Higher oil hurt transports. CAL, from the
WL set up a perfect dummy short on the 3 min. chart at the base of Friday's late day swing low. Notice how, after
gapping up, it quickly reversed and made a vertical move towards support. This type of price action is common in weak markets and sectors.
HES is an oil related play. Long on break of three pivot point base. Partial at resistance and stopped out on weakness after two more waves. A three pivot point base should move relatively quickly and I don't like to stay in these setups if they can't hold the pivot as support on the retest. In other words, keep this type of entry on a short leash.
Higher oil hurt transports. CAL, from the WL set up a perfect dummy short on the 3 min. chart at the base of Friday's late day swing low. Notice how, after gapping up, it quickly reversed and made a vertical move towards support. This type of price action is common in weak markets and sectors.
HES is an oil related play. Long on break of three pivot point base. Partial at resistance and stopped out on weakness after two more waves. A three pivot point base should move relatively quickly and I don't like to stay in these setups if they can't hold the pivot as support on the retest. In other words, keep this type of entry on a short leash.
8 comments:
Nice Jamie.
CAL looked a lot like BG today, except in a much weaker sector.
Thanks Dave,
Yeah, BG/CPO both acquiree and acquirer gapped on the news and both ultimately turned into fades. Nice setup on 3 min. timeframe for BG short at $115.00.
jamie:
how did you spot HES?
Jim mentioned HES a while back and I added to my Oil quote window. The reason I focused on HES is because it had a strong opening range and price was testing resistance. So I had something to work with.
jamie:
are you using NR feature of trade ideas. Whatever i could see, it is a waste of time. Most of their functions are useless.
Jamie,
After you partial on CAL, where did you adjust your stop to?
YR
YR,
I thought it might rally back up to the down sloping 20 ema on 15 min. so initially, I put stop on balance at BE. Luckily, it didn't get anywhere near that level before continuing to make new lows.
Anon,
I asked TI to develop NRIB alert, but not possible at this time. The NR alerts are very useful if you set them up with a WL or if you add them to pre-defined gapper scans ie. up/down big volume in pre-market.
Take some of the pre-configured scans and adjust them through filters to meet your universe of stocks and add volume filters to reduce the number of alerts so that they can be manageable.
For example, I take the scans called Up/down 50 cents in last 5 minutes and I add minimum price volume filters and use only NASDAQ market stocks. This gives me a manageable list of alerts.
And as Jim outlined in his most recent post, some of these stocks just keep on giving. Good examples are SOHU and PENN which came off the down 50 cents in 5 min. scan on Friday. Find a stock that's moving and then wait for the NRB. Both PENN and SOHU setup more trade opps today.
Try to be more positive, and make it (the scanner) work for you ;-)
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