Keying Off of Daily Charts - Autodesk, Inc. (Public, NASDAQ:ADSK) & ArthroCare Corporation (Public, NASDAQ:ARTC)
Both of these setups are from the watch list. ADSK - Break of ORH which was above yesterday's hammer high.
ARTC - Break of yesterday's high. Stop set just below my entry bar.
17 comments:
Anonymous
said...
Jamie, Nice finds given the rotation going on in the market. Knowing when & how to shift analysis strategies (i.e., experience) pays dividends. No trades for me today.
I had a short list of trading ideas. If ADSK had not given me a good setup,I would have stayed away. The red WRB on the open was a drag but I liked the way it held the 200 MA and closed near yesterdays's late day highs. Once price closed above the 50 MA, I was feeling bullish again.
Jamie, Nice work. Adsk and artc came up on my Naz>$40 stocks and many with it! I have 6 "scans" I'm toying with: Briefing premkt gaps(12 or so, maybe long only, maybe naz, maybe high price), momo(little or no gaps like CPSL,$3-30, 30k first 5min or so), sector(like solar, China), NAZ>$40(120 mostly and with solar), NAZ 4-8 stocks(no scan, like aapl rimm bcsi amzn etc), most %up/dn on Scottrade. One layout each. Today was Briefing but lost my focus as I kept straying to the other screens and thinking how to do it better! Traded FMCN 6/15" hammer but didn't let it ride much. 6/5 would have been a good entry too as nudged 5ema. Missed the afternoon 38Fib. Also ICE 14/15 marubozu. Both TraderX types. Short LEN 5/5 TGT 5/5. Rethought Briefing list afternoon decided best to go naz for the most part...HAR Friday! Solars and China on fire...just right for the momo or sector crowd.
Jamie, It is increasingly problematic. About all I can do during busy periods is check on the market about once per hour. It is torture when you really want to be trading - I'm sure you can relate. I have to take partial days off in order to get quality trading time. It is frustrating to "pick the wrong days", but all part of the process.
I too am in the same boat as Jim, working full time while trying to trade. I find it very hard to make any progress given the distraction during work hours. There will be days where I executed perfectly and then are the other days. I’ve learned so much from your daily analysis and was wondering if you can give any insight on the psychological aspect of trading. I’m sure a lot of people can relate when I say that when I’m in the green things are much more clearer and each trade are analyze more thoroughly. Once I’m in the red, everything just goes out the window and trades are driver by the need to recover the lost rather than by careful risk/reward analysis. Each trade are taken with bigger size thinking that a smaller move will recover the lost easier. Also, I often feel that I’m missing out on a trade and entered prematurely. Did you ever go through this stage and if so how do you cope with it? Thanks Jamie.
When trading from work, it is very difficult to time the trades perfectly because of the responsibilities and interactions required from the job. I found I was trading less due to lack of privacy. But during lunch I was usually able to go over gapper and watch list charts to find potential candidates - looking for NR7, B&B, and retracement setups.
I blamed every bad trade on the work environment. I didn't have the opportunity to over trade, but I do now. Revenge trading or trying to make up losses often leads to more losses. If the first trade of the day is a loss, it changes the psychology of the day. Time spent digging yourself out of a hole is time lost and usually means missed trades. Yes, I've gone through this psychological trap. It might be time to sit back and review your trades and trading rules and stick to your best setups until you can get your groove back.
The only way I know to avoid the negative psychology is to impose strict rules with respect to losses. For example, a max number of losses per day helps me focus on good setups otherwise I risk taking myself out of the game before the session closes.
Lower interest rates are bullish but not for the wrong reasons. Your dollar isn't worth anything and the lower the interest rates go, the less value it will have. International investors will pull their money out of U.S. markets and they (the markets) will tank. It won't be long, this is the last leg up before the meltdown.
Both of these setups are from the watch list. ADSK - Break of ORH which was above yesterday's hammer high.
ARTC - Break of yesterday's high. Stop set just below my entry bar.
17 comments:
Jamie,
Nice finds given the rotation going on in the market. Knowing when & how to shift analysis strategies (i.e., experience) pays dividends. No trades for me today.
How long did you work in the corporate world?
Both of these stocks don't have much volume. Still, you made it look pretty.
Bet you use 5 min for entry!
Thanks Jim,
18 years. How about you?
Good observation Jerry,
I'm a little nervous trading long at this point and so was looking for low risk opportunities on the daily timeframe.
A few WL stocks still printing good volume, but for the most part, this last leg up lacks momentum.
I've been watching ARTC for a bounce since last week when I shorted it.
Yes, I was looking at both timeframes.
~20 years so far... I may still have a few more.
jamie:
ADSK prints first red WRB..since you were intending to go long, did that put you in a bind?
Jim,
If trading from work is not problematic, then no hurry.
Gurlate,
I had a short list of trading ideas. If ADSK had not given me a good setup,I would have stayed away. The red WRB on the open was a drag but I liked the way it held the 200 MA and closed near yesterdays's late day highs. Once price closed above the 50 MA, I was feeling bullish again.
Jamie,
Nice work. Adsk and artc came up on my Naz>$40 stocks and many with it! I have 6 "scans" I'm toying with: Briefing premkt gaps(12 or so, maybe long only, maybe naz, maybe high price), momo(little or no gaps like CPSL,$3-30, 30k first 5min or so), sector(like solar, China), NAZ>$40(120 mostly and with solar), NAZ 4-8 stocks(no scan, like aapl rimm bcsi amzn etc), most %up/dn on Scottrade. One layout each. Today was Briefing but lost my focus as I kept straying to the other screens and thinking how to do it better! Traded FMCN 6/15" hammer but didn't let it ride much. 6/5 would have been a good entry too as nudged 5ema. Missed the afternoon 38Fib. Also ICE 14/15 marubozu. Both TraderX types. Short LEN 5/5 TGT 5/5. Rethought Briefing list afternoon decided best to go naz for the most part...HAR Friday! Solars and China on fire...just right for the momo or sector crowd.
Jamie,
It is increasingly problematic. About all I can do during busy periods is check on the market about once per hour. It is torture when you really want to be trading - I'm sure you can relate. I have to take partial days off in order to get quality trading time. It is frustrating to "pick the wrong days", but all part of the process.
BL,
I don't understand why this market is so bullish, but I'll just take it one day at a time.
Jim,
I can relate 100%.
Jamie,
I too am in the same boat as Jim, working full time while trying to trade. I find it very hard to make any progress given the distraction during work hours. There will be days where I executed perfectly and then are the other days. I’ve learned so much from your daily analysis and was wondering if you can give any insight on the psychological aspect of trading. I’m sure a lot of people can relate when I say that when I’m in the green things are much more clearer and each trade are analyze more thoroughly. Once I’m in the red, everything just goes out the window and trades are driver by the need to recover the lost rather than by careful risk/reward analysis. Each trade are taken with bigger size thinking that a smaller move will recover the lost easier. Also, I often feel that I’m missing out on a trade and entered prematurely. Did you ever go through this stage and if so how do you cope with it? Thanks Jamie.
Andrew,
When trading from work, it is very difficult to time the trades perfectly because of the responsibilities and interactions required from the job. I found I was trading less due to lack of privacy. But during lunch I was usually able to go over gapper and watch list charts to find potential candidates - looking for NR7, B&B, and retracement setups.
I blamed every bad trade on the work environment. I didn't have the opportunity to over trade, but I do now. Revenge trading or trying to make up losses often leads to more losses. If the first trade of the day is a loss, it changes the psychology of the day. Time spent digging yourself out of a hole is time lost and usually means missed trades. Yes, I've gone through this psychological trap. It might be time to sit back and review your trades and trading rules and stick to your best setups until you can get your groove back.
The only way I know to avoid the negative psychology is to impose strict rules with respect to losses. For example, a max number of losses per day helps me focus on good setups otherwise I risk taking myself out of the game before the session closes.
Jamie,
Bullish? I'd say low interest rates auger for higher stock prices.
Bl,
Lower interest rates are bullish but not for the wrong reasons. Your dollar isn't worth anything and the lower the interest rates go, the less value it will have. International investors will pull their money out of U.S. markets and they (the markets) will tank. It won't be long, this is the last leg up before the meltdown.
...last hurrah?
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