Oct 9, 2007

No magic trick

Couldn't pull a rabbit out my hat today as I haven't seen any great setups on my watchlist - as of right now.

I did manage to make a decent gain shorting SIGM off the 2nd bar low (15-min) and then selling before the huge upward turn (touched and consolidated at the fib. ext. from yesterday's high).

12 comments:

greytrader said...

Same here, no trades for me today. I have not graduated to trading from Jamie's watch list yet :-)

OONR7 said...

lol... I'm easing my way into his list. Baby steps.

Tom T. said...

oonr7 - do you simultaneously look for gap up/down entries - I tend to focus on one and not the other - I was wondering how you decide when to focus on one or do you try always to focus on both sides of the coin?

OONR7 said...

tom t: I take what the scan spits out and trade the direction the charts tell me to trade.

Tom T. said...

I understand, but that would take two scans - it is not hard to look at the results - I have had a hard time staying focused if I switch between up/down scans but I guess this comes with practice? I was wondering if you do what I do - when I see promising patterns emerge I import to QT a select few so I draw fib lines, etc. Do you do that or do you output the whole set of results from your scan into QT?

OONR7 said...

tom t: so, you're only scanning for gap up or gap downs??? Not such a bad idea if you want to focus on a particular setup I guess. You say 'when I see promising patterns emerge'... where are you seeing them emerging? I only use QT to look for my entries so I import all results from my scans into QT then start removing the candidates I don't like. I guess I don't understand your setup.

QQQBall said...

OXM?

Tom T. said...

oonr7 - I typed a reply but it did not appear so I hope this is not a redundant posting by myself. Your prior answer shows that I was not clear. I scan for gap ups using prophet. I get, say 20 or so stocks. I do not import all of the results to QT. I use the minicharts and look for ones that look like trader-x/oonr7 setups. Then I scrutinize, fibonize, pivot-ize these select few with QT. From what I understand you import all your results to QT. I think your method requires a lot of work that I don't think I could handle in the short time between results and time for entry. I used to do it your way until I began getting real time results from prophet.

So I just do that with gap ups - I guess I should have time to scan for gap downs for possible shorts and enter the stocks that have the best chance of setting up nicely into QT as well to do the final plotting of lines and get a closer real-time look.

I hope this explains how I do things - I am not a pro so I was just wondering how you have the time to scan for gap ups/downs and it appears from your answer you do not discriminate or let pre-market determine whether to focus on one or the other. thanks, Tom T.

bl said...

FWIW,
I've found Briefing premkt gaps enough for me. Something new I do is to take the 20 or so and delete less that +/-5% or so. I might add a few Scottrade most up/dn pts and % first 5 minutes. LDK STV today and EPEX STV yesterday. Pretty nice gainers with alot of eyeballs I suppose.

bl said...

Add ALTI

OONR7 said...

tom t: I understand better now. A long time ago, when I first got my prophet subscription and had ETrade, i used to scan the same way you did (but I did include short positions).
For me, I'd rather import everything into QT and only have to deal with looking in one place for my charts. If you want to keep a short, manageable list of stocks (that both gap up and gap down) then why not just focus on the Briefing.com gap list which Jamie posts every morning (traderjamie.blogspot.com). I know BL uses it exclusively and has very good results.
BTW: I'm usually done importing, deleting candidates, drawing fib. lines and alerts by 9:55 or sooner. And once I'm done with that, I no longer need to fuss with my list.

OONR7 said...

qqqball: didn't see a good entry for OXM.

bl: I see Trader Eyal traded ATLI, but it was an under $5 stock and I don't scan for those... maybe I should :)