Aug 8, 2008

LPNT - Long

Didn't really find a whole lot of setups early on. There were some late day moves but by that time I was already done. I entered LPNT off the 3-min chart on a break of the 11:06 bar high. Exited just short of the fib. ext. which, for the first time this week proved to be the right call (even though price reversed later in the day and went beyond my exit). I also entered FDX on a break of the 10:12 bar high... took partial profits after 1R before price turned on me and I ended up with a small loss.
Closed out my TWS platform so I can't do a screenshot of my trades but I'll try to have something up tomorrow when it's emailed to me. Have a good weekend... this was a nice week.


anarco said...

Congrats on a nice week!
Regarding your gap scanner, are you still using (silver)? I am trying to collect some data to compare prophet to trade-ideas (TI). TI is a bit more expensive, but it offers many more scanning capabilities throughout the trading day (including NRIB). Any thoughts on this would be appreciated.

OONR7 said...

anarco... I'm looking to cancel my prophet silver membership and just stick with the basic package. I get most of my candidates from the IB scans and prophet probably adds a few more but, again, I can get those threw the basic membership without costing me a dime. The biggest reason I'm thinking of dropping prophet is their unreliable data feed (which I use to backfill my candidates in the morning). I can use TD Ameritrade or Marketfeed for that now. As for TI... yeah, I too have been thinking of rejoining just because a lot of my trades seem to come on a break of new highs/lows and I thought they had particular triggers for that. I know they have it for the :15 and :05 but I'm not sure they have it of the :03 charts.
Bottomline... if you get the yearly package with TI you'll be paying about the same as a silver prophet membership. In my opinion... the TI investment is the much better and smarter way to go.

anarco said...

Also, Jim (at Wall St site) mentioned that Scottstrade offers TI for free. I checked the ST website and I like the inferface (I do not like IB). So that is another option. At ST the commissions are $7 per trade regardless of size.