It's a script made to follow phantom's rules It uses 1 min bars for trading and 5 min for resolution. It basically just goes in the direction of 5 min trend, simple entry, and then uses phantom's rules to trade.
I have enjoyed reading your journal and others opinions on you approach..and im in a similiar situation with bank balance/under 10 buck stock hunting..but i am stuck on how to find stocks/pick them..you seem to be very good at locating them and im wondering if you could give me pointers/tips were to look/how to find stocks to swing trade on.. i.e. what scaner you using..what criteria you search in the scaner and whatnot Thanks
I use stockfetcher.com and a few simple filters to give me 5-20 charts to look at every night. Then I pick out the ones that I feel I can grab 2% of range out of easiest.
Didn't get a fill on that play, missed it by a tick. Took the next day off from posting because couldn't find anything good. Had a snow day today so was trading ES on my IB account all day (great trending day! made 8 points, haha) For 1/16 I'm taking PSCP @ 2.12, the volume is spread a little thinly, hopefully the spreads aren't bad. BUY 1308 shares of PSCP, Petrosearch Corp at LIMIT of 2.12 DAY
Didn't get a fill on that, I believe no trading occured below 2.15, that trade at 2.10 was erroneous. Having freetrade investigate nonetheless. Play for 1/20 is HEC, lim at 1.03. BUY 2692 shares of HEC, Harken Energy at LIMIT of 1.03 DAY
Interesting call on HEC. It looks like it just broke a descending triangle on the down side, but did it with a nice hammer that closed right on some support. This could make a nice swing trade if the previous day high is broken. Incidentally, your journal has inspired me to use a very similar strategy to yours. Since my poor ass cant get a margin account, I hold for a few days and look for 6-7%. And I already have a nice profit from a few of these trades.. so thanks for the inspiration.
Yes, I see the descending triangle, I don't use it in my analysis but it pops out at you on this chart. I'm playing this downside breakout as a failure, I like the hammer, the main reason I'm taking this one. Volume has also been slowly creeping out, could mean a big move in either direction, I'm placing my bet on up Cool, sounds good. I first got into swing trading plays like these from a guy that would post his trades on a message board too, he would swing trade them holding 10-15 at a time; each one about 10k$, he was taking 10-15% in a week or two living off the profits. Good luck in your trades!
If HEC breaks off its Friday high tomorrow, Ill probably use it as a nice swing play on Wednesday. Care to share more about your methods and what you scan for? Ive been look at penny stocks that seem to be trending up but have pulled back a bit.
I used to scalp a penny or two (1-2%) off penny stocks but that can only be done with below $1500ish, otherwise I'm moving too much. I just look for basic stuff, a pullback from a large scale up trend and a reversal back into that trend in the works.