DRYS review
Here are some more pop up charts on 'roids with some thoughts on why I didn't enter DRYS yesterday:
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Sep 7, 2007
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15 comments:
Great analysis. I look forward to more of these posts in the future. It is easy to see a setup work after the fact but it also helps to see why you avoided a trade. Thanks
Hindsight 20/20 I wish I saw all of that. Yeah it wasn't the best but I was a nice scalp. Unfortunately all of yesterday presented so many nice scalps. However, my mind is not wired for scalping.
Oh. I like this 3 bar rule. We talked about this before but it wasn't until recently I have finally decided to concentrate on bullish falling wedges and bearish rising wedges.
Prophet scan not working today.
called Prophet customer support and they said it is a known intermittent problem with Prophet scans. Values are yesterday's. No ETA as to when it will be fixed.
I also got no results from Prophet.net and I always come to this site to confirm if it is just me - it is frustrating how this is happening all too often. I like prophet.net becauuse you can get the results in chart form - which tells you much more than just that it gapped up - an obvious point. I know oonr7 mentioned using IB's data - was wondering if anyone ran scans using Telechart 2007 - to get intraday data it costs $100 a month but they have great charting software - are there reliable alternatives to prophet.net for data?
I actually did notice today because there weren't many candidates on my gap down list which was surprising considering how the market started. Thanks for the heads up.
Prophet sucks when it comes to fixing shit. There was a period with no problems but it seems like back to unreliability.
Tom,
I just switched from Telechart 2007 to Prophet. They do have RealTime reliability problems. The RealTime scans are great but it is $100 a month...
you know... I went threw the whole intraday scanner thing a while back and there aren't a whole lot of affordable options. I've been willing to put up with prophet's delays in the past, but there are limits to my patience.
the trade was the test of ORL support (hammer) on the 5-minute chart. i wouldnt have taken it as it was too far below my "buffer", but it never did close below ORL and since i have the benfit of hindsight - thats my take :). i allow a very small stop loss on these trades & invariably they have good reward relative to the risk.
QQQBall
I really enjoy your posts. I use Trade-Ideas, but so far having trouble configuring for some good setups? Have you ever used Trade-Ideas, and what are your favorite scans you look for, 15 minute hammer, hangman, etc. Could you tell me any good books on daytrading and also on Fib retracements or websites.
Thanks again,
john s.: One of the best books I've ever read is Steve Nison's Japanese Candlestick Course. It's a great book that explains candlesticks and how to interpret them. I read it when I first started trading and I'm reading it again right now.
Also, the basis of my trading system comes from the information I've learned from the manuals at tradethemove.com. I read their revised materials when they came out earlier this year and it was an eye-opener.
I haven't used trade ideas but I'm really considering it. I have to look into the costs, etc and how much more I'll be paying versus prophet.. but I know a bunch of traders use them and they have some pretty neat fib. indicators that work directly with QT.
I just checked tradeideas again, and if you pay the annual price up front it's $495 which comes out to $41.25 a month. I'm currently paying 29.95 a month for prophet and enjoy their unreliable scans and data feed. Plus, TI has some nice features specifically for QT (line fib. level alerts). I don't... TI's making sense right now.
oonr7,
How do you get to $495 for a year ? I see $545.
gt: you're right... $545, which comes out to $45.42 a month. Not sure where $495 came from.
Prophet scans work fine today :-)
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