Initial Watchlist:
AXA,AZN,BG,BTU,CCL,CF,COF,DLTR,IDCC,LM,MBT,
MET,MT,NRG,AMZN,AAPL,POT,SNE,SPLS,STT,TOT
MBT (gap up, weak)
Initially strong but first candle very bearish as it can't hold previous day's high and also falls thru $30 easily. Then narrowing candles as we trend down with ema. The 4th is Nr7 off ema and also market turned weaker. This was my short trigger.
Entry: 27.72 Stop: 28.40
1R=27.04 2R=26.36 3R=25.68
We take partial at 1R and leave rest to run. This fell nicely throughout the day and we closed near end of day for $3 gain.
AMZN (weak)
Initial price action weaker than market and so entered a quick scalp short as it pulled back with NR3 bar to the ema and the market turned down. Closed out quickly as $40 was close by.
5 comments:
Nice job!
TR: beautiful trade on MBT!
What was your criteria for screening for this stock?
My gap list was 27 hits. As such, I was busy scanning them individually for possible trigger bar every 15 min.. Can't see how I could've scan for non-gaps, and then do the 15 min routine, without driving myself crazy.
How do you do it? Especially when gap list is +100 stocks?
Stockhunter...Thanks
rudy.
Good question.
MBT actually came up on my IB scan as a minor gap up. But it had fallen quite a lot on the day after the first bar.
I am trying to include gap fades in my setups now. So I check how the first bar finishes compared to the gap. Since I rarely trade in first two bars, then that gives me 30mins to check thru for the best setups.
You could probably do a specific scan for these I suppose. E.g. in TradeIdeas, Topgun etc. (Gap up, closed first 15min negative > 3% down on day...that sort of thing).
You are right though. A big gap list is too hard to manage. So I try to limit it as much as possible. During the first 30mins I am working flat out just trying to get the list down to about 15/20.
A scanner will make the job easier. Or something like TradeStation which you can code specific scans yourself. All stuff which I am currently thinking about.
mbt... very nice.
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