No trades placed today at the open. Seems that investors are worried about what the Fed will do today and the markets opened up bearish. Since I only buy long and my three picks for today opened below their pivot point, there will be no trades today. Better to take the day off than to get slammed. Should be interesting to see what happens at 2pm today after the Fed releases it's statement. If any of the three stocks I picked edge up above their pivot points and the market turns around I might jump in them for a late afternoon rally. Until then, adios.
Thanks for taking the time to reply to my question about which broker...Appreciate it and again, wishing you good times and success..
Today's Pick: INTC: PC: 26.84 PP: 26.69 Why: It had a great range yesterday and has been breaking price barriers for the last three weeks (25,26) and I believe it will break through 27 as well. Bought at 9:33 am for 26.86. As I write this it is at 26.95. I have a target of 27.13, so we'll wait to see the result. This could be an overnight hold as well. Intel has been doing very good and with rumors about them teaming up with Apple I think this stock still has legs.
Good Trading to you Accountant...could we see your pivot point chart on this one..if you have it? Michael B.
Accountant. As I read your Journal, a thought occurred to me. I think you might understand this thinking being the numbers guy that you are Since you go long only and general market direction may be 60% or more of a factor in the success of your one-directional trades. Have you considered measuring the DOW change into each of the componets (30 dow stocks and take into consideration their weighting)? When you notice one not participating could that be a helpful signal to you to evaluate. A guy like you could throw a spreadsheet together in a "blink of an eye"...(what really amazes me is how fast you guys can make that 10 key fly) Just a thought in passing. Michael B.
I don't have a chart, I will attach the spreadsheet I use to analyze my strategy and pick my selections though (you will need excel to open it). It lists a few of the DJIA components and their pivot point data. If you wanted to, you can plot these points on a chart, I don't think it is necessary as long as I know what resistance and pivot are, I'm good. There is also a calculation at the bottom that gives a success rate of the strategy. Meaning, if the stock opened above the pivot point, did it stay above the pivot point at the end of the day. As you can see, yesterday, Intel's pivot point was 26.69, it opened above so I bought, and as you can also see it closed right around resistance 1. Today its pivot is 26.92, it should open above this and its resistance 1 for today is 27.13 - my price target. Let's hope it continues to climb and breaks through resistance 1. If I get any positive feedback I can post this spreadsheet for each day. Good Luck today!
Accountant Thanks! Wow! (you do not need a chart...its just a visual) What characteristics have you noticed in the PP spread and the high/low range that would be important?... Michael B. P.S. You know, what you know, Accountant. Don't let an anonymous forum and its unknown posters distract you. I like that you concentrate on your basket, and I like your reasons in your opening post for choosing this basket. It does not matter that you could choose a variable basket scanning for high range stocks, it matters that you know THESE STOCKS that you trade VERY WELL (lower range = lower drawdown...and...tempestuous issues = higher drawdown possibilities).
Thanks ES, I like a PP spread of .05 or less. But there are some good picks that will be higher, so I look at everything. High/low range should be more than 1.2% but not more than 3%. This would give me the assumption that I can get my 1% goal without having to pick a top or a bottom, rather somewhere between. I read a lot of your posts Savant, it's a huge compliment to me that you took your time to comment on my journal/trading. I will stick with this basket as long as it remains profitable, which if you read the next post, you'll see what happened today!!!!