Today I was thinking about trading it for real but I had a glitch or two with my platform as I was considering entering a trade, lost connection and upon startup the charts would not update. I restarted the platform and the charts were back but the bids were wonky. I have had this happen before and I usually just shut down but I thought it might be a good exercise in trading with a handicap. It means that I have to track the bids closer as they are not up to date were they should be. A real PITA. The charts are correct and SU, being a slower mover may give me time to make decisions... Here is how that went.
This was such a nice example of how to play targets that I had to capture it and post it here.
Green line I placed as yesterday's close $22.30 (from my broker account chart)
Red line was the primary pivot point for the day $23.04
Dark green is the 200SMA
S and L are short and long positions taken
The overnight gap up was interesting in that it spanned the 200SMA line so I would have expected the gap to close and therefore I considered shorting very early. I usually like to wait and see what starts to form first, just to make sure.
My trades are pretty obvious as were the targets. The shorts were closed as the 200SMA was hit, I did not wait for bounces or hoping for it to cross the 200 for a big hit, just taking my targets. Even the third short I closed early. The one long was rather speculative but worked well, I didn't hold for the red line as I just bailed as soon as the price hesitated then went short almost right away.
At the end of the above chart the price started a nice consolidation then promptly offered a very nice 200 sma bounce and cross. Seeing as today is a short day I would have been playing for more shorts. The price did not even hesitate at the green support so I expect that I would have let it go...as I type this the price is still heading down and considering the next support level is $21.11 I would have liked to have been trading yet. This last bit is hindsight but I know my plan and I know I would have been on this ride for at least a few cents had this been my fourth trade...although I have been adding the fifth lately. I see that at $22.oo the price turned a hair more than I like....So out I would have been as there was lots of trading at the $22.00 mark.
Stats for Friday and Monday were 6% net return combined. Today bumped that up to 9.12% net. The last move that I did not actually track would have dropped 55 cents more had I got in at the resistance area...for another 2% for the one trade. I don't like banking on those sized single trades, though they are nice.
So, my target would be nicely beat as I saw 9 days worth of trading in three days.
While I don't expect DTing Suncor to be this easy all the time, it does look promising.
Jeff.
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