CFC is a gapper that I mentioned on Friday. Friday was a fade which I didn't touch, but it showed up on the Briefing gapper list again. The first bar was WR and tested mid-range support from Friday. The next two bars were NR although not entirely, inside, they were in close proximity to the downsloping 5 period ema. The 38% Fibonacci extension of the previous day high to the ORL lined up perfectly with Friday's ORL, so when everything is aligned, I have to take the trade.Also traded TTI and NVDA again today. JOYG too choppy.
19 comments:
I traded yesterday and wish I can also traded today.
Jerry,
Yesterday's trade would have been a trendline break NRB just under $27.50 (below 8th 15 min. I'm guessing), also very good.
I just learned about the trendline trade yesterday night from you. For me, my trade was the PP around $27.30.
I document at my journal @ tradestories.blogspot.com. Please check it out.
Jerry,
Checked out your blog and we have the exact same setup - 8th bar is the 11:15 bar. Trendline break gelled with PP break.
My time spent here paid off. I will keep learning from here.
Usually, high price stocks have hig spread, how do one handle it?
Thank you.
Jerry,
I prefer mid-priced stocks or very liquid high priced stocks like AAPL.
Last time I shorted TBSI, I noticed a very wide spread - almost 40 cents. This means I have to exit on strength. If I wait to get stopped out, I will give back too much profit. If I get stopped out with a loss, then it is very painful.
I recommend that new traders stick with highly liquid, narrow spread stocks.
Jamie,
On TTI, did you short off of the 2nd 15m or did you play the reversal off the round number 20?
Hey Jim,
Took both of those trades. Closed the long when price rallied back up to the trendline. Did you trade TTI as well?
Jamie,
Love the Briefing premkt gaps...all I need plus patience. TMA FIG GIGM and others with fib set ups. Traded GIGM KALU TMA. Missed nvda forgot to have it on gappers list! If anything the Briefing gives one a place to start, but TMA down 5 points from its morning fib retracement. Wow!!
Thanks
BL,
Great stuff. When I entered TMA in IB it indicated red (no shares available to short) so I deleted it from my screen. Big volume - very momo.
No, but wish I had. Did you happen to have Fibs drawn from the low of gap down day (Aug 3) to swing high (Aug 9)? The reversal off of the round number coincided with the 61.8% Fib retrace level...
Confluence = Confidence!
I shorted it for a good meal, then wasn't available, then was available. You might want to keep on as they do become available. Order for 9.85 but cancelled it.
Oh well. Always good to keep a list of stocks in sector that getting hammered or momo'd and join in the ones that didn't gap: 26/28 ended in the red with 10 >5% down and most opened at yesterday's close.
Jim,
No Fibs, just pivots, trendlines and S/R. That's amazing re: Fibs! I will incorporate the Fibs. more religiously going forward. Thanks for pointing that out.
BL,
Everytime I try to short code red, I get the same message. My timing must be off or not lucky I guess.
nice trading, as usual. I also tried to short HTE but there were no shares available. TMA was another 'no shares' victim.
Also, it's my belief that when there are no share available in IB, it's for the whole day, not just that moment. They have a list that comes out every day on their website before the open.
also... were you able to hook up your laptop to your desktop monitor?
OONR7,
Agree re: IB non shortable lists. Since I added the color column, I noticed that some stocks have been red for weeks (HOKU, CREE, NTRI).
Was thinking of buying another monitor to hook up to laptop, but my laptop is Toshiba Satellite - off the shelf - so I will have to check if they have dual monitor cards in their machines.
jamie... check the back of your laptop to see if it has a VGA input (or DVI)... it's the input with the two screws on either side of it. If you have that, chances are you can handle dual monitors.
Thanks OONR7,
I do have the port for an external monitor. My concern is that I might not have the dual screen feature. I guess one way to find out is to try.
But being the lazy type, I was going to go down the street and ask the salesman at Staples who sold me the laptop. Unlike me, he is very tech savvy. :)
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