Today was a very nice day for me, considering the choppy action in recent days. I am posting this now because I am taking the rest of the day off from trading.
SLB gapped down and printed a nice symmetrical triangle (can also be interpreted as a not-very-orderly bear flag), accompanied by a nice volume contraction at the base of the previous day low. My entry was at 96.50 and my stop loss was set at 97.00. The stock collapsed on high volume and I took a partial at 94.19 (daily PP) and exited at S1.
11 comments:
Nice trade as usual Anarco. One question about your watchlist. How do you make your watchlist? It is everyday gappers or you have a core basket of stocks?
Thanks,
Thomas
Thanks Thomas!
I have a core basket of stocks. Jamie started this list some time ago and I keep modifying it based on my own preferences. The list is quite stable, but sometimes I add and remove symbols. I also monitor specific sectors, based on daily action. For example, today oil was down, so I “sort of followed” some stocks in oil or oil-related sectors (SLB, PBR, HES, GDP, etc.)
Here is my current WL: AAPL, ABX, ACI, AMGN, ANR, CELG, CLF, CNQ, CSIQ, CTSH, DO, DRYS, ESRX, FWLT, JASO, JOYG, LDK, LEH, MOS, MS, NUE, PBR, PCLN, POT, QCOM, RIMM, RMBS, SLB, SOHU
Thanks Anarco for the list. It's so nice to see that you can manage to find good trades from your watchlist almost everyday.
One more question. Do you see the sector's ETF to gauge how the sector is performing that particular day?
Thanks,
Thomas
You are welcome Thomas.
Actually, in addition to my WL, I do run %gainers/%loosers on IB and get stock ideas for the session from other sites (on my blogroll). So I do not limit myself to my WL.
Additionally, I am currently looking into some service that provides gap scans (prophet.net or briefing.com or trade-ideas) but I have not subscribed to anything yet.
Cheers,
anarco
One question I have been meaning to ask for quite sometime. Suppose you scan your WL and see a setup forming (not yet fully formed), do you then remain on that chart or mark that particular stock and go to other charts and come back to the marked stock to see if it is time to pull the trigger?
Not sure if I have made my question very clear. In short, what do you do if you see a setup that you like being formed.
Thomas
nice trade. been paying more attention to opening price lately... interesting that this baby really started rolling down hill when it broke below the OP.
nice trade.
Hey QQQBall~
Yes I am also starting to pay attention to OP. The nice thing about this setup is that it looks good in the 1min and 15min charts.
Cheers,
Hey Anarco,
Nice trade in SLB during a fairly choppy week. I posted a response to your question (about ST) on WSW's blog.
Thank Jim! Yes, it was a choppy week indeed.
Thanks for your ST response.
Cheers,
I did forget to mention that ST Elite charts have a quirk in that sometimes some bars appear to be incomplete or missing data. I believe it is an intraday data refresh issue - often when refreshed or EOD, the problem clears up. If you open a second account at ST, you might want to do some comparisons with your current chart package to determine the significance.
Hey Jim~
I think that I would still continue using eSignal as my charting tool; I am quite happy with it.
Thanks again!
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