Sep 27, 2007

SGY - Long

SGY was pretty much picture perfect the way it retraced down to the 38% fib. level and bounced off the 5ema. My entry was a nice narrow bar with volume. Don't think I need to break down this trade... look at the chart. I exited half on a break of the 12:20 bar low and the rest on a break of the 2pm bar low.


Jamie said...

Nice work!

greytrader said...

That is a 1.3% gap, how did it end up on your list ?

OONR7 said...

thanks Jamie, I deserved it :)

gt: Must've been through my IB scan. I think you've asked me that like 3 times already :) I mentioned that I started doing that because of a trade you made in TECD awhile back. I believe it was like a 1.5% gap and I missed it. Since then, I run my IB scan at 9:35 and look for gappers of at least 1.5%.

greytrader said...

Yeah, same question but after your recent thoughts on volume, I thought you might have added a virtual volume scan. I have a scan with gap > 1% and VV > 100% avg where SGY showed up this morning. It was on my list but I did not trade it. You also have Trade-Ideas now, and I was wondering if SGY came out of some cool scan from that :-)

OONR7 said...

gt: I would solely use prophet but, frankly, I don't trust it and the data doesn't come out till like 9:45 or so. I trust IB and it doesn't give me a huge list either, think it tops out at 50 or so.
Anyway, what I'm doing now is importing the IB scan into QT and then quickly eliminating anything that hasn't gapped at least +/- 1.5%. I'm also using a Vol% column in QT and elminating stocks that aren't at least 20% of their average volume before 10am. I'm still testing this part out. Yesterday I removed anything that wasn't more than 50, but I think that's too much. I want stocks that have a lot of 'above normal' volume behind them. I've had a very manageable watchlist the last two days because of these changes. I know IB is doing a good job because when I import my prophet scans at 9:50 or so, I have a lot of duplicates.
As for Tradeideas... I don't think I've explored its potential yet. I actually didn't use it today because yesterday I was getting all sorts of alerts and it was very distracting. I'm still toying with it and TI offers one-on-one instruction so I am going to take them up on that.

greytrader said...

I have been using Vol% in QT to gauge entries. In addition to the %Vol for individual stocks, I compare a stock Vol% with the Vol% of the Qs. That way if it is a low volume day I have a reference. I got this idea from Highchartpatterns.

Jerry said...

I have no idea IB can scan gapper.
Guess I need a manual.

Anonymous said...

sweet! thing acted pretty well, particualrly considering the market was range bound there for a while.


gurlate said...

how are you importing from IB..are you logging into quotetraceker thru IB account? so it creates the same pages or are you importing it thru excel..i don't see that on my QT.
I had a good dummy trade on GME (short)

OONR7 said...

gt: Vol% is great if you trade gappers. Nice 'eyeball' indicator that helps eliminate low Vol% stocks.

jerry: IB doesn't have a gapper scan per se. I just export the top % gainers and losers and then delete those that have gained at least 1.5% by 9:35 or so.

gurlate: No, I have to go into IB and export to Excel then copy and paste into QT. Pretty simple and quick.

opw said...

Love your blog, your on my RSS feed.
Back when I was still using IB as my market scanner I had an Excel sheet dynamically linked to the IB marketscanner. I used a modified sample that came with the API docs. You can have many different hotlists in one Excel worksheet and all you have to do then is copy and paste.

Hope this helps in saving a few steps :)

OONR7 said...

opw... that's an awesome tip, but how complicated is it??? Any instruction you could provide would be great. Thanks!

opw said...

It's not complicated, i have sent you an email. Feel free to contact me (although its been a while since I messed with it.)