BBY,BCS,BLUD,CROX,CS,FST,GOLD,KB,OHI,TSL,UN,UST,VIP
Watchlist very small today. Sometimes this does happen after a very big DOW move day. Since the market is taking a breather, not many stocks gap. However a few opportunities were available.
TSL (gap up)
1st candle is bullish green and we edge upwards past the OR in the next few candles. After a swing high we then move back into the OR. The 8th candle is green hammer like which breaks the OR and also closes above the EMA. This is our trigger.
Entry: 35.79 Stop:35.04
Fib Ext: 37.69
1R=36.54 2R=37.29 3R=3.04
The candle after entry is good as it closes strong and bounces up off the OR. We take partial profits at Fib Ext and rest is closed at end of day. Overall about a 2.5R gain for this trade.
CS (gap up)
After brief pullback on 2nd candle, we have a trend up. The 6th candle is bullish and breaks out of OR and closes strong. This is our trigger.
Entry: 57.44 Stop:57.07
Fib Ext: 58.92
1R=57.81 2R=58.18 3R=58.55
The candle after entry decides our fate as it closes back below the OR. So we close our position for a loss at 57.28.
CROX (gap down)
After gap down we have 3 weak candles before we retrace back up into the OR. Then we go sideways and hit the ema. The first arrowed candle is red hanging man with ema close by and a NR7 candle. This was our first trigger, but it never got triggered. The 2nd arrow is NR7 which bounces off ema and is weak closing at the OR. This is our 2nd trigger.
Entry: 15.86 Stop: 16.05
Fib Ext: 15.03
1R=15.67 2R=15.48 3R=15.29
The stock drifts down gently, not really doing much. We close at end of the day for around a 1R gain.
7 comments:
traderam: nice trades. You use IB as your broker, right?
Yes IB as main broker.
I also have an account with Direct Access Elite which I mainly use as backup and in some rare cases where I can't short a stock with IB. However I am considering getting rid of DirectAccessElite and just sticking with IB.
traderam is it possible to contact you during the trading hours,and how do you find your trades, do you use a scanner.
you may want to reconsider as CROX was not shortable with IB yesterday.
oonr7.
Yes maybe...but the strange thing is that the first order was with IB and they accepted it ok.
Even though it is on the shortlist, IB do allow you to short it depending on inventory conditions. I have had trades before which have gone thru on the Reg-SHO list.
I would add that I am not trading big volumes, my account size is just above the limit required for daytrading rules and I only risk 0.5% per trade.
The reason I had DirectAccessElite originally was I was trying to get to grips with Level 2. But never got the hang of it. So I am presently using it as backup broker. I don't really like having the capital tied up in another account which i don't really use that often. And IB is pretty reliable in my experience.
Do you use a back up broker at all ?
Frank
I'm not a full time trader, I fit it in and around my normal day job. So contacting me during trading hours would be difficult.
By all means post questions etc on the blog.
Regarding scanner : I use the IB bulit in scanner to find the gap up and down list.
no... don't find it happens to me all the often. When it does... the stock usually doesn't fall anyway. However, I've never had an instance where IB says a stock is not shortable (red) and still accepts my order. In fact, a dialog box comes up stating that shares are not available at the time and that's it. Occasionally there is a dark green label to stocks which says that it's shortable but only if IB can find shares. Most of the time... they don't. Don't know how your order got through as I know CROX was red labeled yesterday.
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