Friday, 15 May 2009

Trades 15/May/2009

AEP (gap down)

Weak first and second. The third is off the OR low as resistance and is our short trigger. Looked ok after entry and then following retrace we had a big fall to 1R. Took partial there as Fib Ext was nearby. The rest came back to stop at breakeven.

EXC (gap down)

First weak and 2nd falls thru OR. Then we have a shallow retrace back to OR as resistance. The 6th is a NR7 off ema and OR low and bearish upper tail. This is out short trigger. After entry it just went downhill big time. Closed partial at around 2R which was above the Fib Level and then rest at a 1$ gain which was just above 4R.

No other trades for me today. I was mulling over a setup short of AYE, but mulled too long and it passed me by. Have a look at the chart and you'll see what I missed on that one. Anyway, hope you had a good day and have a good weekend.

-------Trade Info ----------------------


OONR7 said...

exc... nice. What criteria are you using for that scan?

TraderAm said...

Thx 00nr7

Criteria is: gap down and crosses the previous day's low in first candle. Vol > 200k in 1st candle.
Rest is just eyeball chart...e.g. if first candle to big then discard, it it has excessive tails or wicks etc discard.

Anonymous said...

exc would be hard to spot for anyone. How did you filter crossing the prev day's that in IB or tradestation?
WX was a quick action play.

TraderAm said...


It was a Tradestation scan. I imagine most scanners have this sort of scan setup? IB doesn't because it is not programmable or filterable other than by volume and price.

All you require is Price to open inside previous day's range then close outside previous day's range after 15mins. Quite basic really and it gives you a lot of stocks. The hard part is narrowing them down further using the best scanner you have i.e. your eyes :-)

Anonymous said...

Is this scan inbuilt in tradestation? If not.. mind sharing the code?

Anonymous said...

Good scanning strategy. Gives a near-by sup/res area to trade against and to gauge price movement against.

TraderAm said...

It is bulit into Tradestation I didn't code it.

Anonymous said...

How do you define first candle in the scan? I added this to this scan criteria: Open below previous day close, open above previous day low, close below previous day low, volume 200k. Is this ok? Run this scan 15minutes after the market open.

TraderAm said...

open above prev day low,
close below prev day low,
vol > 200k
run after 15mins.

I also only select stocks where price is > $12 and less than $150.

If there is too many then I only look at top 20 or so with highest volume 10day avg volume.

steve said...

Traderam, when you ran this scan on Friday, how many stocks did it actually generate?

My regular gap scan, outside of prior days' range, only had 21 stocks!

Anonymous said...

Missed erasing this part...'Open below previous day close'. Thanks

OONR7 said...

fwiw: I used prophet to get similar results. Last price .01 above/below PDH/L and Open price +/- .4% greater/less than previous close.
I also entered volume > 250k and average volume > 2.5 million.
I'm gonna use this as a supplemental scan as my normal scan looks for stocks gapping +/- 1.5%.

TraderAm said...


generated around 20 stocks on Friday

Anonymous said...

don't think this set up is that handy (exc)
i prefer 5 day top/bottom w/ RSI signal.