J, I would have thought you made good money from those occasional ARIA purchases. I tried to fade it at $5.00, but it kept going.
Was it not a bit late to buy ICLD at 52 week highs? Surely you should be scanning for gaps on volume?
ARIA has traded well, we both knew their cancer drug still had potential in Europe and the Balance Sheet is what attracted me to ARIA, same with AMRN, Coronado Bio-science and others with lots of cash and a product. Now, it's time to seek out more obstinate stocks when the Market makes a correction after January, we had the January Effect in December, Tax-Loss selling of biotech and RNAi space in October and November. Xandman, I day trade ARIA's common after we broke past $7, I sold some $4, $5 and $6 Calls and now it's common stock for day trading. Do you feel a wind of change, a wind coming to make us buy more stalwart stocks my friend? Do you trade Penny Pump and Dump stocks? Two keep passing by my radar, MRNA and ONCS and the buying on MRNA is very sneaky and stealth, why is there a huge bid on a stock with no cash and weird patents? Justin, with ICLD, I enjoyed day-trading it in my world of $1-$7 stocks, once it heads past these price points, they are beyond my skill-set. Did you play ICLD with me when she was $2.5 to it's crazy pop after-hours and movement to $10? Where and why did you buy ICLD, I would enjoy discussing the reason why you bought ICLD on a "Stock" Thread under ICLD, make the thread Justin.
no. Pump and dump penny trading has it's own unique methodologies. Your like a private eye and oil wildcatter rolled into one. I'm still debating the 4000 hour commitment needed to master market profile analysis for trading futures intraday. so far, options have allowed me to tame my p&l and make decent returns.
I am just trying to make the point, looking at the chart, that when ICLD was at 52 week highs it reversed and went down. Scanning for reversal patterns, on volume. below a moving average would be better if you are trying to catch a swing move? It sounds like you are daytrading stocks that appear on 52 week high list though.
One way I have found some consistency in scanning which is a bit different then the above mentioned pure price scanning is seasonal repeating trends scanner: www.trademiner.com I scan to make sure the trades I am trading are on the right side of history and analyze the technicals to enter when it agrees with the historical trend. This has been working well.
I liked the move on ICLD, did you have any idea ICLD was about to take off from your scanning method? Twitter's massive run-up kept coming across my scanner on Thursday, I bought the 4th Week $72.50 Puts on Thursday, got a pullback to $69 and sold them for $3.40 average out. I should have kept them another day, those Put's I bought at $2.60 went to $9.00 or close to that price. Justin, using your ideas with a Scanner, how would you view the big pull-back on POST Cereals? P.S. I hope you smashed ICLD out of the Park, good trade if you did!
I use both finviz.com's free screener as well as TC2000. I find myself using finviz more for generating trade candidates while TC2000 has become more and more merely a charting program for me. And as I do not use any indicators other than price and volume, TC2000 is more than I need. Most brokers offer charting software that is more than sufficient for basic charting. Where I really like TC2000 is its capacity for saving, storing, and scanning watch lists, and the ability it gives me quickly to run through a "chart book" so to speak.
Hi Justin, I do look for pull-backs after good strong 52 week highs and All-Time Highs come off a good earnings report. Using your ways or ideas? (Let me know if this is how you would trade) I bought Adobe when Adobe fell back to $57 after gapping near $61 (Three weeks ago on Friday?). I use the same method with Post Cereals (POST), I bought the March and June $50 calls. I am very big on buying stocks pulling back after they have been gaping up under a massive upward spike. Sometimes I find that the problem with waiting with some stocks, is they never come back. Visa, MasterCard, ICE, AMP, and many others don't pullback like we want. MasterCard was $813 when I was bidding on it's pullback, being a cheapskate prevented me from buying more Feb $810 to $850 Calls. I do wait for pullbacks, but what do you do if a stock like CVS $67.50 May Calls, keep on going up without letup? I got lucky and bought CVS on a pullback for $2.60 and $2.89 before CVS did their Wall Street Road Show, next day CVS was going crazy and I bought more options $4.00s instead of selling in to this frenzy. CVS has been dead, I waited for a giant pull-back and now I am thinking I should sell out all my CVS May $67.50s and roll them in to the $70+ LEAPs? Do you think the pullback on JOSB, SCSS and recently BCOV at $12 which is a stock that's earnings are going to crush analysts estimates this Quarter, BCOV fell from $16 back to $12 for reasons I don't know. I did not buy the 52 week high on BCOV because it seems to always fall back to some weird price. BCOV, NTRI, BSX, and others don't keep their upward MoMo so I wait for a big pull-back and buy the contracts on those stocks or I end up holding the Contracts for 3 months or until the company releases a new earnings estimate. I hate getting stuck so carefully you got to pick the right 52 week or All=Time High. Let me know if this make's sense to you, today's trades I put on were: JOSB $55 Calls Feb 2 Contracts, $55 April 4 contracts filled for $2.65, rest of my reserve book expired worthless. SCSS $21 Calls 4 contracts V $220 March 22 Calls (10) MA $850 April $835 Calls (5 contracts)
ICLD was an ipo on 10/31 but there is data on tc2000 and esignal before this date so a 52 week high scan would not have highlighted this stock. I am new to this but it seems like the first range expansion or gap after the stock has settled down, after ipo, is a buy. eg twtr. Scanning for greatest pre market rise on esignal is one way of finding stocks that are gapping before market open.