Mar 4, 2008

IBN, NOK - Short

Calling it a day. Made some nice change with IBN and NOK and just missed a nice one in CIT. No need to push it.
 
The good:
NOK - Short off the 10:30 candle (10-min). Exited all shares just above the fib. ext.
 
IBN - This really was a beautiful setup. Short off the 10:40 candle (10-min). Kinda messed up the exit. Should've partialed instead of selling all at $46.60. Not going to worry about taking good money off the table though.
 
Charts:
 


 
 

7 comments:

wolverine said...

Nice trades OONR7!
May I ask where you got IBN...I use Prophet with very similar settings to yours but my scan didn't pick it up.
I passed on NOK b/c it looked too close above the 200 MA on daily charts. Bummer on that. Did take CEDC 10:40/5' which was a similar trade and exit.

LP said...

Hey I have a question for you. Why trade the ES instead of the SPY? or the DIA instead of the YM etc...

I working on a couple of things and I'm not sure which one to trade, the ETF or the Futures?

ETF Commissions seem more favorable.
However, would it be easier to trade 1000 SPY or 10 ES contracts. Slippage is a big concern.

Any thoughts would be much appreciated.

OONR7 said...

wolverine: thanks and congrats with CEDC. I definitely got IBN from prophet as it was the only scan source I used today. Did you see my scan settings in the comments section recently?

lp: I've only traded ES and ER2 in futures. Slippage wasn't really an issue for me. And I've recently tuned out futures because of the success I've had with equities. Switching to the 5 and 10-min view along with allowing to go outside of my rules a bit has really made a difference. Richard over at movethemarkets.com would probably be the one to ask your question to. Sorry.

TraderAm said...

00nr7

Good trading.

Just out of interest, how do you work your timeframes ? E.g. Do you start off with 5 min charts then as the morning progresses move to 10min then 15 min ? Or do you watch your stocks on all three tf throughout the trading session. ?

Thanks

OONR7 said...

traderam: thanks. I have the 5, 10 and 15 up at all times. However, I don't really look at the 15 until about 10:15-10:30 or so. I've just noticed my type of setup requires at least 3-4 bars of movement. The key for me is to get my watchlist sorted out and backfilled as quickly as possible. I run my scan at 9:45 then start weeding through the choices. The scan already weeds out a lot of candidates.
Can't wait to get back to the states so I can have a real nice trading setup with three monitors. Right now I'm constantly zooming in to get a better look at each candle.

trader a said...

interesting.
I currentry use 10 and 15 in the morning and later on the day (usally about 11:00) i switch to 15 and 30. but i still look sometimes for early 30minbar and late 10minbar opportunities like yesterdays THRX 2nd 30minbar

working with the 10&15 pair is trickier than 15&30 because two times an hour they wont close candles on parallel times: (--:20/15 and --:40/45).

OONR7 said...

tradera: I tend to switch off the 5-min chart after 11:30 and focus on the 10, 15 and 30. I agree... the different timeframes can get tricky at times. The opening range for each timeframe really helps me focus.