A 70k bet that I can't make a 50% gain in 2009

02/18/09:


Ok ,bored...so I'm going to give alittle insight on what I look for on days like today.

First let me premise this in saying that I started this thread to let my betting foe in this adventure enjoy the razzing from ET'ers about my overall trading and posts. But the exact opposite has happened....most vet's are rooting me on and the newbies are asking for some educational input: So here is something that caught my eye this a.m. that I look for over and over(and I feel is very profitable).

1.Pull up a 5 min chart of AMGN and a 5 min chart of SPY
2. Look how AMGN moved up from 9:30-10:00. Look how SPY moved down in the same time frame.
3. AT 10:15 AMGN sets up a 5 min higher low:BUY over 56.91 Stop under 56.69. SPY at 10:15 sets up a reversal at the same time. AMGN has rel strength to the market as the market sets up a reversal..this is a high probability LONG that I like to look for on days when the daily charts don't show me anything.
 
2/18/09:

TOTAL P/L +375.05

1 trade today, actually had time to trade today at work, but every time it looked like a setup was starting it would turn the other way...glad to leave w/a +375 profit. I'm guessing most people just starting out feel that they over traded on a day like today. Looking at the charts..there was not much to do today and forcing trades tends to lead to losses....just my opinion....take it for what it's worth.:)
 
Quote from geez:

02/18/09:


Ok ,bored...so I'm going to give alittle insight on what I look for on days like today.

First let me premise this in saying that I started this thread to let my betting foe in this adventure enjoy the razzing from ET'ers about my overall trading and posts. But the exact opposite has happened....most vet's are rooting me on and the newbies are asking for some educational input: So here is something that caught my eye this a.m. that I look for over and over(and I feel is very profitable).

1.Pull up a 5 min chart of AMGN and a 5 min chart of SPY
2. Look how AMGN moved up from 9:30-10:00. Look how SPY moved down in the same time frame.
3. AT 10:15 AMGN sets up a 5 min higher low:BUY over 56.91 Stop under 56.69. SPY at 10:15 sets up a reversal at the same time. AMGN has rel strength to the market as the market sets up a reversal..this is a high probability LONG that I like to look for on days when the daily charts don't show me anything.
More...


Very nice explanation, thanks for the details - how do you pick your list of stocks to watch?
 
Quote from mikea59:

Very nice explanation, thanks for the details - how do you pick your list of stocks to watch?
More...

Mikea59,

I scan about 200 stocks a night looking for daily setups to trade the next day..not for a swing trade per se, but to enter on an intraday trade.

I keep 4 lists of 25 stocks on my charts that I have up as I am trading during the day. I also keep 1 list for my TOP PLAYS for the day, but lately nothing has really set up since we have been pretty much stuck in a base.

So my main list consist of the indexes, the short ETF's, 3 semi's (XLNX KLAC LLTC) 3 bios(AMGN BIIB CEPH) and some other stocks (QCOM AAPL RIMM AMZN)
 
Are the notes regarding my entries helpful?
Do you guys need more insight into what I'm looking at?
Let me know what is helpful to the guys(and gals) trying to see what I am doing.
 
I have been following your "bet "since day one , and a thread that was a little entertaining at first became a very important one.

I am one of those noob traders , and i have been facing losses lately. Your style is very informative, you are very disciplined , you keep things simple, you dont over trade , and for the moment your setups make a lot of sense to me...

So yes please keep this thread going , and ANY information about your setups and your prefered chart formation on the 5min candle.

It is very helpfull

thx for everything
 
2/19/09:


This morning I'll be looking to scalp RIMM USO long.
Both are oversold on the daily chart and I'll be looking for some rel. strength in them early this a.m. to get into either stock.

Overall the indexes still look weak, but on an intraday basis I'll be open to trades in each direction regarding them.

Good trading all!
 
Quote from softfx:

I have been following your "bet "since day one , and a thread that was a little entertaining at first became a very important one.

I am one of those noob traders , and i have been facing losses lately. Your style is very informative, you are very disciplined , you keep things simple, you dont over trade , and for the moment your setups make a lot of sense to me...

So yes please keep this thread going , and ANY information about your setups and your prefered chart formation on the 5min candle.

It is very helpfull

thx for everything
More...

softfx,

any questions on any trades I do, feel free to ask.
I try to give an explaination now, but if it is still fuzzy on WHY I entered, just let me know.
 
Quote from geez:

02/19/09:

10:36 200 SRS BUY 76.25
STOP 75.25
TGT 78.25
More...


Buying the 5 min higher low, after a strong move upfrom 10:00-10:30. Looks like resistance at the 78.60 level ,so 78.25 should be attainable if it continues moving higher.
 
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