Tuesday, 25 November 2008

Trades 25/Nov/2008

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:

StockHunter said...

Nice job!

rudy said...

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?

TraderAm said...

Stockhunter...Thanks

TraderAm said...

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.

OONR7 said...

mbt... very nice.