Nothing brewing
I'm 99.99 percent sure I'm done for the day. Nothing in my watchlist even looks moderately good.
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8 comments:
Thought I was the only one.
Seemed like a lot of stocks ran away without me early on. Best to sit rather than chase.
yeah... I hear ya. I debated entering NWA off a break of the 10:05 candle high (5-min) but didn't see enough reward to warrant the risk. It was good enough.
Why did you pass? At the time it was far from the 15ema on the 15min but the was sitting on the 15ema on the 5min. Still confused on how I should interpret this.
If you look at the 1min it created a nice symmetrical triangle which is usually a continuation pattern.
Depending on what stop you would use the R could be worthwhile but I am assuming since the ema is far on the 15min chart you would use the prior bar low on the 5min thus decreasing your R.
Generally what is the minuimum R you like to see on your trades?
Thanks!
pdt: the most I would've made was .18 on that trade. Using the low of the previous bar and adding .02 for entry and .02 for exit... my risk was .11. I just didn't think it was worth it even though I had a good feeling the stock would move.
Just decided to wait for something better which didn't happen.
As for minimum R... obviously, I like at least 2R but I've taken lots of trades that were less than that. Just depends on the setup and my mindframe.
nr7,
You might consider getting a WL of commodities, financials, airlines. Sector rotation in the beta groups. x nue ts cog fcfs: news: uaua nwa (upgrade; syna.
nr7,
or try something different: gaps or no gaps >$2 opening 5 minutes: ts mt nue crk cog. There's always something brewing.
The last session was quite active and there was some follow-through after the open. I found some opportunities in my WL of around 20 stocks. So I was wondering how big your initial WL was? thx~
tl: I remove stocks that have gapped up/down the previous day which may have removed quite a bit of candidates that ended up doing well today (MT is an example). I also do not trade stocks whose first candle goes against the direction of the gap. However, since I'm not waiting for entries to be either at or above/below the ORH/L... I may start keeping these stocks in my watchlist. What I will do is add a trendline alert at the ORH/L of the stocks in my watchlist and basically won't look at them until that alert has been activated. I need to focus my attention on a select few stocks at a time.
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