NVDA is a watchlist stock. In the early going it carved out a higher low and held support of its rising 50 MA. It slowly moved towards its PP and set up a perfect dummy base & break. In the early afternoon it carved out a star with a long upper shadow followed by an inside spinning top, so I tightened my stop.CAL - Short Squeeze
Initially I was looking for CAL to set up as a short following yesterday's NRB, but it started moving up at a fairly good clip. Oil prices were weak so I waited for it to consolidate and I jumped in. I took a partial at $30.00 (PP) when price started to retrace quickly.
NTAP was a dummy long off of two NR inside bars. I was hoping it could finally break this consolidation triangle, but it failed. However, it did generate a higher low late in the session and could move tomorrow, so keep it on the watchlist.
The only caveat is that we didn't get a complete gap fill after last Thursday gap up. The lower blue line marks the 100% fill. If it doesn't break up, it might break down, either way, there's a nice trade coming up. If it breaks up, I'm looking for a gap fill on the daily at $28.00.
24 comments:
great trading with NVDA. I really have to put together some watchlist stocks.
Thanks 00NR7,
I was too focused on the watch list and missed a nice trade from my gap scan - TBSI.
Jamie, just as I was thinking the same thing as oonr7 about putting togethor a Watchlist you reply with a miss out on today's scanlist and I'm thinking man, Jaime covers all the bases. I'm just trying to have on or the other but not both. I don't have the $1mil trading account yet.:)
I started with Briefing's list with cfc and dks, and lost my focus ended scalping aapl spwr grmn bidu rimm which I didn't like doing...I felt I was at a bar having one drink after another. I would not have minded just trading one stock and keep the focus. BTW I know you have been posting some Watchlisters but do you have a complete list willing to share, and do you scroll thru them or have the charts up on the computer?
Thanks,
BL
@bl: Search Jamie's blog for "watchlist". He posted a comprehensive list a while back.
Jamie,
Nice "go with the flow" trade in CAL! AMZN is one that I should have found a spot to jump in. You had already pointed out the trendline break on the daily.
I had been stalking NVDA and caught it in a big way. Had on position from small 5min B&B following HL on 15m/30m. Increased pos on PP BO and rode for well over 2 points. One of these per week and I would be looking to join the full-time ranks.
Q: Is there any way to search the comments on your blog? I believe the search feature (at bottom) only searches your main postings. I recall a comment you made about the likelihood of counter moves at gap fills, but can not find it. Thanks.
BL,
Must be too many years of working in large corporations, but I feel I have to be prepared for the trading day ahead with a small watch list. I don't mind sharing the entire list on the blog but I don't want to have to explain why each stock is on the list. Not all my watch list stocks are setting up at the moment. I'll do this over the weekend as I am too tired tonight.
Jim and I discussed a few WL names including NVDA, NTAP and ADSK (yesterday's trade)in the comments of the AMGN post. NTAP on tap for tomorrow as well as:
ARTC. JCOM, PAYX - B&B long (ARTC favored for tomorrow)
UNG - gap fill long above $38.00. Nat gas play, in case of weakness - this stock is trading at all time low so if it takes out today's low, there's no support.
AMLN, BIIB - B&B long
AKAM - short below yesterday's low - looked weak into the close tonight.
IBM - PP $108 - bounce this a.m. but has been making series of lower highs. Not sure if it will bounce or breakdown, but there's a trade coming into IBM soon.
AMGN - still waiting for a move towards gap fill
JOYG, SEPR INTC, CSCO, KFN (from OONR7's rise and fall), KLAC, ALTR - NR7 and/or inside bars
NVDA trading near all time highs, if SOX were to break higher, NVDA will follow. However, I think a few days consolidation after big move today.
Scrolling no. I have two lists loaded into Esignal: my WL and the Briefing list of gappers. If the briefing list is NG like today, I scan as well. The scan is dropped into a folder in stockcharts.com and that one is a scroll.
Jim,
Congrats on the NVDA trade!
I missed a lot of big plays too including AMZN. Also noticed AAPL, and FWLT had huge moves. Can't get them all, just happy to get a nice share of a few.
I don't know how to search the comments, but I think I might have made that comment on OONR7's blog in reference to rise and fall.
AMGN another example of filling gap and retracing on Monday. TBSI is an exception today - gap fill, consolidate and move higher on momentum. Guess that theory plays out best on really weak stocks :)
Thanks Prospectus,
I will update WL this weekend.
In the meantime, if anyone wants to add to the quick list above - the more the better.
Edit
AMGN - still waiting for move back to $52.00
Jamie,
Yes, that is the comment. It was driving me crazy... I knew that you had made the comment... I must have read for hours (on your blog) trying to locate... LOL! Thanks!
Hey Jamie,
Thanks for posting your WL. I use Esignal as well and would be interested in how your sort your WL. I currently sort by current days volume so the biggest volume stocks are pushed to the top. Also, do you know of a way to get relative volume in esignal?
Caught DE on the break of the 10:45 15min. bar. I think its needs to consolidate a bit here, but looks like it might make a push towards its all-time highs at 134. Jamie, I know you posted it before, but you can you re-post your checklist of the items your looking for before pulling the trigger on a trade. Thank you.
Jamie,
Your NVDA trade was sweet. I have the PP at $45.6 instead (the highs on last Wed and previous day). In my opinion, these are the points where the stock "pivoted" from.
I like to understand more about the time frames you use. I know you primarily use 15min for setups and 5min or 3min for timing entries. When do you use 5min vs 3 min? I'm asking this because it means a difference to the candlestick patterns that one sees. E.g CAL, you entered at 11.42ET 3 min bar when it broke consolidation. Flip that on 5min chart, you will actually see a doji prior to your entry, which weakens the setup. Like to hear your thoughts on this. Thanks.
YR
El Toro,
I sort by % change. Relative volume would be very useful but it's not on the drop down list of fields available in the Quote window. I have Vol 10 day average and Avg. Volume but rarely use them until EOD.
If someone else knows maybe they will leave a comment.
Alex,
Nice intraday B&B on DE, Congrats!
I use different criteria for different types of setups, but you might find what you're looking for in Intro to WSW Blog under Key Posts.
Mainly, I focus on price and volume. I want an orderly base to trade into. A choppy base is more likely to fail than an orderly price movement into the base.
Just looking at DE, it looks nice on 15 min, but on 1 min, I see two retests of the base before price really took off. Probably due to lower volume. Still, it worked out nicely.
Jamie,
Looks like you got some work ahead of you. :) FYI,42% (13/39) of Trade Ideas most volatile naz stocks were >2% today. Usual suspects. Found the Watchlist you posted, 30Jul. The naz double bottomed and rallied at 10:20 5 min chart.
Nice trades! I am going to join y'all and build a watchlist as well. This PP trading is awesome.
YR,
You're right about the correct PP. However, I key off the most recent and frequent PP and $45.40 was tagged three times yesterday on 15 min. so I used that instead of $45.60.
When I'm looking to enter a stock that's already in motion, I use the lowest timeframes 1 and 3 min. A good example is the AMGN trade on Friday. The consolidation midway to the target is a series of offsets on the 3 min. but on the 1 min. it is a bullish W pattern. Makes a difference in whether or not I'm going to add back to my existing position.
Same thing with CAL - looks good on 1 and 3, but as you point out, not very appealing on 5 min. and not even visible on 15 min.
I scope out my trades on 15 min. and use lower timeframes to time the entry. If I'm late getting in, I use the lowest timeframes 1 and 3 to look for mini base and break setups during consolidation periods. I place buy stop 2 ticks above the base, otherwise, I might be trading into a long drawn out dead zone of sideways action.
Zoomie and BL,
Most of my watchlist is derived from high volume earnings gaps (up and down). I wrote a post about compiling a watch list and its in the Intro to WSW Blog under Key Posts.
WADDABOUT the move in VMW... a beautiful orderly setup. thanks for your work Jamie! george
Jamie,
10-4 and thanks...will look at your today's watchlist Wed am.
Jamie
How do you know what to concentrate on, gappers, watchlist etc? It looks like your always in the right place at the right time. Do you have multiple monitors with dozens of charts on so you can watch them all. I'm amazed that you keep catching all days movers.
Terry
VMW beautiful!
Thanks George, I'll add it my WL.
Terry,
I don't know, that's why I try to cover both. I missed a lot of big moves because everything decided to move at once. But I was happy with the trades I did execute.
Terry,
Sorry, I didn't fully answer your question. I'm currently only using 2 monitors.
For gappers I key off of briefing list which I load in pre-market.
Watchlist is updated with high volume earnings gaps Up and down.
I review the watch list every night for potential setups the next day. I focus on the WL stocks with the best setups plus briefing gappers.
If Briefing gappers and setups are NG, I run some gapper scans, which means I don't run scans everyday. I also use Trade-Ideas scanner if the trading session is a real snooze fest. I also monitor my entire WL through Trade-Ideas, but like I said, its impossible to trade all the moves.
Post a Comment