Thursday, February 01, 2007

Thursday's Trades - No Follow Through (NYSE:ICE); (NASDAQ: MNST)

I traded off of 30 minute charts today because the session was choppy.

ICE was a low risk long entry as price bounced from $134.00 support (blue line) and the rising 10 period MA on an uptick in volume. My initial stop was 10 cents below support and as each bar completed itself, I moved my stop accordingly. I was stopped out in the last half hour as price fell below the second last bar low.

Long MNST as price took out the high of the third last bar. Price had tagged the rising 10 period MA followed by a narrow inside bar - usually a solid base from which to catch a late day rally. I was hoping for a retest of the morning high, but it failed to take flight.

Both of these stocks are on my momo watchlist and both gapped up on the open, but neither were mentioned on's morning list of gappers.


bl said...

I looked at the naz gap ups Thrs am-most points up(not % up) on the Scottrade screen for the first 15 min. 13 of them as follows: gild webx plce slgn gmcr tsra cutr odfl ueps mnst tlgd vrsn itwo (no order)
*10/13 rallied higher/1 whipsawed down then up/2 reversed lower after the first 1 minute bar open
*the 11 rallied as follows above that first 1 min bar within the first 5 1 min bars with the opening hour highs as follows:
$.75 .85 .60 1. 3. 4. 2.5 2. 1.3 2. 1.5 no particular order $1.55 average! not incl slippage slow fingering, broker antics, trader emotions
*stop: break below the 1st 1 min bar: 1(whipsaw)

nyse similar but charts not as good

Looks pretty good and QUICK. Friday I'll make the cut off at the end of the 1 min into the open. Then gap downs. If it's consistent could be a winner.

Jamie said...

Sounds interesting BL. Thanks for sharing. I guess you'll be trading that kind of setup through a basket order.