interesting how you guys wanna short GILD. i'm currently long as a swing trade with a 10% gain. i'll be out tomorrow if it closes down.
Its all a matter of time frames. Any time a stock gaps up more than 5% I am looking to fade/short it, though I usually take my profits within 90 seconds or so....it is a fast trade and if the gap is going to continue, the last thing I want is to be short. Nonetheless there is more often than not at least a short term sell off to take advantage of. Meanwhile a swing long on that stock is looking pretty darn good as well!
I was up about 1 1/2 points, but was only trading 100 share lots, so I only made $113 after commissions. Would have been a good day if I had some size - pretty soon . I put on a short position for every long position today. Limits the profit, but keeps you from getting killed on a day like today (unless your short or long the wrong ones :eek: >
DATTrader, i wasn't really paying much attention to where it opened til you pointed it out. so yeah, i agree with you actually (on your time frame).
Sniper: A few questions, none of those stocks seem to be down yesterday so those don't seem to be text book examples, not to mention a few of those had raising volume . . . Do you trade those often? I thought those are a bit prematured, look at GILD 8/22 - 8/27, 4 up days in a row. I am just curious about the underlying details of those trades.
Sniper I am also looking to sign up with Realtick to get Tony' scanning software. I would like to know though - are the stocks in his scans mainly for day or swing trading? Thanks.
Hitman, The trades were a sky scraper setup from the Oz scanner. First down day after at least three up days. This is why I took the shorts. The scanner finds the stocks in real time. You don't need yesterday to be a down day. On the contrary, you want yesterday to be an up day for the sky scraper setup. Read this page again http://www.stockjunkie.com/tonyoz/sc9.htm the example he has there for the setup is when the stock is found intraday. the black candle represents today's action. This is why this scan is so powerful. Unlike overnight scans, the Oz Scanner finds the setups in real time. However, the money management is key to success in trading these setups. I have mentioned that I have no luck trading the New kid on the Block scan. But I trade both the sky scraper and bottom fisher with great success. I recommend that you (and everyone else) study everything he has on his website about the different setups the Oz scanner finds if you plan to use these setups in your trading. Satan, This is the true beauty of the stock market - time frame. You are long. I was short and covered for a profit. We both make money on opposite sides Bill
trader 88, Tony teaches it as a both swing trading and day trading method. I am a day trader. I rarely hold overnight, but do when I have great profits built in and the trade is on the short side (after closing at least half the position before the close). Bill
Since there are so many questions about the scanner, I will list some of the stocks that showed up at the end of the day, so you can take a look at them this weekend. I am going up to Northern CA at 5:00 PM and will be back on Monday. I think it is important that I disclose that I have no open positions in any of the following stocks. Feel free to discuss with each other if any setup looks good for monday. This is why I am taking the time to list the stocks. Since there are so many results, I will only list Nasdaq stocks and will limit it to the first ten stocks on my market minder. <b>New Kid on the Block</b> SPLX SAGI CAKE AMRN WEBX ITRI ANSS RMCI SEAC YBTVA <b>Power Trader</b> LAMR VPHM CYTC CDWC WCNX XRAY <B>Bottom Fisher</b> LAMR CAKE ATVI EXBD NXTP AVCT SLNK EMMS TVLY KCIN (There are 40 stocks total found today on the Nasdaq bottom fisher) <b>Sky Scraper</b> SDRX MRCY IDPH BGEN GENZ MYGN ENZN AMGN GILD NBTY <b> Keep in mind that these stocks were found by the scanner early in the trading day!</b> Have a great weekend everyone! Bill
I just remembered that some of you are restricted to trading NYSE only, so here aree some of the NYSE stocks that showed on the scan. <b>Bottom Fisher</b> FDC DYN MER DST RIG KMI CAL HDI TXU KMX <B> Sky Scraper</b> NOC FRX MTB OCR RMD BRL DNA UHS SZA WSH I don't trade NYSE stocks, so I didn't look at any of these today. I just typed them in. Have a great weekend, Bill