Tuesday, February 03, 2009

Dummy Trades

Biotechs were the best performers on my radar today. AMGN retested the base but the 20 EMA was close enough to provide support and get things back on track. BIIB was a nice momentum move as you can see from the accelerating volume.


COCO was gapper on an earnings beat with improved guidance. OR breaks out of the daily base on big volume. Since the OR is wide, place fibs. from ORL to ORH as per Trader-X guidelines. I had a buy stop order ($20.52) in place after bar 5 but it took a long time to trigger. Well worth the wait. Partial after 1 pt.

DIS is an after hours trade on an earnings miss. Inverse C&H on 1 minute timeframe. Target achieved like a hot knife through butter.

9 comments:

Golden Bear said...

Jamie,

Thanks for sharing the insight into your trades as always. I noticed that today's trades are mostly mid-day trades. Do you just continuously cycle through your watchlist to find these? How do you stay focused since I find myself drifting off after doing so for the first couple hours. Also, how many names do you usually have on your watchlist going into each session? Thanks.

anarco said...

Hi Jamie~
Glad you managed to score a few good ones today!
I was wondering if you could explain the rationale for the 5/15 order entry in COCO. As a plus, I can see the high volume breaking the daily base, the 4th bar doji (counteracting the 3rd and 4th red bars), and the 5th IB. As a minus, the action takes place below the 61% retracement from the high (not very bullish). I am sure I am missing something since this ended up being a nice trade for you.
Thank you!

Jamie said...

Golden Bear,

Yeah, I have many quote windows on my main screen plus I am running the Trade_Ideas scanner, so it's not usual for me to doze off, unless I had a really late night, or the session is a total chop fest.

To have an idea how my screen looks, check the archives May 28, 2008.

I populate the gapper quote window with a short list of pre-market gappers from the scanner and Briefing.com lists. In addition I have my usual suspects list ( different from the list you see back in May 2008). Plus I have separate quote windows for each of my favorite sectors. All of the quote windows, in addition to sector list are sorted frequently by % change so that I can focus on the outliers.

The usual suspects list is about 40 long. I usually have 10 or less gappers.

Jamie said...

Thanks Anarco,

Congrats on GS. That was one I was kicking myself for missing.

The rationale for the COCO initial setup was a retracement back to the ORH, which would, as I envisaged, carve out a nice cup. I think the reason this didn't pan out was that the earnings conference call was scheduled for noon. Trigger bar occured at 12:15. Most conf. calls are at 10:00.

Price was holding the 5 EMA as support, NRIB - body in upper shadow (very bullish for me) and trading in the daily spot. No, I don't think you missed anything, but those two red bars are ominous and you needed more evidence. I'm looking at the two red bars as offsets to the OR with no follow through.

anarco said...

Your explanation of the two ominous bars was not only clear, it was also really cool!

Tyler said...

Jamie,

I am glad to see you back so soon. Your ability to trade multiple timeframes continues to amaze me. Great charts!

Tyler

PDT said...

Speaking of the Briefing.com gapper list, do you know of any sites/blogs that post this list in the morning like you used to?

Thanks

Jamie said...

Thanks Tyler,

Validating the setup on multiple timeframes gives me more confidence.

Jamie said...

PDT,

I think Briefing.com is cracking down on subscribers that reproduce their content. Subscriptions to Briefing.com platinum are $30.00/mth and well worth it IMO.