ATVI - Long
Sorry for the late post but I had a dinner planned for this evening. Entered ATVI long off a break of the 11:30 bar high which was an inside, nr7 bar which followed an inside nr7 bar. I mean... talk about the ultimate setup. Even though the candle was red I still liked how it formed right below the ORH and was part of a 2 inside bar setup. Exited during the 1pm bar has I had to split. I was really just about .15 short of my price target so I'm not complaining.
I believe RZ left a comment the other day asking why I was long on a stock when the market tone was down. I told him that I let the charts dictate my entries and today's ATVI trade was a good example of that.
Haven't even checked the rest of my charts to see what I missed later in the day.
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13 comments:
OII was a very sweet set up today too.
Why did you originally choose to track & stalk ATVI? Do you restrict your list to stocks with the greatest Fib profit potential? And/Or the strongest 15-min open range bar? My difficulty is while I am faced with a lot of choices (that is, big gaps and volume), I can't seem to limit my focus on the best of the best to consistently monitor. Please help, Kurt.
kurt: my final watchlist was around 15 stocks. I sort by volume and scan my charts to look for patterns. There weren't a lot of big time gappers yesterday so you should've been able to snag ATVI. Maybe your question can be better answered if you told me what you do to compile your watchlist, where you get your list from and what time you start?
Thanks for feedback. While I do not have a problem compiling watch list, I can't seem to focus on what the movers and shakers are. For example, I shorted AIG & SONC friday, yet it seemed every day trader was going long on ATVI. Capital employment and general market bearishness kept me focused on the down side. With AIG the Fib target was $1.44 from breakout entry. SONC was $.65, while ATVI was $.58. So as a toss up, I felt the risk/reward favored the down side. Perhaps my thinking is skewed in some ways. Or perhaps it was just bad luck. I did like the strong 15 min OR bar on ATVI and perhaps I should've factored in as part of my decision planning. Your thoughts? Thanks, Kurt
Kurt, I find compiling a good watch list is the hardest thing to do. So you are not alone.
I usually just get my list from briefing.com gapping up/down list and then remove all stocks that are lower than $10 and all stocks that have less than 100K volume within first 15 mins.
I am curious as to what other people do because my "strategy" is far from optimal.
rz: I recall responding to an email from you... but there was no reply, not even a thanks.
kurt: while I can't say I ignore the general market I place a heavy emphasis on charts. A good looking chart is a good looking chart no matter what the market is doing. It really doesn't sound to me like you can't focus on the 'movers' but rather you're putting too much emphasis on what the overall market is doing than what the chart is telling you to do. There's a reason why a lot of traders took ATVI... it's a pretty nice looking setup. However, I do understand your hesitancy and advise you to maybe halve your risk size on a trade that's going against the general market direction. But if you did trade AIG and SONC then it would seem you made decent money if you entered either the 11 or 11:15 bar.
Looks like your focusing on the right stocks but might not have the confidence to take the setups you see (regardless of the market).
rz: I recall responding to an email from you... but there was no reply, not even a thanks.
nr7, I gave up looking for for those type of responces. Look at it as service without expectations.
bl: I hear ya... but it was a fairly lengthy email that took time to put together.
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classic trade - i like better the 12:15 which is the mother of all classic entries: above OR, NRIB and a perfect hammer. I would have risked 2R on that beauty.
btw how can i get access to estocastica's blog?
thanks
a
tradera: yes, that was nice. I should've added to my position. As for esto's blog... he made that private a long time ago.
do you have his email? or some other way i can contact him?
hey -i hope don't forget me when you make THIS blog private! (:
tradera: shoot me an email and I'll provide esto's contact info.
As for the second question... funny you should mention that as I've been contemplating the future of this blog.
i think esto moved near me here in Socal.
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