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That's a close definition, let me see if I can put my twist on it to make it a little more clear. If you have a stock which in a day runs say, from 1.00 to 2.00, your fifty percent rule the next day would be at 1.5. It would have lost fifty percent of that run, it finds support around there, and regroups. If it went from 1.00 to 1.6, for example, your fifty percent rule would be at 1.3. just add half the differance to the opening price. the differance was .6, half of that would be .3, you add that to 1.0, and there you have your fifty percent line, 1.3
That was an easy double bottom play on ibzt with that much support at 3. I wish I had enough money to go around and into several different plays. Probably an easy 10%.
MAGR:
I just don't get it, it seemed it was ready to go over the weekend based on last weeks activity, but it just crapped out this week. Is anyone still in this stock, and if so, why?
Thanks.
MAGR:
I agree. I haven't been as heavily into trading right now as I'd like to be, but this is one that I've been watching since I owned it in early december. The MA(4) finally crossed above the MA(8), and the stochastics has risen to breakout levels. There are other indicators that seem to point towards a potential breakout, but these seem to be the most convincing. Please post anything you see concerning this stock. Thanks.
Magr: Is this thing dead? What's up with the volume?
MAGR: mrgoodtrade: what time value are you using when finding your 200MA on this one? Its way above the 200MA on the daily chart.
I'm pumped, this is the first stock I've played in about a month, maybe a little less. I've been reading and learning, and do feel confident, not so much on my ability to pick them, but on my ability to hold on to them till the right time comes and it actually goes up. I'm in MAGR at .182. Seemed to show a great little gap up and held while volume soared. I knew it had to break sometime. just happy to be back to trading. Thanks guys.
MAGR Do you guys think it will break through that wall at .2?
I'm wondering, I always hear people say they just saw a buy go through on their level two, and people talk about buying pressure and selling pressure all the time. How do you survey buying and selling pressure? Where on level two does it definately tell you it was a buy or a sell that just went through? I use ameritrade for my level two
Omni: Do you think stock gappers is a good resource to find the gap and run stocks?
I don't mean to get in overnight, but to have some charts to study and a list of potential gappers/gap and run plays?
Chipped, sorry for talking your ear off, but I have another question. You said you have a couple hundred stocks on watch as of yesterday. I'm sure you have stocks in there you feel have more of a chance to breakout. Do you set a breakout price for all these stocks, (a price where you really watch intently)? If so, are the prices you really start watching set by broken trendlines, and crossed moving averages? Is there anything else, any other tricks of the trade I may not be aware of? Thanks.
Chipped, what percentage of the stocks you end up playing are from the scans you showed? How often are you turned on to one that doesn't show on the scan?
chipped, thanks for posting the scan.
What made you stick to these scans? Do you rely on looking at how they do historically? (some programs let you run dated scans to tell you what fit the parameters two weeks ago, or whatever you want) Just wondering what led you to use this one. I'm a big fan of the power scanning.
bweb possible morning gapper, any other gap plays?
how did no one see usga as a gap and run this morning?
chipped, if I may ask, what are you currently holding, and what are you currently watching closely
Exactly, here are a couple ideas I've had with the DMI scans, tell me if you like what I'm trying to do here, and what kinds of things are you imputing. So far, I'm unimpressed with what I've found. I've done much better with the bollie parameters I'll post below.
Show stocks where +DI(14) is below -DI(14)
Show stocks where +DI(14) is near -DI(14)
Show stocks where +DI(14) has been increasing for the last 1 days
-DI(14) has been decreasing for the last 1 days
and Average Volume(10) is above 5000
and close is between .0001 and 2
I ran a DMI scan for stocks which had the + cross above the - and in both the short and long term the scan gave results that would have netted negative money. So I made that one in hopes of having the stock already on my watch when it crosses.
This bollie screen found a few stocks that really seem to fit the discription Omni gives in the I Box of what we're looking for, and it has my full endorsement. If you have any other ideas, I'd love to hear them, sounds like we do some similar research.
Show stocks where close is near upper bollinger band(10)
and Average Volume(10) is above 5000
and close is between .0001 and 2
close is above MA(5)
close is above MA(10)
close is above MA(32)
I've done about 500 of the same scans, I've yet to find the perfect formula. Try changing the offset about fifteen times, and if it still works consistently, you've got yourself a winner. Let me and the board know as well, I'd love to see it work.
chip:
I totally hear ya, and to some extent, I think IM'ing is a bad idea, because it will take alot of the good info being traded away from the board. I will keep an eye on exdtq, and will look for stock not in a bankruptcy situation with a similar chart. For now just learning, and not losing anymore. Here's a question for you. I do want to be able to trade full time, and although my business for the most part supports me, I'd like to make enough money to not have to take money out of my business. How much money do you trade with to be able to trade professionally? And, as a barometer, how well do you have to be doing on a monthly basis to consider being able to do this professionally?
I mean is it something like, you trade with $50,000, and most months turn five to ten percent return on your money? To me that would seem like a pretty fair inital goal of a newbie to professional daytrading. What are your standards like? If there are any other traders out there who do it professionally, I'd love it if you chimed in, I just would like to know what kind of goals to set. Thanks guys, hope everyone is enjoying the weekend.
Chipped: The two days was great.
I'm still taking some time off of actually trading, but am working on picking them. The new I Box format has helped me develop a couple power searches that I think will prove themselves to find some good stocks in the future. At least I'm hoping. I'd love to be able to give back. Thanks for the heads up on the Q thing, I hadn't realized, what are the possible implications of trading a stock like this? I mean, what exactly has happened to merit that Q, and what could happen if I invest my money in it? Thanks Chipped. By the way, I'm 23, and I think its awesome that you do this professionally. I'm a contractor, and am going to be to the point this summer where I can trade full time, and would like to be good enough to take consistent gains from the market. Would you have any advice for me being a young trader to equip myself between now and then? I appreciate it. Just curious, do you ever instant message other traders? Of course I'd be interested in talking occasionally, being the less experienced one, if you are, my IM name is penny17171. Thanks bro.
EXDTQ: Next PFCE
Exhibiting many of the same characteristics. Consolodating right on upper bollinger band. JMO, but this thing looks like it could pop with similar strength to the PFCE move, and looks like it could be soon. Please, feedback.
VLGC: Trading tightly near upper bollinger for a few days. Above Moving Averages, any feedback?
EXDTQ: Let me know what you all think. I think it looks great based on what I'm looking at. I mean great.
Omni: If you get a chance, here are some stocks trading above 5 10 and 32 MA's, and are showing differing degree's of consolodation around the upper bollinger band. I'd like to know if any of these have red flags around them that I'm not seeing, and beyond this what to look for? Do you feel that any of these don't qualify for whatever reason? Thanks. Hopefully there is one here that is good but hasn't yet showed up on your radar screen.
GNLB
BWEB
LPLHA
VLGC
EXDTQ
AESP
SSTR
EDSN
VNWI
VLTA
Omni, that's such a great example. Very clear, thanks man, I'll be on the look out.
Omni: Bollinger band question
When you say you like to see the stock consolodating near the upper bollinger band, first of all, you mean you like to see it trading sideways, or actually consolodating for a short time? I'm just having a hard time remembering a chart where the stock stayed near the upper bollinger the whole way during a consolodation period. My problem, and my real question, may be this... What are the settings you use for your bollinger bands? 10, 20, 30??? or something else, and what's the differance. Thanks.
OT: Are there any traders on this board from the state of Washington who do this for a living?
Guys, this is my fairwell...
I have taken too many hits in the past two weeks to continue trading right now, I am in every way shellshocked, and am at a point where self-confidence is at 0. This is the best board on the internet, and I'll be back to trading soon. Keep up what you guys have going. I am going to spend a few months reading and learning more, and trying to forget the bad experiences. Almost jokingly, I'd like to call to light that I am not an idiot, or a bad trader, and have made several successful picks myself, but in some strange way, the cards are stacked against me right now. This whole internet connection loss coupled with the stock I was holding (and I never hold stocks overnight) dropping 30% has been definately the lasat straw. Good luck in the weeks ahead, when I come back I'll be with freetrade, a new frame of mind, and hopefully a new streak of luck. Thanks guys, Omni and Hack especially. Take care, and good luck to all.
IBZT: Was this an opening shake? Will it climb? A little back-story. this morning I woke up to no internet connection from our friends at Comcast. Finally got it online, no thanks to customer support, and I find my stock down 25% It looks as though it will be moving back up though, found a base there in the first twenty minutes or so(while i was behind my computer crying). Hopefully it gets back to .0064, any thoughts?
OT yeah, I like the idea of playing the orchestrated shakes
check this out guys. Two days in a row, yesterday I spotted advr, and knew it was doing the gap thing omni talked about, so i bought. Wanted to buy a thousand dollars worth, left out a zero, and bought a hundred bucks worth, didn't notice for a half hour, and it was too late. made fifty bucks off a stock that went up sixty percent yesterday. You've gotta make more out of your winners. Today, I wanted to buy into prvh, and had bids at the ask from .285 to .31, couldn't get filled, so I bought into IPVO, great buy right? Nope, I got bored with it and sold it to buy into ENCU (the next agis on what I thought was a dip at .1. Wrong again, missed IPVO's news and run, and lost a couple hundred bucks on ENCU. Its safe to say, I'm the worst trader on earth.
encu: its guilty of raping me of my money in the first digree.
we got any last hour runners? I need something to cover my a$$ after today.
hack: you don't think ipvo is out of steam?
prvh, did anyone else have trouble getting filled at the ask? It was freakin textbook walkdown, so perfect, and I was trying to get in from .285, and I chased it up to .31. So pissed off right now.
omni: On freetrade, do they let you put stop losses on otc bb stocks? I know my ameritrade acct. won't let me, but I'll be switching over soon. Thanks
is there trading tomorrow?
Omni: Thanks, good to know, I'll file that away in the ever growing rules of thumb section of my momentum trading knowledge.
OT Omni: Just curious, what makes these have gapping potential?
OT Omni: Just curious, what makes these have gapping potential?
OT: I have got to be the best/worst trader in the world. Last week, I managed to lose five hundred dollars finding almost nothing but winning picks, I don't know how I did it. When it came to timing, everything was off. I thought for sure I would get them this week, and this morning was all over ADVR. I placed my order five minutes in at about .098. The problem was that in my rush, I put the order in at .98, No, I didn't have to pay that much, but I only thought I could buy 1,275 shares instead of the 12,750 I should have. I sold later for a whopping $70, $50 after commissions. Absolutely terrible.