Gap Plays

Trading Results June 9, 2005 THURSDAY:

Entry:
09:32:51 Long RIMM 1000 shares @ $75.228 (average)

Exit:
09:54:23 Sell RIMM 1000 shares @ $76.197 (average)


Profit/Loss on Trade: +$969 (commissions/fees not taken into account)


P.S. Know that not 100% of my trades are profitable. Control your losses!


<-gapster->
 
Quote from Drock409:

CDWC worked out awsome (i just watched em all today..toamrrow i will try to trade em)

where do you get your list from.
how do u filter for it each morning?

thanks and keep em comin
More...

Hi Drock!

What direct access platform are you using?

For the pre-market scans, I use the basic $50/mo Esignal Scanner. I set it to filter on Average Daily Vol of 500K, Minimum Price of $5 and to show $ Losers. I look for stocks with at least $1 down from previous day's closing...


<-gapster->
 
Gapster:

Interesting threads, I also do this on NYSE stocks because I only trade listed stocks. However, oftentimes the movement is not as big and also once you miss the opening print (meaning that you need to send order pre market and just guessing the direction), the specialist often will not give you a chance to get in at a good price as he will show bid and asksize of 100 by 100 or he will spread the bid and ask Price. Next thing you know the stock already moves 40 cents or more.

When you mention times and sales , do you refer to Market Maker Window or is it the same times and sales for NYSE?

With Nasdaq stocks, you can actually buy them pre market right?
WOuld you consider doing this or would the action premarket give some clues on stock directions?

Thanks
Danjos
 
Quote from gapster:


I make sure my equity selection is shortable (I use DASTRADER/Alliance - no short uptick rule via ARCA!).



<-gapster->
More...


I am not familiar with nasdaq stocks because I trade listed. Is it only Dastrader/alliance that allows you to short on a downtick with arca or can you do that with any broker?
 
Gapster,

Nice play on RIMM. I had +.72 per share on 2K shares on RIMM myself.

One question though.

When you enter your trade do you immediately place your 2% crash stop after your filled or do you use a mental stop and just watch it?

Personally I enter a stop loss after my fill on a traditional gap. When I'm in the trade 10 minutes or more. When I scalp I usually use a mental stop because of the violent movement of the stock.

Take it easy.
 
Quote from danjos:


When you mention times and sales , do you refer to Market Maker Window or is it the same times and sales for NYSE?
More...


Times and Sales is the Tape -- all sales of a particular equity with a time stamp:

7.82 1300 09:29:58
7.83 600 09:29:56
7.85 100 09:29:39

...and so on. I think when you say "Market Maker Window" you are talking Level 2?



With Nasdaq stocks, you can actually buy them pre market right?
WOuld you consider doing this or would the action premarket give some clues on stock directions?
More...

Yup, you can buy NASD stocks pre-market. But I don't do that cause the liquidity is pretty thin (usually) and thus volatile. Knowing the pre-market is useful as this is the only way you can tell what stocks are Gapping!


<-gapster->
 
Quote from BuddhaTop:
I am not familiar with nasdaq stocks because I trade listed. Is it only Dastrader/alliance that allows you to short on a downtick with arca or can you do that with any broker?
More...
Microsoft (MSFT) is a NASD stock. So is Google (GOOG). Everyone heard of them guys I think...? I guess ya talking about Specialists vs Market Makers. I don't know all that much of what the difference between them really is. I'm more concerned at watching my bottom line.

I believe you need to have a Series 7 Broker's License and be sponsored by a brokerage firm in order to short a stock without an uptick here in the United States.

Alliance allows you to short whenever you feel like it if the stock is on their Short List and if you use ARCA to do it on. This gives you a real advantage over those who can't short at will...


<-gapster->
 
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