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Choppy markets today - getting whipsawed to death ... :-(
- Thread starter Harry
- Start date
Hey Bill,
Thanks for posting the results for the day. It's interesting to compare against some of the TC2000 scans I look at. Here's one Bottom Fisher result that didn't seem to get picked up by the Tony Oz scanner: EMC. Not sure why, but maybe it was on the list earlier in the day, but didn't make it on the final list.
One of the issues I deal with just from watching the Bottom Fisher and Sky Scraper type scans is the overload of information. This morning, it just looked like there were so many short opportunities, and then, the markets just took off and never looked back.
But along the way, many of the shorts got triggered. On my list, there were about 78 triggered Sky Scraper setups (when today's price traded lower than the prior close). I admit, that's a raw count that does NOT include any type of filtering or order entry method to ensure that the stock was at some sort of resistance. I'm sure once those factors were taken into consideration, the final number would of been lower. But still, it sure is a lot of work to keep up with all of them!
But then again, no one ever said trading was easy.
Sometimes I wonder whether it's better to just have a core set of stocks to watch, or scan for a new list of candidates every day. The way I look at it, if you're just daytrading, having a core group of stocks is probably a better way to go. But if you're swing trading, then scanning every day may find you better opportunities.
Any comments out there regarding you guys handle the results from the various dynamic scanners out there?
Thanks for posting the results for the day. It's interesting to compare against some of the TC2000 scans I look at. Here's one Bottom Fisher result that didn't seem to get picked up by the Tony Oz scanner: EMC. Not sure why, but maybe it was on the list earlier in the day, but didn't make it on the final list.
One of the issues I deal with just from watching the Bottom Fisher and Sky Scraper type scans is the overload of information. This morning, it just looked like there were so many short opportunities, and then, the markets just took off and never looked back.
But along the way, many of the shorts got triggered. On my list, there were about 78 triggered Sky Scraper setups (when today's price traded lower than the prior close). I admit, that's a raw count that does NOT include any type of filtering or order entry method to ensure that the stock was at some sort of resistance. I'm sure once those factors were taken into consideration, the final number would of been lower. But still, it sure is a lot of work to keep up with all of them!
But then again, no one ever said trading was easy.
Sometimes I wonder whether it's better to just have a core set of stocks to watch, or scan for a new list of candidates every day. The way I look at it, if you're just daytrading, having a core group of stocks is probably a better way to go. But if you're swing trading, then scanning every day may find you better opportunities.
Any comments out there regarding you guys handle the results from the various dynamic scanners out there?
Magna
Administrator
luigi,
Here's one Bottom Fisher result that didn't seem to get picked up by the Tony Oz scanner: EMC.
That probably was picked up by the Oz scanner, but Bill only posted the Nas stocks.
along the way, many of the shorts got triggered.
Many definitely did, because of the gap down and initial selloff. And, depending on your targets, you would have been stopped out of almost all the SkyScraper shorts for a loss!
I guess the trick, since the stops and targets on these are wider than scalps, is to realize that you'll be taking a lot of small hits with the intention of getting a few real good runs. Today, although a very flukey day, was an example of that.
Here's one Bottom Fisher result that didn't seem to get picked up by the Tony Oz scanner: EMC.
That probably was picked up by the Oz scanner, but Bill only posted the Nas stocks.
along the way, many of the shorts got triggered.
Many definitely did, because of the gap down and initial selloff. And, depending on your targets, you would have been stopped out of almost all the SkyScraper shorts for a loss!
I guess the trick, since the stops and targets on these are wider than scalps, is to realize that you'll be taking a lot of small hits with the intention of getting a few real good runs. Today, although a very flukey day, was an example of that.
@ddefina
Finally took the BottomFisher Plays ... tried VRSN first but got kicked out (what a surprise
)
@Bill
Since it will last some time to get the Oz Scans over Realtick (as I'm from outside the US I am not allowed to apply online, I have to sent in the application via snail mail
) it would be great if you could post the scans like yesterday so I can check back my own manual scans. I hope you get back in action son !
@ib_luigi
Have you constructed the Oz scans via TC2000 or do you only use similar scans ? I found EMC later in the day accidentally but got in way too late
I had the same problem: a lot of skyscraper candidates (just by checking the Nasdaq 100 stocks) - and then such an up day !
If there were 78 triggered setups - is there enough time to evaluate these plays when they come up on the list ?
I also follow a constant watch list - but it's not easy to find opportunities there - you can not concentarte on only one or two patterns if the basket is not too large - you often search for opportunities where there are none ... I really don't know right now wht's the better way ...
@Magna
Would you take a trade where the stocks gaps through the trigger price ?
Harry
Finally took the BottomFisher Plays ... tried VRSN first but got kicked out (what a surprise
)@Bill
Since it will last some time to get the Oz Scans over Realtick (as I'm from outside the US I am not allowed to apply online, I have to sent in the application via snail mail
) it would be great if you could post the scans like yesterday so I can check back my own manual scans. I hope you get back in action son !@ib_luigi
Have you constructed the Oz scans via TC2000 or do you only use similar scans ? I found EMC later in the day accidentally but got in way too late
I had the same problem: a lot of skyscraper candidates (just by checking the Nasdaq 100 stocks) - and then such an up day !
If there were 78 triggered setups - is there enough time to evaluate these plays when they come up on the list ?
I also follow a constant watch list - but it's not easy to find opportunities there - you can not concentarte on only one or two patterns if the basket is not too large - you often search for opportunities where there are none ... I really don't know right now wht's the better way ...
@Magna
Would you take a trade where the stocks gaps through the trigger price ?
Harry
Magna
Administrator
Harry,
Would you take a trade where the stocks gaps through the trigger price ?
Wellllllllllll, depends. I think Tony will take a trade against the market, I prefer to only take them with the market. As I'm thinking a touch longer term (relatively speaking
) I usually watch them a little bit, see if they pullback or rally (depending on which way they gapped), do my risk calculations, and then decide. It's not an instantaneous decision but, then again, these aren't for scalps.
Would you take a trade where the stocks gaps through the trigger price ?
Wellllllllllll, depends. I think Tony will take a trade against the market, I prefer to only take them with the market. As I'm thinking a touch longer term (relatively speaking
) I usually watch them a little bit, see if they pullback or rally (depending on which way they gapped), do my risk calculations, and then decide. It's not an instantaneous decision but, then again, these aren't for scalps.
Magna
Administrator
Harry,
I thought these scans were considered for swing trades
I agree, they are. Sometimes multi-day swings and sometimes intraday swings, depending on the market conditions.
When I said, "As I'm thinking a touch longer term" I was referring to my normal scalps, not Tony's time frame. In other words, when I look at these patterns I am also looking for swings (although I generally mean intraday since I am still very reluctant to hold overnight).
I thought these scans were considered for swing trades
I agree, they are. Sometimes multi-day swings and sometimes intraday swings, depending on the market conditions.
When I said, "As I'm thinking a touch longer term" I was referring to my normal scalps, not Tony's time frame. In other words, when I look at these patterns I am also looking for swings (although I generally mean intraday since I am still very reluctant to hold overnight).
@Magna
Sorry for the misunderstanding.
I also have great concerns regarding overnight trades ... but when I look at Tony's trades I think they often would turn out quite profitabel .. we'll see...
I had some nice plays in the morning - but now it's a bit choppy again ... I could start this thread once again ...
Harry
Sorry for the misunderstanding.
I also have great concerns regarding overnight trades ... but when I look at Tony's trades I think they often would turn out quite profitabel .. we'll see...
I had some nice plays in the morning - but now it's a bit choppy again ... I could start this thread once again ...
Harry