Great New Pattern

EL C

I'm using two different screeners to find them

http://www.StockCharts.com overbought /oversold with RSI changing

and the other great free one I know of is at http://www.echarts.com/AnalysisToday/HotStocks/Default.asp


click on Select report group than potential bullish reversals longs and potential bearish reversals shorts.

I check out everychart to find what is the most extended. I just set a profit target for either side of 25% retracment (very safe and conserative) than trade the side the premarket show market direction to be. Stops are usually at yesterday's closing price or .70-1.00 depending on what's closer.

When I'm right I make thousands, when I'm wrong I lose a few hundred. It's a great system. In about 6 months I'll post what my expectancy I'm getting is.


KKD looks like it's going higher again for awhile. Needs to force all of the shorts to cover. Probably around the stock split coming up will be it's top. This will be a great trade as it is going to get so overly extended.

LH can't tell what it is going to do.

I'll post my watch list again tonight. Word of caution I'm getting 20 trades on the short side for everylong. This says market is getting very extended short term. Traders heavily long this market might want to take note. This usually should produce an even # on
both sides.

rtharp
 
Well, I lost 400 in Lh short today. Basically, I have yet to bank on one of these overextended ones. Basically, there is always some sucker willing to pay up. I think that you must wait for the selling to start. Im gonna edit this in about an hour to add my picks for tomorrow. Man, it's been only a week, and this thread is gettin really long again. On second thought, lets set up a room. If anyone knows how to do it, post the room info, I'll be there tomorrow.
 
Robt thanks for a great post-- could you exlain somewhat precisely what you mean by word "extended" please--thanks much. Dan
 
I have been keeping up with this thread on and off. One thing it has done for me is to look more at nyse issues than otc. I had been a 99% otc trader .

I use quotes plus for my scanning, it comes with some simple ones and can also be programmed. I just modify the simple ones to fit my purpose. I looked at the echarts site and did a few of their scan selections. Is there anywhere on echarts.com where they specify the scan criteria for what they call "peaks".

Easiest way I know to do a room is MIRC, software is at mirc.com . I am usually lonely so I will set up a room #gnp on the othernet channel.

I was away today, just finished my eod charts. Wow today seemed like a real necksnapper in the am, that 1st hr reversal. I am watching slr sbl fdry iwov itwo emms stor.

Enjoy

Ron C
 
Pre2

A rule for me and my trading is the opening price determines direction. Shorts must only be places on stocks opening lower than the closing price. Get out if it goes above it. Vice versa for longs.

The stock needs to break somewhat first on LH for this to work.

Rtharp
 
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