Hats off to the team at High Chart Patterns for some great picks. HCPG's nightly newsletter includes a chart and a target entry price (blue line on my charts) for each pick. Both CNX and SID were on today's trading list along with some other winners that I didn't get to (FTEK, CSX).The CNX number was $82, but I saw an opportunity just above $81. Exit as price approaches R2. The SID number was $42 and set up very early. Nice IB on 5 min. Once price closes above a whole $ amount, I don't like to give it back.
HANS is one of my usual suspects. The number was yesterday's low. After taking a partial I was stopped out. But if you stuck with it, you could have made much more money.
BG is a HCPG usual suspect. The third test of $116 finally succeeded. I had to leave for a dentist appointment so I missed most of the move.
It's so much easier to work with a short focus list. If the intraday chart is orderly going into the trade, it's more likely to result in an orderly trade. A choppy setup is riskier than an orderly setup, everything else being equal.
12 comments:
Hey Jamie,
That was an expensive dentist appoint. Today was a very good day - lots of nice orderly setups.
LOL,
It sure was Jim, on both the top and bottom line.
Jamie,
How short is your focus list and are they daily gaps or other WL?
BL,
Sometimes the focus list is just 1-3, other times I have as many as 10-12. I have the HCPG newsletter, plus some of my own.
For gappers I like the ones with lots of pre-market volume and I use Trade-Ideas scanner to spot the big movers.
jim's right... nice charts and nice setups. Way to capitalize!!
I still haven't gotten around to subscribing to HCPG (on purpose) but I may do so in the next month or so. I think it would be a nice addition to my current trading plan.
Hey ooNR7,
HCPG is a great asset. Not expensive and very easy to execute.
Jamie, are you saying you only watch about 20 different stocks per day? (The few from HCPG's newsletter and then some from your own scanning?)
What about the 40-50 so on your Usual Suspects Watchlist?
Anon,
Always running in the background. For the WL, I focus on the outliers - top 10% and bottom 10% on a percent change basis. But still better to have a focus list list going into the trading session, many of which are derived from the WL and HCPG.
Jamie,
When do you decide to focus on the 5 min chart vs the 15 min charts?
Ok, I was under the impression you cycle through all 50 stocks on your WL plus all from the briefing.com gap up/down list.
Instead you just pick the "cream of the crop" from these WL's.
What is the min volume you typically look for?
I have 1,5, 15 and daily on my screen at all times for the stock I'm interested in trading. Lower timeframes better for early entries on focus list with specified BO points
Anon,
Typically, I want a gapper stock to trade 2-3 average daily volume . I run a gapper scan in stockcharts.com looking for stocks that gapped above/below previous day high/low and look for above average volume. If the scan produces too many stocks to analyze, I narrow the list by increasing the volume and/or range criteria.
The watch list stocks are more difficult to assess because often times volume only kicks in after the BO.
Post a Comment