Daily FFIV
5 Min. FFIV
FFIV is one of my watch list stocks. As you can see from the daily timeframe I was watching it because it was setting up a nice base & break pattern. Today it gapped up with the market on high volume. On the 5 minute timeframe, it retraced 38% of the OR and carved out a NR7 stick. I entered a dummy long above the NR7 as price moved to retest the ORH. I locked in some profit at the 25% Fibonacci extension of the previous day low to the ORH, and exit the rest just under the 38% level.
10 comments:
jamie... you must spend a lot of time mulling over charts because it's not easy spotting these types of trades. Your discipline and work ethic is pretty obvious with all the great trades you make. I'm going to re-read your watchlist post as I think I could benefit greatly from it. Nice work.
Thanks OONR7,
The watch list is a big asset, because I become very familiar with the setups and pivot points ahead of time, allowing me to seize the opportunities quickly.
SNDK, which you featured on your blog, is also on my watch list and it just cleared a multi-month base yesterday.
jamie... I see how you compile your watchlist and I like how you've narrowed your candidates to a manageable level. How often do you update it and what determines if a stock gets dropped from the list? Thanks for your help.
I update the list weekly, but if I see something interesting on the EOD scans, I will bring that in as well.
I drop stocks that don't generate high quality trades ie. too choppy and if they lose their 50 day MA. On the short side, which is thin at the moment, I tend to hang on for a bit longer.
The key is keeping the list managable and encompassing key sectors. In the post I only gave a sampling of my list. The entire list is 50 long. But each day I try to narrow my focus to about 10 names based on how they closed the previous day, a candlestick pattern, or an intraday chart pattern such as cup & handle.
If I set alerts for 50 stocks, I won't get anything executed, but if I set alerts for 10 names, I usually can manage a couple of trades.The best trades seem to setup up NRBs at or near my PPs - eg. ADSK on Thursday. When that happens, the decision to pull the trigger is so much easier.
great information... thank you. Do you use auto-triggers to manage your entries?
Often stocks break out on the open and fade. Once the alert triggers, I look for dummy entries.
Jamie,
You always post the most insightful charts and your trade seems so obvious in hindsight. About how many trade do you trade a day or is the posted trade your only trade? If so, then your hit rate is amazing. I think your watchlist idea with stocks from diff key sectors is a great idea. Do you mind sharing your whole watchlist? ady91770@yahoo.com Thnx.
Thanks Andrew,
I will update the watchlist and post by sector to the blog. Stay Tuned.
jamie,
Thanks for insight/watchlist help and as I told oonr7 a manageable list is the most critical in being profitable for me. 4 news ideas from 24/7.com had a 13 point range: intc(1) hans(2.5) nmx(7) adbe(2). I think there would be alot of eye balls on those stocks=volitility. All that is required is focus and forget everything else.
well... if you're gonna do the work... :)
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