Just saw the chat thread - ET chat is back. I'm so happy, because the ET chat window is not disruptive, and I know who the heck people are in ET! Please let's make a rule that rodents may not become crows, and momos may not become izms should we ever have to change rooms again
Chuck, I use it to help me solidify a decision to enter and exit a trade. When stochastics move below or above the 10/90 lines, it's a very strong oversold/overbought reversal indicator. I find it especially strong indicator when combined with lower highs, higher lows. It's an imperfect indicator when fading strong moves in the absence of lower highs/higher lows and in those cases (trying to pick tops and bottoms) I set tight stops and often get stopped out.
Hi just wondering... where do you find the stocks you trade (premade list... software filters)? And what's your avg daily volume like?
Katie, I've a very short bias over the past couple months, so I look for stocks trading near major resistance, and trade them until they fizzle. I also catch symbols coming across the high/low ticker each day and sometimes fade those moves. This month my average is 7 round trips a day and I usually trade between 500 and 2000 shares per trade.
NoDoji Registered: May 2008 Posts: 736 New Post 01-29-09 09:06 PM + $481 I've made enough money trading HOTT this year to pay for all the stuff I bought my kid at Hot Topic over the past 2 years Ended up short CECO and didn't know it till late in the day, holding ................................................................ Guess I'm not the only one who makes mistakes.......At least it's a short!!! Keep rockin Nod!
+ $481 Lazy trading day for me today as I was busy with various distractions. I was pleased to have held BBBY for a better profit target, covered this morning @ 24.98 for a $320 gain. Then, watching too many charts at once, I missed the BBBY run up for another short. CECO ran up early, stalled a bit around @ 21.20 and I considered placing a limit to short it @ 21.25, then decided to wait because the schools all seemed strong today. Turns out I mustâve actually executed the order, because I found myself short CECO @ 21.25 when I checked my position status after lunch. So I did what I always do: I thought about doubling my position at the HOD. But then I remembered what happened last time I added to a CECO short BEFORE waiting for a true test of major resistance. Since it wasnât a true test today (it formed a double top on the daily chart rather than making a new high), I am sitting tight. So, will CECO do me in again??? I checked my P/L on CECO this year and Iâm up overall $764, so I canât complainâ¦.yet. (APOL is my 2009 winner @ $2900 net; FFIV 2nd place @ $1500, and despite all the whining I do when trading BBBY, itâs my 3rd place winner @ $1400 net on the year.) Covered HOTT swing short @ 8.49 for a $212 gain, which turned out to be very close to the LOD. (My husband found he liked those HOTT shorts I wore on his IB recently and he netted $275 today trading it.) Short BBBY @ 25.03 on overbought, but again forgot to wait for test of resistance, which was an excellent short entry. So ended up covering at b/e. Silly me, boy did that one end up dropping all day. Sold DRYS in the IRAs today, too much bad news weighing on them (share dilution, breach of loan covenants, downgrades) and didnât want to give up all the nice profits (netted $1042 on 200 shares). Seems like the right decision as it drifted down the rest of the day.