ARTC (from the watch list) took out the base (green line) in early trade and consolidated, setting up a mini B&B pattern.
AFFX (5 min. timeframe) was another B&B on the daily chart. I missed the ideal entry on a break of P1 (thin blue line), but still managed a nice move on a break of R2 off of a shallow base.
ATHR was a gap fill play that failed.
YHOO was a B&B from a gapper.
10 comments:
Nice trades as always jamie.
Thanks Raj
Jamie,
Is it just me or are you taking more trades then you usually do? If you are taking more trades any reason for this, I'm finding it hard to find 1-2 good setups a day? Thanks
Bubs
Jamie,
Were you following the market during the crash of 87?
If so, were there gapper that traded up instead of following the market?
Thank you very much.
Jamie,
Good prep and execution. Days like today one might do better with a watchlist than go thru all the possible gap plays. Of 106 naz >40(95% at least) 15 were >+2% 45 min into open, 21 2hrs into open and 38 at the close. Many no gappers rallied at the open. I was caught flatfooted looking at the Briefing list and mulling. I'm realizing that my style is more getting into the flow of the general market and seeing which of the higher priced stocks are moving up. It was wild, you could have thrown money at leap ldk spwr fcsx dwsn tbsi atpg alxn at the open...some gap some nopt but all >5% at close. Or keep an eye on the solars.
Bubs,
I am trying to increase the number of trades per day from my watch list (full list published last week). The one loser today was not from the watch list, it was picked from TI scanner.
At the end of the day my watch list generated a lot of easy setups and I should be trying to get into more trades in order to increase profit.
Sorry Jerry,
Not following markets in 1987. I don't think internet came into my life until the 90s. And I didn't really understand a stock chart until 2001.
BL,
Agree, although I did not scan for gaps today, I just looked at Briefing and what I saw in pre-market.
It's easier to count the stocks that didn't offer a low risk trading opp from my watch list today. Things were really moving.
Hi Jamie,
How did you manage your stop for ARTC? Thks!
Anon,
Very carefully at first. Until price was safely above R2 (red line) and in very close proximity of the rising 5 ema, I only moved my stop to BE. After that I moved stop below WR green bars as I had a good idea it would rally above resistance. Took a partial at $58.50 and closed balance just below $58.90
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