Wednesday, 4 February 2009

Trades 04/Feb/2009

Watchlist:
AEM,AJG,APC,BHP,BP,CLX,COST,DVN,ERTS,FCX,GG,GNK,
ILMN,KFT,LAZ,MON,MT,NEM,NETL,NOV,POT,RIO,SQNM

AJG (gap down)

A set up which I have been working on. First bar is bearish but some support as evident by long tail. However the subsequent price action is weak. We can't get into the top half of the OR. The $20 level is also acting as resistance. The 2nd and 3rd are consecutive inside bars. The 3rd is a NR3 which also rejects the $20 level. The entry is aggressive because it is earlier than normal and the ema distance is not ideal. However I was thinking the general market was looking overbought at this point and that was an addtional factor in my entry. My timing wasn't right and so some pain had to be endured while it chopped around sideways. But eventually it worked out. Took partial at 1R then the rest at end of day for $1 gain.

No other trades. I seem to be doing one per day at the moment. Last year when I reached the dizzy heights of 4 or 5 a day seems a distant memory.

----------Fib and R Values -----------------

-----------Trades ------------------------

4 comments:

rudy said...

TR: When screening for gaps, how long does it take for your scan to run?

What works for me is pre-screening the entire universe of 5000 stocks and pre-selecting only about 1000 stocks that fit my specific criteria. Each morning, I then run my gap scan on the 1000 stocks, which usually takes 20-30 minutes.

In the past whenever I ran the scan for gaps on the entire universe of stocks, it can take hours, especially on huge gapper days. My guess is that the screener has to work overtime on eliminating the stocks I do not wish to trade.

Hope this helps,

Rudy

OONR7 said...

all you need is one good one. Nice trading.

Tyler said...

AM,

Nice trade! I had that on my WL as well this morning, but it did not setup in a way that I was familiar with. I am glad you posted the chart so I can re-evaluate the setup and get it next time.

Good trading,
Tyler

TraderAm said...

00NR7 Thanks.

Rudy.
The IB scan is a page on their workstation. So once the market opens it starts filling up with gappers. It is constantly updating during the day. I dont know how it works behind the scenes as we can only specify price range and volume as the criteria.

The Tradestation scan takes a few minutes to scan whole of NYSE and Nasdaq. It is new so has some teething problems with it, hence I am still using IB scan as primary source.