Friday, February 27, 2009

Inverted h Pattern -Hansen Natural Corporation (Public, NASDAQ:HANS)

HANS was an earnings gap from the pre-market scanner. Price gapped slightly and made a fast move higher. Place fibs from the ORL to the early pivot high. Price found support in the R-zone and I entered long. Exit as price approaches whole $ level just below 100% fib. extension. Price doesn't always reach the full extension and it's better to exit into strength. This is an inverted h-pattern.


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anarco said...

I can't deny I am a little bit jealous (well, a looooot jealous) ;-)

This is really great Jamie! You are really nailing these ones. Congrats!

I wanted to ask you how many stocks do you scan at the open to arrive to the ones you trade on the 1 min charts. Do you start with a very small basket and a pre-defined trading plan? Or you just scan your full WL for these OR trades?

Thanks in advance.

Jamie said...

Thanks Anarco,

Using the Trade-Ideas scanner, I look for widely held names with a lot of prints in pre-market. I open a separate quote window in Esignal and put all the symbols of interest and then wait to see if anything pans out. The list has to be relatively short, otherwise it becomes unmanageable.

If I can't find anything on the gapper list, I go back to the usual suspects list and focus on the outliers, or sectors with the highest % change.

Jamie said...

One other thing, I'm predisposed to focus more on stocks I know well. And I also prefer NASDAQ stocks with no specialist intervention.