Trading with Tony Oz Scanner - November 2001

Hey Tony you will get a kick out of this one. I know you asked me not to post trades until November, but I can't help it. Do you remember the live trading event you did in August? Do you remeber the short position you took on a sky scraper setup? Do you remember the stock? Let me remind you. It was GENZ. And guess what. I just made the same trade on the same stock today. Sky Scraper setup. Short at 52.32 Cover at 50.05. It felt good. Good to see you here. I'll bring this thread back to life in November.

I bet you made a killing on ADVP and CELG Power Trader setups. I'm too bearish to get my feet wet with these scans, but I will have to learn to do so.

Bill

 

Traded the skyscraper pattern on HLIT. Shorted the open at 11.89 and covered at my target the 200 MA on the five minute chart at 10.96. Thanks Tony.

Good trading
Steve

 

Magna, I did my usual QQQ trades, lost money (commissions) on that and made money on the GENZ trade. There were a lot of SS today, but I liked GENZ the best because of the extention over the Bollinger band (and also because Tony traded it successfully in the seminar).

I am trying to paper trade the New Kid and Power Trader scans right now, so it's hard to follow everything. I see alot of big winners on those scans. I go to bed flat most of the time, so I am trying to build a system around those scans. Because they do more volume, they normally have big intraday moves. I know Tony does very well with them, so I am trying to see how I can be more like him

Bill

 

I did many shorts today to get stopped out towards the end. Lost about $900. My trades are probably similar to Tony's. I'm hedged both long and short overnight with 600sh each direction, but I'll bet we go up tomorrow and the next day due to the intraday reversal today and the short term strength of the market.

 

Bill

I do remember that GENZ trade, and I also remember that the seminar took place on the lightest volume day of the year. Hopefully, if I do one again, it will not be in August!

I did not trade ADVP or CELG today, actually, I did not trade a thing. Jordan brought some nasty virus home from school, and I had the hardest time getting up in the morning. I went back to bed shortly after the open and slept in. The funny thing is that I didn't feel guilty at all. I should do it more often

I am seriously thinking of taking a vacation this week. This Anthrax thing is scaring me to death. Last thing I want to do is go long intraday and have breaking news come out that will tank my positions. I feel safer shorting right now, and it is not a good thing, because the market's momentum is to the upside. So, it puts me between the rock and the hard-place.

Risk management has significantly changed because of current events. I have been trading really small since 9/11. I have been doing well, but I don't have the balls to put on size on the long side. But you know my philosophy on this matter: <b> When managing risk, one must think of the absolute worst-case scenario </b> And this has prevented me from trading on the long side with significant positions.

 

its great to see these scanning products come downsized to market for the average trader's consupmtion. The other networked systems, such as First Alert (not the company) and Insight and others were just too expensive to implement other than at a branch office level.

Pristine has their ESP scanner which makes calls based on their trading and setup patterns. They have a server based analytical scanning process, and the users (either on beta or subscription) link into their network as clients (client/server model) and pole (push technique) the server for the selected multiple choice of target setups. You configure what target setups you wish to be notified of.

ESignal (has a smaller version) and Advanced Get (which is the full fledged version) both offer customized Elliot/Gann scans along with the charting and explanation for the calls, in real time. Both these packages (one a more complete superset of the other subset) are integrated into their customized methodolgy seem enticing.

There are other customized scanning services, like www.marketmatix.com which show cased their services at the NYC OTExpo, only to pull their product and seek development funds for further customizations (I guess keeping up with the competition). Previously their product did do scans, but I wasn't able to get sufficient lead time to benefit from the moves. Their demonstration sifted through numerous previous trades just to find a few good ones (fitting in mathematical terms). Their product showed tremendous range and hope.

Tony O, glad to see you've brought your methods to the table. I haven't seen of invested through your method, however, I believe that the overall greater participation will allow the sophisticated investor and the professional (non-institutional) trader to increase their participation in additional trades.

Let's all hope for the best, since the current trend is now turning towards curve fitting (customized scanners). One thing is that all these scanning products rely upon "normalized" market conditions, and you most accurately stated that the news could cause immed adverse market conditions, hence, normalized terms are not upon us

 

Hi everyone !

Now that thread has gone further than I intended - I hope this doen't cause any problems. My "question" of yesterday would have regarded just GENZ - but to make this not to specific before November, I just want to ask an overall question regarding this setups - as everyone can see on Tony's homepage:

I didn't have the time to trade yesterday and today but about two hours before the end of the trading day I checked the scanners - I found a lot of setups that would have just worked early in the trading day and very few (one of them being GENZ) that had nice moves all over the day.

So my question is: are there specific setups (Skyscraper / Bottomfisher) where the trades happen to work out better at the start of the trading day and other setups which work (also or even better?) let's say after 1pm ?

Harry

PS: In November we can then discuss some examples - I hope there is enough interest in this discussion.

 

Harry - A quick reply is that any stock can trigger at any time. I'll answer this one for Tony since I have asked him the same question in one of my emails. His answer basically says that he gets up early in the morning and gets ready by watching the pre-market trading. Then he takes the best looking setups from the scanner and trades them. He keeps an eye all day for new alerts. During lunch time he takes his <b> SNIPER </b> position and looks for potential setups for the end of the day. Keep in mind that Tony is a master when it comes to buying support and selling resistance, so he will try to enter positions where the reward to risk is highest. I just read Tony's new book again, and I noticed that on page 91 he recommends to read chapter 7 again after you finish reading the chapters on the real-time scans. The entry points are well-defined there.

This is how I interpret it Harry. And I'm sure Tony will correct me or add more to it if necessary. I got to use Sniper in the answer

Bill

 

During lunch time he takes his SNIPER position and looks for potential setups for the end of the day.

Keep in mind that Tony is a master when it comes to buying support and selling resistance, so he will try to enter positions where the reward to risk is highest.

LOL. U bigtime A$$ KISSER!