Its inside candle or counter trend candle. Read the thread and the many lessons on CM's site if you want to learn dummies. TraderMike stands aside for the shake out in the morning, that's his tweak. As to which direction to trade, I've covered this. Again, read the thread and all of CM's many lessons (first link in first post). When will CM's chat be opened? No idea, you'll have to email him. I would guess sometime soon as he mentioned he's getting back into trading after a hiatus. And remember this is no magic bullet. Its just one strategy. You'll have to first learn it and then tweak it for yourself. And never forget risk mgmt. edit: BOOM PALM GNSS
BOOM gapped up (but not too much) and coupled with sort of day/mkt I believe we're in I was looking to buy. Very tough to hold on to it through mid-day shakeout so lost out on the late day ramp up.
GNSS trended a bit better but I still don't like it when it breaches previous candle's low. Still about a +2.5 R.
AMD was in play due to a glowing article in Barron's over the weekend. Due to the article, the general tone of the mkt and the fact that it didn't gap up too much, I was looking long. Of course, in hindsight, the hod candle would have been a great dummy trade short.
I've also been thinking of a different way of trading dummies. Rather than waiting for a scan to pick up a candidate, why not have a few preselected and watch them? For example, why not pick out a few very strong stocks and see if there's a dummy long set up during the day? TS fits the bill as its had a huge run up (oil services sector) and it pretty much repeated Friday's action today.
And also gold stocks fit that bill. Today, you could find dummy entries in almost all major gold stocks. GFI actually gave two signals during the day.
I usually look the the previous evening and the pre-market activity to pick my choices. Generally I look at fundamentals that could influence positively the stock and wait to see if technicals speak right to me little soon after the open. Nice charts btw.