AES,AGO,AIG,ATVI,BCS,BID,BK,BMY,CCOI,CELG,CLMS,DRQ,HBC, HRS,LYG,NAT,OFIX,ORA,PCLN,POM,QSFT,REP,SNY,SONC,TE,
TRLG,WCRX,TBSI
ORA (gap down)
First candle is green but longish wick. We then have choppy action which tests the OR low on the next two candles. The 4th is weak and breaks the OR it also closes weak itself. This was the trigger for a short trade.
Entry: 49.46 Stop:50.16
Fib Ext: 47.47
1R= 48.76 2R=48.06 3R=47.36
The candle after entry closed lower, but that was as far as we go. The next candle is green and closes up inside the OR. So we close our position for a loss.
ATVI (gap up)
First candle is green. This is followed by choppy action which tests the OR and also the $30.00 level which is a key level in this trade. The 6th candle is weak and falls back into the OR, but does show a bounce off the ema. Then we have successive narrowing candles which hold the ema as support. The 10th breaks the OR and closes right on the $30.00 level. Not a pattern candle as such so we wait. The 12th is the key candle. It is green and NR7 and NR3 and bounces off the ema as well as the $30 level. In addition it closes strong itself. This is our long trigger.
Entry: 30.20 Stop: 29.87
Fib Ext: 30.88
1R=30.53 2R=30.86 3R=31.19
After entry the price action is picture perfect as it trends up with the ema. We take partial at the Fib Ext and leave the rest to run where we close at end of day. A nice gainer on a market down day.
AIG (gap down)
The first is red but long tail. We then have a choppy trend which finds ema resistance and we move down towards the OR low. The 7th and 8th are narrowing candles which are then followed by a bearish red candle which breaks the oR. It is off the ema and closes weak itself.
Entry: 40.50 Stop: 41.15
Fib Ext: 39.21
1R=39.85 2R=39.20 3R=38.55
The price does fall after entry, but doesn't really follow thru and we end up with choppy sideways action as the $40 level holds. We close at the end of day for a breakeven trade.
A bit choppy overall, but the one big gainer made up for it and it does show the value of patience , so keep watching for the opportunities to present themselves.
12 comments:
TR: Thanks for posting Watch List. Saved the day again. Ralph
Yes thank you for posting your daily watch lists. Been lurking for awhile and I really love the posts. I like the fact on every post you give specific entry, stop and target prices. It's been very helpful.
I am particularly interested in how you compile your watchlist as this is one of my biggest problems. I've read through your intro posts but I was wondering if you could give a more detailed explanation on exactly how you go about this process each day.
Thanks and keep up the good trades!
Nice Trades.
I like how you show the trades that work as well as the ones that fail.
rz.
Glad you like the blog. As other people have asked as well, I will post some stuff about setting up watchlist in a separate post.
But just out of interest, what are the problems you have with compiling your watchlist ?
I don't know where to begin with compiling a WL.
I end up pulling everything from the briefing.com gapper list as well as any stock mentioned for the day.
I end up with a very large list.
RZ: here is my 2 cents.
From a DGI database of stocks (approx 3000 symbols), I eliminate all stocks less than $20 with 50 ADV < 500K (approx 1000 stocks remaining using an excel spreadsheet). I then upload this list into my trading software, and each morning I run a scan for gaps greater than prior day high/low. I am usually left with about 30 stocks to monitor intraday long/short. (it takes about 30 mins to run, so I am usually ready to trade by 10:00-10:30)
If the Naz has a big gap, I will limit my scan to breakout of 2-4 prior high/low.
I tried using QT, Prophet, etc, but I find the software to be somewhat unstable at times.
I will also check TR list for anything I might have missed. Some days I might be too busy and will refer to his list. So far he has been very generous in posting in a timely manner. Most of the times, our list are in sync.
Hope this helps. Ralph
Great job with ATVI. I have similar issues as above in terms of coming up with a decent size watchlist that isn't too large but has movers. I like your blog over some other trading blogs as you have a system and follow it and don't have multiple different entry criteria (i.e. BO's and triangles etc.) which makes it more useful to learn from.
From going over your watchlist could you explain why you didn't take a trade in CLMS, SNY or TE?
Thanks
ralph..
Good info on watchlists for everyone.
Thanks
chartguy.
Glad you like the blog.
CLMS > It was on my initial watchlist. However the 1st candle had volume of 134k. I normally only trade stocks with >150k on first candle, so I didn't bother following it after that. This is just personal preference since I found that if I included stocks with < 150k then my list became too big so I concentrate my efforts on the higher volumes.
Having said all that > CLMS was a very good pattern to trade. The 6th and 10th candles were valid triggers and would have given good rewards.
SNY > I didn't really see an entry point pattern to trade. Was there a specific entry you were thinking of ?
TE > The price action in first several candles was promising, but again I couldn't see a specific entry pattern to trade.
I was looking at the 2:30 bar for TE. For SNY, I was looking at the 2:15 bar, but it closed inside the OR, which I guess isn't a trigger then. Thanks.
TR: when you exit EOD, how do you execute? An open market order instruction to exit all trades on the last ring of the bell? And/or last 15 min of trading?
BTW, I did an analysis of your daily trades and I am surprised to learn that in order to make money I must adhere to the following:
(1) I will circumvent my fear of loosing by reducing risk per trade.
(2) I will avoid paralysis analysis by taking all low risk signals.
(3) By chipping away at the market daily, I position myself to ride the big gainers.
(4) By taking partial profits, I set aside an insurance fund for guaranteed future losses.
(5) By exiting end of day I allow profits to run.
(6) I will only become emotionally detached by executing an easy, simple, stress free trading system.
TR, thanks for all your help, directly and indirectly, in giving me a greater understanding of my short-comings that prevents me from being a better trader.
Ralph
ralph.
Exiting at end of day > I just close during the last 15min candle.
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