tag:blogger.com,1999:blog-19713238.post116009455750257789..comments2023-11-05T06:41:02.893-05:00Comments on Wall St. Warrior: Trade of the Day - United States Steel Corporation (Public, NYSE:X)TJhttp://www.blogger.com/profile/13294634341130531371noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-19713238.post-36338432877970187562006-10-06T22:00:00.000-04:002006-10-06T22:00:00.000-04:00Hi WHY,
My stockcharts.com membership is the real...Hi WHY,<br /><br />My stockcharts.com membership is the real time extra which allows me to run intraday scans (I think it is $29.9 per mth). I only use stockcharts for scanning when I'm not trading from home. My preferred scanning tool is the Trade-Ideas scanner which is much more comprehensive. However, this requires that you download the software on your PC. Yesterday, I was trading from my client's office, so I could only use the internet scanner available through stockcharts.<br /><br />With Stockcharts I have to write my owns scans, whereas with Trade-Ideas, the scans have already been written and you just have to add filters.<br /><br />You can try the Trade-Ideas - one week free trial by clicking the hyperlink on my sidebar.TJhttps://www.blogger.com/profile/13294634341130531371noreply@blogger.comtag:blogger.com,1999:blog-19713238.post-1160111137245441552006-10-06T01:05:00.000-04:002006-10-06T01:05:00.000-04:00Jamie,Thks for the comprehensive reply. For the st...Jamie,<BR/>Thks for the comprehensive reply. <BR/><BR/>For the stockchart.com scanner, r u currently using the 19.95/mo or 29.9/mo package? What do u find good or not so good abt this scanner? I'm looking around for a scanner, so wld like to hear your experience. Thks!<BR/><BR/>The WHY-TraderAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-19713238.post-1160106490670788192006-10-05T23:48:00.000-04:002006-10-05T23:48:00.000-04:00Hi WHY,My scan is pre-programmed and takes about 1...Hi WHY,<BR/><BR/>My scan is pre-programmed and takes about 15 seconds to refresh. I create a new folder and drop all of the charts in and view them (10 per page). That took about 2-3 minutes because most of the names were eliminated either because they were too far gone or didn't meet my volume criteria. On a gapper I want to see at least 2-3 times higher volume than the previous few sessions.<BR/><BR/>I entered as soon as the fourth bar opened. My risk was the low of the third bar. I don't feel the need to wait until price takes out the shadows unless the shadows form a resistance line and they are all priced fairly evenly. Before entering the trade I looked at the 5 and 10 minute timeframe, both of which confirmed a safe, low risk entry.<BR/><BR/>I also looked at the daily timeframe before entering long. Price had already taken out the 10 and 20 EMA. I was sure it could go to the 50 SMA which gave me a prelim. target of $1.00. However, as the trade progressed, I felt it could go higher as there was a lot of momentum behind the move.<BR/><BR/>I agree that the daily view was a bit of a mess with all of the MAs crossing, but my risk was low. It's hard to find quality setups with 20 cents risk.<BR/><BR/>The three main factors that convinced me to take the trade were:<BR/>1. NR consolidation of the gap up.<BR/>2. Volume<BR/>3. risk.<BR/><BR/>Hope this is helpful.TJhttps://www.blogger.com/profile/13294634341130531371noreply@blogger.comtag:blogger.com,1999:blog-19713238.post-1160097030720336942006-10-05T21:10:00.000-04:002006-10-05T21:10:00.000-04:00Jamie,Good trade! A few questions, so pls bear wit...Jamie,<BR/>Good trade! A few questions, so pls bear with me.<BR/><BR/>-How did u manage to scan thru 20 charts so quickly to decide which trade to enter?<BR/><BR/>-Did u enter when the 4th bar cleared the high of the 3rd bar or cleared the close of the 3rd bar?<BR/><BR/>-I pulled out the chart on X & noticed that it has 50day MA @59.03, 200day MA @60.38. For day trading, do u ever look at these? Even if they could be located very close to your point of entry & could pose some sort of resistance?<BR/><BR/>Thanks again for your sharing.<BR/><BR/>The WHY-TraderAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-19713238.post-1160096569286618872006-10-05T21:02:00.000-04:002006-10-05T21:02:00.000-04:00You're welcome Tyro. Check out the Trader X blog,...You're welcome Tyro. Check out the Trader X blog, he's the master when it comes to these types of gapper trades.TJhttps://www.blogger.com/profile/13294634341130531371noreply@blogger.comtag:blogger.com,1999:blog-19713238.post-1160095219685696972006-10-05T20:40:00.000-04:002006-10-05T20:40:00.000-04:00Wow! Almost 10:1! That's an amazing trade, congr...Wow! Almost 10:1! That's an amazing trade, congrats and thanks for sharing it. (Another jab to start taking day trades in addition to swing trades :) )Anonymousnoreply@blogger.com