Sep 5, 2007

OSIS - Short

Today made up for all those other trades I've taken in the previous two weeks that have matched my criteria... but didn't move.
Today made up for the trades I passed in the previous two weeks.
Today made up for the trades I was in over the last two weeks but didn't manage the exit well.

Today... was a good day (9rish).

Here's the trade:

  • Placed fibs. from first bar high to third bar low
  • Price consolidated along the 38.2% fib. level I tried shorting the 10:15 bar low, but it didn't get taken out
  • Entered short off a break of the 10:40 bar low (shooting star after an nr7) on increased volume
  • Price took a long, steady nose dive (yay) and frankly, I was just looking for an exit that made sense
  • Placed my stop at the high of the 12:05 bar (inside nr7 after a long rundown, I was thinking price would shoot back up)


greytrader said...

Nice !!!

I missed it as OSIS average volume is below 200000 and I had a full watch list. Patience pays !

OONR7 said...

yeah... this was a pretty low volume stock (from my IB scan, I'm sure) but the setup was there and the ask/bid was pretty close. There were other trades I considered but didn't take because of the 'craziness' before the entry.

greytrader said...

I am adding a prophet scan with Virtual Volume > 100% average volume so I can catch something like OSIS next time. All my current scans have AVG volume > 200k

I never expect to come close to find all the good gappers but I need something to catch gaps with a significant increase in volume.

OSIS was a great trade, nice and smooth. It is sitting at 13x VV%Chg from Avg Volume right now.

OONR7 said...

you know, come to think of it... I think it was because of you that I started pulling my IB scans in the first place. I remember you commented on trading TEDC (or similar) about a month ago. I looked at the chart and the gap up was just below what I had in my Prophet settings.
So, I decided that I would scan the gap up/down list shortly after the open to try and catch the gaps Prophet would have missed.
I don't want/need to catch every stock, but if I can get a good one every now and then without drastically changing my routine... I'm all for it.

greytrader said...

Yeah, I used TeleChart Platinum for all my scans back then and I had a scan for gaps sorted by increased volume from AVG. I just had to translate it to a prophet tool. Note that OSIS was in the GAP list this AM, so I had my chance !

Jerry said...

Look like everyone had a ball today. I will post my trade later after the market.

Prospectus said...

Excellent trade! Congrats.

Eyal said...

Very nice! I didn't see it either cos of volume parameters.

Congrats :-)

Anonymous said...

nice trade. i saw it too late. so i went to the beach. :)


OONR7 said...

thanks eyal, prospectus. I would've preferred the entry bar to close a little lower to 'convince' me of the base break... but the preceeding nr7 helped on low volume helped.

Jamie said...

Nice work, that's a dream trade!

OSIS was on the Briefing gapper list this morning. I missed it - too busy with VMW short.

GN said...

Congrats OONR7!

bl said...

Trader X would be proud of you!! Saw it on the Briefing list but...forgot about it. A beaut even the 15" and 30". And set ups happen all the time for the patient ones.

Anonymous said...

intersting that VMW & ACH both back-kissed the ORL S/R level