Nov 26, 2007

Nothin' happening

Sticking to my guns and waiting for the trades I want. Didn't happen today. I was stalking ISIL at 11am but decided against. Too bad.

9 comments:

Tom T. said...

traded SOLF for a modest gain. I am not proud of it. Just luck. I saw HOKU go up 40% so I did not understand why SOLF did not go up (based on news)- volume was lousy and was the first red flag not to enter. I do not trade based on news but I do use news to weed out good plays. I wish I just focused on WSW's watchlist - only 4 on his list for gap downs and NWL did well from the reversal to the OR low. oonr7 - I admire your ability to stay out when there are no good candidates. I trade based on when I have the time so not wanting to waste an opportunity forces bad trades sometimes.

Flatwallet said...

When you get a moment could you explain why you didn't take ISIL? I did and it worked out but I would like to know your reasons. I'm thinking there might be a good reason for you to have passed up on it. Also, if your reason is not good by your standards, then 10 lashes for you. If you appeal then 20 lashes.

Hammer Trader said...

I'm doing no better than you. I traded ISIL on 13 minutes chart, but exit with BreakEven.

Hammer Trader said...

The reason I exit ISIL right after the entry, is because the breakout bar has no enough volume, I have a standard to have 1.25 times more volume on the breakout bar. Entry is the 7th bar on 13 minute chart.

bl said...

tom t, SOLF will be paying HOKU $45 mil. Yes WSW's Briefing WL is an easy wl to handle. Nice shorts. I have been adding a naz 5% gap scan at the open for a few minutes: isil mdvn cree. News popped snda sina sohu bidu, or wacked financials: cit c. Scalped jaso per upgrade and all the solars moved point loads.

OONR7 said...

fw: I initially wanted to enter off a break of the 10:45 bar but didn't because a) that's the reversal bar and I like to wait for confirmation of the reversal and b) the spread on the confirmation bar (11am) was much wider than what I prefer. I usually look for high/low range on my entry bar to be around 1% of the closing price.
Right now, I'm sticking to my retrace rules. I'll probably end up relaxing the rules a bit once I'm more comfortable with different types of retracement plays. For instance, that 10:45-11am combo on ISIL is as high probability as you're gonna get. About the only other issue on the chart was that entry occurred around S4 which could act as support. Not gonna get every one... those are for you!!! Congrats on the trade.

OONR7 said...

tom t: thanks... my patience is due to the fact that I am also having time issues with trading lately. Yesterday I was away from my computer between 11:30 and 12:30 so if an entry isn't exactly the way I want it... I don't want to 'waste' a trade.

OONR7 said...

bl: WSW's briefing list is the bomb.

Flatwallet said...

Oonr7: I like the analysis. You were only 3 cents off on the spread. However, your you explanation has given me ideas. I just don't know how to code this high probability setup. I'll figure it out and share it with you.