Wednesday, January 21, 2009

Financials Bounce Back - Morgan Stanley (Public, NYSE:MS)

The first chart is XLF.

I traded MS. Place fibs. from opening pivot low to early pivot high and pick your spots. The first trade out of the R-zone. The second trade was just a scalp out of a nice little base. The third trade formed a narrow base on the early pivot high. You also could have traded NR7 NRIB on 15 minute shortly after the third entry (1:15 EST bar on 15 min.)


5 comments:

Steve said...

Jamie,

Thanks for posting your trades. I'm trying to learn from you. How many LCD screens do you use? Do you trade full-time? Do you ever have any losses? I see that you are consistently making money no matter if the market is up or down.

Jamie said...

Hey Steve,

I'm using 2 screens, and trading full-time. I have trades that don't work almost daily, but I don't post all my trades. I try to focus on the best ones so that I can burn them to memory. I traded IBM today similar setup to MS based on OR, but it was range bound and I got bored with it and ended up taking a small loss because I didn't want a bad trade to eat into the profits of a good trade.

When I first started trading I wasn't as comfortable shorting as going long. Now, I can make money on both sides as long as the setup is good. I try to analyze the markets the night before to get a good feel. I get up early and follow the Briefing.com news so that I know where to focus on the open. Sorting the WL by % change is the best way to find outliers. On trending days the early leaders are often in the top 10% EOD, so sorting helps me find early leaders and they get most of my attention.

Jim said...

Steve,

Jamie has a wealth of trading info posted on his blog. Keep in mind that he has been trading a long time and employs multiple patterns and techniques. While learning, try to focus on just one or two specific patterns. Otherwise, the market can overwhelm you with too much data and it will be difficult to make good trading decisions.

bl said...

Jamie,
Good idea to shorten the WL with a few good "stories" like AAPL and POT along with LMT SNE UNM JPM CNH BAX from Leavitt Bro Before the Open

Jamie said...

Thanks BL,

Is that a service you subscribe to?