The first trade was TTEK as highlighted in the pre-market post - Cup & Handle on the daily but it failed intraday. I scaled in $25.98 and placed a stop order at 26.01 - bad fill at $26.08. There was no backing and filling so the stock shot straight up, but the long upper shadow on the BO bar and the next, foreshadowed potential trouble. So I managed the trade not to lose - tighten stop after price carves out each new high. It didn't much beyond the 38% Fib. extension of the previous day low to the ORH.
CLF a steel sector stock, gapped up slightly. After the initial swing high, it consolidated in an increasingly narrow range. Base & break following NRIB. Price broke out nicely and then the second and third BO bars consolidated. I waited until 3 WRBs following the minor consolidation to take a partial. After the partial I tightened stop after each new high, but never got stopped.
Along with steel, coal was on fire today. Managed to catch a piece of FCL off of a bull flag consolidation and NRIB. Ag Chem also very strong today, but I missed out.
I was anticipating a relief rally in Dry Shippers after all the selling. After gapping wide, DRYS formed a C&H pattern but no IB. Took a chance and it paid off nicely.
My main screen consists of, sector quote windows on left side, indices and sectors top right, usual suspects lower right, four chart time frames - daily, 15, 5, and 1 min., as well as total view (level II). The sector quote windows are almost entirely filled with names from HCPG recent picks. This is invaluable to being in the right sector at the right time. I used to flip screens with 6 charts from each sector, but the quote screens allow you to quickly see which sectors are green/red or mixed. Sorting quote windows by % change allows to see which stocks are leading each sector.
9 comments:
jamie:
do you have a staff? how do you manage to get stocks day after day. You make very hard things look so simple. Can you teach us?
Jamie - the obvious question I had was what is the name of that software you are using - you blacked it out - I see your charts are from esignal - is that the software?
Also, I watched TTEC today as well and I was not impressed with price as it was really tepid in how it tried to breach 26. I also noticed very low volume for the stock, trading under 100K by the time it crossed 26.
I have not seen another blog consistently post such amazing and consistent discovery of winning setups. Good job.
Jamie,
Thanks for taking the time to share your screen lay-out.
Are you working off of 1 screen only?
CDt
Anon,
No staff. The only way to make it easier, is to do the homework and organize your systems and trading tools to work for you.
Great trades, especially for the the amount of choppiness today. I guess focusing on a sector that's moving with conviction is the best way to cope with chop. I can't believe how linearly CF moved today.
Tom,
Esignal is the charting platform - simple and easy to use for non-techies like myself.
TTEK - agree with your comment.
I posted the Esignal screen shot because a lot of readers ask how I'm organized. But I also rely heavily on the Trade-Ideas scanner and Briefing.com to find the best performing sectors and stocks.
CDt,
No, but this screen is my main focus. I run multiple computers/screens with scanners/news, etc.
Rick,
Very choppy market overall. Left shoulder rallies are generally choppy due to lack of volume. Also, one of the FED guys was busy giving his take on the economy today, so that made things even more sensitive.
AgChem and CF in particular, was a great day trade.
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