Thursday, 6 March 2008

Trades 06/Mar/2008

Watchlist:
AEO,CCU,CIT,CMTL,CSIQ,FFIV,FNM,GFI,GPS,HRS,JCP,JWN,LDG,LEH,M,MATK,MDR, MELI,MER,MR,NLY,NSM,PETM,SFI,TKC,TSRA,ZUMZ

Wow what a day. This is the sort of day we wish could happen more often.

ZUMZ (gap down)


First candle is bearish doji, we then have some choppy action around the OR low. The 5th bar is NR3 which closes below the OR. Could argue a trigger in its own right, but I waited to see what the next candle would do. The 6th is a NR7 which remains below the OR. This is our trigger.

Entry: 15.26 Stop: 15.50
Fib Ext: 14:54
1R=15.02 2R=14.78 3R=14.54

The price gently trended down in our favour. We took partial at 2R and then the rest was closed at the Fib Ext which was reached at the end of the day.

M (gap down)


The first candle is bearish red with long wick. The second is a bearish inverted hammer closing below the OR and also closing at its lows. This is our trigger candle.

Entry: 24.36 Stop: 24.76
Fib Ext: 23.85
1R= 23.96 2R=23.56 1R=23.16

Closed half at the Fib Ext and then left the rest to run with stop at Breakeven. It was closed at the end of the day for a 2R gain.

CIT (gap down)


First candle was bearish and couldn't regain the previous day's low. We then have a pullback which takes the price into the OR. Candles 5 thru 7 are red and trend down nicely with the ema. The 7th is also closing at it's lows. The 8th candle is a red NR7 which closes below the OR. This is our trigger. The price never looks back and drifts down with the ema before falling strongly in the early afternoon session.

Entry: 18.42 Stop:18.65
Fib Ext: 17:43
1R= 18.19 2R=17.96 3R=17.73

We take partial profits at the Fib Ext and move stop on the rest to 2R and leave it to run. This was closed at end of day for a very nice gain.

AEO (gap down)


Red first candle. The 2nd is indecisive and the 3rd falls thru the OR low. The 4th is a NR3 doji with its wick bouncing off the OR low from below confirming it as resistance. This is our trigger.

Entry: 18.39 Stop: 18.70
Fib Ext: 17.35
1R= 18.08 2R= 17.77 3R= 17.46

We take partial profits at 2R and leave rest to run. It didn't reach the Fib Ext, so closed at end of the day.

SFI (gap down)


A bearish 1st candle. Then we have sideways consolidaton at the low portion of the OR. The 6th is a hanging man type closing just inside the OR low. This is our trigger candle.

Entry: 14.78 Stop: 14.95
Fib Ext: 14.06
1R= 14.61 2R=14.44 3R=14.27

The price moves down beautifully with the ema just above. We take partial profits at the Fib Ext and leave the rest to run. This is then closed after candle 17 closes above the ema. Another good gain. The second arrow in the chart indicates another possible entry point.

12 comments:

John W said...

What scanner do you use?

Jim said...

5 winners. Very nice day!

bl said...

Nice work and charting: financials and retail

OONR7 said...

what can I say... another great day for you, way to go. I agree that I wish there were more days like this. However, it's hard when multiple entries are going off at the same time!!!! How do you compile your watchlist?

TraderAm said...

john w.

The main scanner i'm using at the moment is my broker's (i.e. IB). And it seems to throw up enough opportunites. I have tried trial versions of both prophet and TradeIdeas and they are good as well.

TraderAm said...

Thnx Jim, bl, oonr7.
It's good when a day like this comes along.

TraderAm said...

oonr7.

My watchlist currently is just from IB. Gappers with vol over 150,000 and gapping around 2% or more. For the first 1/2 hour of the day I'm just going thru this watchlist trimming it down to get a list of around 20 with the best looking charts. I pay more attention to those with higher volume.

I agree with multiple entries going off comment. And yesterday was indeed very busy (just as well i was at home and not in work).

Also I would add, that using the 15min timeframe is an advantage on days like yesterday as it gives me time to see how the charts are developing. I think that most of my entries were on different candles (tf wise), so putting multiple orders in wasn't really a problem.

OONR7 said...

traderam: are you talking about the % gainers/losers list in IB? I don't see a specific 'gap' criteria. I wish they did and I would cancel prophet.net immediately.

OONR7 said...

traderam: did some digging... and do you use the 'Top Close-to-Open % Gainers/losers' criteria? Sounds like that's a gapper scan.

TraderAm said...

00nr7.

The %gainers/losers is a different scan. There is a specific gappers scan in IB. Maybe they have introduced it in a recent version and you haven't got it yet.

The scan name is: "Top Close-to-Open % Gainers" and "%Losers".

Hope that helps.

TraderAm said...

I think our posts crossed in the post :-)

OONR7 said...

lol... yeah, that wasn't there in the past and I always have my scans open so there's no need to look. Thanks, this will be helpful!!!