel supports before buying them, and today was the day. Hopefully, my patience will pay off as well as I think it can. Here are the charts:

BTU

CLF

TIE

You'll notice that all three of them are at the bottom of their channels setting up for a timely bounce up to the tops of their channels at which point I will either sell the stock, or sell a Covered Call.

A real benefit of the position of these buys is that I am using the lows as my support level, and placing my Stop-Loss prices 2% below them, so not much downside. The upside is that if these do run up in their channels as predicted, the risk/reward for these trades is really good.

By the way, I only keep a limited amount stocks in my watch lists and just keep looking at the same ones over and over again. You'll recognize patterns and become very well aquainted with the companies the longer you look at them. If you have enough from diversified sectors, then there will always be something in your pipeline that will be ready to trade. Let it come to you.

Happy Trading!