Closed positions: One Win, EMES, One Loss ORLY

I closed EMES today.  In at 105.18 out at 108.77  +3.59. 3.41% gain. +67 R gain

To recap.  This is the type of trade that has reflected why I have been successful this year.  The objective of this trade failed.  I had hoped for a break of 110 a move to 115 or beyond.  Two failed attempts at 110 have now occurred and I still exit with a respectable profit.

What has worked is that I've consistently bought low ends of ranges, The reversal candle was my buy signal as it coincided with a bounce off the 20MA.  I chose not to give this another chance at the 110 as the market overall looks weak and breakouts have not had much momentum behind them.

Now the bad:

In at  $155.50 

Out at $152.18  - $3.32 or 2.14%  .6R loss

I did not like the bearish reversal.  Although I thought this has potential the market forces are not aligned right now.  I kept the loss small.  Other than that not too much to say about this one. 

A bit of a bounce. Stopped Out of GDXJ and some new action in Auto Parts. ORLY AZO

After taking a beating over the last two days the markets staged a rally.  It looks like my FB trade was just a day early as FB rallied hard today:

I thought 62 might act as support and it did. But I wasn't willing to move my stop to take the risk.  I guess you can't win them all.

GDXJ has shown great strength and my short taken during the congestion must be closed.  

Entry 40.76 closed 43.95. - 3.19.   I knew this was somewhat of a risky trade going into it as gold stocks are notorious for choppy actions and fake breakouts in both directions. So I positioned size accordingly. 1.5% loss here.

Today's break was on high volume, which suggests I should look for long plays in some of the miners included in the ETF.

New Positions:  In at 155.50.  A  very nice move out of congestion.  I'm playing this a smaller than normal so I have a stop at 151.90 . 

Since ORLY broke out I'm anticipating that AZO will follow. So I picked up some calls:

I picked up the July 550s calls.  This a high risk trade given the the option expo day. It either works tomorrow or I get out out because the Theta decay is going to get ugly real fast.

On options my risk and position size is set assuming a  $0.00 so I'm risking .05%R here.



What has me excited about both of these stocks is their monthly charts, A breakout on the weekly charts could produce some very big moves:

ORLY weekly (dynamic):

AZO (Dynamic )