Trading Strategies for Swing Trading and Daytrading
- Thread starter candletrader
- Start date
Hello dear Friends!
Heres a couple of tough ones. Im still learning about the Bottom Fisher Skyscraper setups and would like a comment from anybody who could help out. There are variations of the setup (course like anything in trading) and I was wondering WHEN ARE THE ODDS WITH ME?
Below I have attached a couple of screenshots of some variations (id do it on my own website and not take up space here but they wouldn't let me post the link
).
AMRI and SLVN are somewhat extreme in price action so I guess here the odds would be greatest for a minor or major reaction.
TQNT, GENZ and CHIR have been trading lower for the last 3 or 4 days after a couple of weeks uptrend, and after bouncin off (or close to it) upper BB. Difference is in CHIR - last down day has signifficant increase in volume.
CELG seems to be doing the same thing as GENZ.
PDLI-same
MEDI-same
IMNX-same
MOLX and LPNT on the other hand are showing the setup (3 lower closes) but all have been between lower and middle BB for a couple of days. Im guessing it could be that they are ion some strong downtrend so any attempt to bottom fish it would murder you.
Now, my question is which one of theese two (if we excude the firs extreme situation) "types" would have more chances from your experience to make it? I mean to be a succesful setup? And just how important is the weekly trend in all this?
Thank you!
Alex
Heres a couple of tough ones. Im still learning about the Bottom Fisher Skyscraper setups and would like a comment from anybody who could help out. There are variations of the setup (course like anything in trading) and I was wondering WHEN ARE THE ODDS WITH ME?
Below I have attached a couple of screenshots of some variations (id do it on my own website and not take up space here but they wouldn't let me post the link
).AMRI and SLVN are somewhat extreme in price action so I guess here the odds would be greatest for a minor or major reaction.
TQNT, GENZ and CHIR have been trading lower for the last 3 or 4 days after a couple of weeks uptrend, and after bouncin off (or close to it) upper BB. Difference is in CHIR - last down day has signifficant increase in volume.
CELG seems to be doing the same thing as GENZ.
PDLI-same
MEDI-same
IMNX-same
MOLX and LPNT on the other hand are showing the setup (3 lower closes) but all have been between lower and middle BB for a couple of days. Im guessing it could be that they are ion some strong downtrend so any attempt to bottom fish it would murder you.
Now, my question is which one of theese two (if we excude the firs extreme situation) "types" would have more chances from your experience to make it? I mean to be a succesful setup? And just how important is the weekly trend in all this?
Thank you!
Alex
I dont know how Tony would play those, but I would go with AMRI and TQNT. you've got two nice hammers there with room on the upside for monday.
If they open at fridays close Id buy at the open if there is strength then id add quickly or wait for the dips to add.
Quite often on hammers like those you get a fairly significant gap up the next day and Id wait for them to fill the gap buying at fridays close or high and add over mondays open.
If the market looks weak at the open and they both open a bit below fridays close then I would wait till they broke fridays high to take a position.
If they both open significantly below fridays close I would not take any position....I would say your in no mans land at that point.
As for stops, On the first two plays id put my stop slightly below entry which in most cases would be around fridays close or high.
Trav
"pay attention or pay the offer!"
If they open at fridays close Id buy at the open if there is strength then id add quickly or wait for the dips to add.
Quite often on hammers like those you get a fairly significant gap up the next day and Id wait for them to fill the gap buying at fridays close or high and add over mondays open.
If the market looks weak at the open and they both open a bit below fridays close then I would wait till they broke fridays high to take a position.
If they both open significantly below fridays close I would not take any position....I would say your in no mans land at that point.
As for stops, On the first two plays id put my stop slightly below entry which in most cases would be around fridays close or high.
Trav
"pay attention or pay the offer!"
Magna
Administrator
Trav,
pay attention or pay the offer!
I keep trying to figure out what your tagline means.
Most traders always pay the offer since we normally enter stocks that are moving (this isn't like the old pre-decimal days where you might scalp by trying to buy on the bid and immediately sell on the offer). In fact, if you can buy on the bid it usually means that the stock isn't moving and that's why people are willing to sell to you there.
pay attention or pay the offer!
I keep trying to figure out what your tagline means.
Most traders always pay the offer since we normally enter stocks that are moving (this isn't like the old pre-decimal days where you might scalp by trying to buy on the bid and immediately sell on the offer). In fact, if you can buy on the bid it usually means that the stock isn't moving and that's why people are willing to sell to you there.Assume I am prepared to risk $R per trade trading ABCD, with my profit stop being $pR, where p>0.
(1) For a particular intraday trading system, what is optimal N, where N is number of ABCD per trade, and optimal p? Given the standard disclaimer about past performance not being indicative of the future, is it worth backtesting to find optimal N and p?
(2) Instead of my time frame determining optimal N and p as in (1) above, is there anything to be said for using predefined and acceptable N and p to determine my optimal time frame, not necessarily intraday?
(1) For a particular intraday trading system, what is optimal N, where N is number of ABCD per trade, and optimal p? Given the standard disclaimer about past performance not being indicative of the future, is it worth backtesting to find optimal N and p?
(2) Instead of my time frame determining optimal N and p as in (1) above, is there anything to be said for using predefined and acceptable N and p to determine my optimal time frame, not necessarily intraday?
How's that been going for you so far?. Just thought I'd ask sense its been a few years ago that you created this thread
.cm69