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Almost 60 charts came up on my pincher scan tonight.
Too many to post.
I don't know if this link will work.
Maybe someone can try it to see.
https://stockcharts.com/def/servlet/Favorites.CServlet?obj=1246778,2&cmd=show[s407919006]&disp=E
Yes, but they'll expire worthless on Friday unless FTR makes a run though 6.00 before then.
Here's GLD.
The pincher formed last Friday. I didn't buy this one because I'm skittish about buying anything gold on a Friday that I'm not going to sell the same day, because you never know what is going to happen over a weekend.
But this would have been a great buy on the pincher for calls expiring this coming Friday.
A 3 dollar pop in GLD can mean 300 to 500% gain in the next expiring calls.
These small caps have gotten less dependable, more choppy in the past couple of years, I think because of quantitative easing which has greatly diminished volatility. And probably negatively effects small caps more than large caps.
I've gone back to trading intraday SPY and GLD options more often, because the 15 and 60 min pinchers are more reliable, IMO.
Also Big Cap options on the 60 min charts.
HD is a great example.
HD call options ran 300% in the day the pincher spread on this chart....and the pincher started to spread late afternoon the day before. It telegraphed itself in a profound way.
It's not worth trading this high a priced stock for a couple bucks, but 300% in calls is a delight on any day.
ETAK, not EYAK
z de-ville.
what I really like about STRM is the PPO is still dug deep. Plus much bigger volume the past week.
On somestocks, the PPO rises too much before the ADX turns down, but STRM looks more tightly sprung to me.
I never felt any offense...and I apologize if I made you feel that I did. I was probably a bit abrasive myself.
No, stockcharts doesn't allow for scanning on shorter than daily charts. I wish they did and I've contacted them several times to inquire about it. I'd like them to make that possible and also I'd like them to provide intraday GC, CL and ES futures charts.
How I get around this is I always have 60, 15, and 5 min charts for SPY and GLD on my desktop.
I also have a saved list of about 20 of the high volume, big caps set to a 60 min default chart.
These are all for option trading. I check them each day for any impending 60 min pincher.
The GLD and SPY 15 and 5 min charts are simply up and running all the time on 5 sec auto refresh, just in case the opportunity arises like it did this morning.
z_deville,
another view of pincher use is, instead of playing them with a low adx, which in my opinion lowers your odds, I trade shorter time charts using all the same numbers scaled down.
For instance, I traded GLD calls this morning using a 5 min chart.
Here's the 5 min GLD pincher. I bought this Friday's exp calls at .18, shortly before 11:00, sold them at .24, shortly before 12:00. I knew from experience that the price wanted to retouch the 34ema on any bounce.
I got out before that touch, simply because I wanted to secure a profit on a rapidly diminishing time value.
However, maybe I'm being unfair to DJPennyTrader.
So I won't criticize anymore of his posts.
What I've found after doing this for a 12 or 13 years is the actual numerical ADX is what is important.
With an ADx 27 or 30, even if you shorten the chart up to look like you've gotten a pincher, you set yourself up for a repinch and very little bounce. Anything can happen. RUSS could run to the moon tomorrow. But the odds only get high after the ADX has reached the high 40s. 55 or 60 is extreme and very high odds.
For instance, I could have shortened this MDW chart back up to Mar 9th and had a visually tight pincher with an ADX at 30, bought and I never would have even broken even.
Personally, I have my PPO/ADX convergence scan set for 45 or higher.
I don't even start follow a chart with a lower ADX. I'm assuming posters here want the highest odds of success, not just 50/50%.
There are plenty of high odds pinchers in play to be found.
DJ,
post a chart showing the pincher you say RUSS is doing.
I don't believe you know what a pincher chart is...... or care.
I don't normally retrade on the retrace, stocks that were good pincher trades, but I've decided to look for a re-entry
in MDW. Here is the 60 min as I see it.
I'm sitting on a GTC order at .36, a penny above the 61.8% retrace.
Gold will probably decide wether it doesn't hit, hits or blows through to new lows.