I had a great day in the market today. It was too easy But if no shorting would have been allowed, I wouldn't have made a penny. I was trading the sky scraper setup today: http://www.stockjunkie.com/tonyoz/sc9.htm The stocks I took short positions in were: ILUM Short at 38.32 SYMC Short at 37.47 cover at 34.53 KLAC short at 35.56 NVLS short at 30.78 I closed 50% of the short positions in NVLS, KLAC and ILUM at the close. I missed the following shorts today (sky scraper setups): POWI BRKS TKLC EXPD XCAR Check out the link I posted above and check the stocks I traded and the ones I missed today. Can you see how easy this setup is? Good trading Bill PS: I also wanted to post this message on Hitman's September trading journal, but since he had a bad day, I didn't think it was "cool" to do so. I hope you find this post educational.
It would be a grave mistake. Ability to go both ways is what makes markets efficient. As if the usual (I mean pre-WTC bombings) unwarranted bias against short-selling that has been going on forever is not enough (including the uptick rule) now we have this misguided call amid recent anti-short-selling sentiment. I am sure and hope that, it was an isolated incident and his "initiative" won't go anywhere beyond discussions. And hey, how about somebody in the government stood up and told the American people that in 2000 they didn't have to idly sit through the worst equity wealth meltdown in history; that there is a way to actually profit from stock market declines. But noooo, they'll never do that.
Hey Sniper_Trader1, Thanks for the links on Tony's setups. I've read his books, and it's always great to get additional reinforcements on his various techniques. BTW, do you use the Tony Oz Scanner service in order to find his setups? If not, how are you getting the alerts and triggers for the setups? I've incorporated his setups into TC2000, especially the bottom fisher and sky scraper, but it's a bit cumbersome to run it throughout the day looking for the setups and trigger. Maybe I should sign up for the realtime streaming data feed. But in the meantime, I'm going to try out a few different scans to see if it can run down a list of potential triggers for the following day to put on my watch list. Thanks for any info.
ib_luigi, I have been thinking of setting up the skyscraper and bottom fisher scans in TC2000 myself for swing trades, but I am not that good at writing pcfs. Would you mind posting the formulas you use either here or sending them directly to me. Nev