Using Oz Scans

I always tell those who are interested in using the scanner to try it out on paper for at least 6 months. No back testing, but realtime testing. See for yourself if using the scanner will improve your bottom line or not. At $20.00 a month one good trade can pay for a lifetime subscription, but if you are not net positive on paper then there is no point in subscribing to it and you only lose $120.00. (RealTick data fees may be higher than what you currently pay if you do not use RealTick, so there may be additional cost there. I consider it well worthy of the potentially higher price tag, but that is also discretionary).
 
Originally posted by BullFighter
Short ADRX (Sky Scraper)
Entry 45.18
Target 44.00
Stop 45.40

I took this because it broke the base of the descending triangle.
No sooner than I took the trade, it rocketed. I did not have an automated stop loss set. By the time I bailed it was 45.72.

OUCH

What I did wrong.

1.) Should have waited for the day low to get penetrated.
2.) Used the ARCA stop-limit. Would have gotten an earlier fill.

Lesson for the day!

Should have stuck with BRCD. I still like the support around 22.It has touched here 4 times.

Mike
More...

You got squeezed! I personally don't short the breakdowns. I like to short the rally after that. In my experience, the squeeze bounces can be very painful on individual stocks. QCOM kept teaching me this lesson over and over again.
 
I have only made one trade off the scans today. Sold short esst at 10:45 I put in about a 20 cent stop. But then I did not like the fact after many tries it did not go though 15 so I covered for a dollar profit. (Gross) I guess I did not need to make at least a buck. I just checked my stop would have been triggered by about 1cent. So I guess I was lucky to cover.

anyone seeing anything worth watching?
 
Pretty slow day today. Had one trade today and it came from the Oz Scan (new kid). NTBK long from $17.58 to $18.05.

Brandon
 
two trades this afternoon. Bought 400 ICOS at 25.67 off a nice looking intraday pattern but wacky daily chart. I notice that the btk was moving up strongly and we had retested low in s&Ps gave it a shot and hoped to catch a rocket as we could have traded into gap on dailychart. did not happen locked in little on half and got out after we went below 25.50 on other half. Altogether lost 19$ total.

Going in a did not like the trade that much. I should stay away from flyer type shots.

Nice chart on path bought only 200 @28.75 , I was about to press the button for more when it started to move up. sold out at 29.24 when it traded a great deal of shares at 29.25. market stared to rollover and I just got out of the other at 29.15. Good entry and good ititial plan but lack of following my plan on the downside.
both these were off scans I just do not remembers which ones sorry.
Still I too am finding that when I find a stock in a one of two patterns that I liked to scalp off of-- I am getting very good and frequent followthrough on very little intial risk.

My goal next week is to limit myself to great patterns and use more size. I have also found this to be and ideal complement to my other trading. when I am bored I hunt for stocks and this has really stopped me from overtrading and I had a relatively very good last three days trading. since I readopted this approach that also worked last week. when I spend too much time watching one market I overtrade. Two years ago this was fine but not lately.
 
At ~9:45, I noticed that the Scanners were not working. They were still showing Friday's symbols. I called Townsend tech support and the tech said he would look into it and get back to me. At ~11:20, I called them again. The tech that I originally spoke with was on the phone. There was no log of my previous call. At ~11:30, he called me back. He did not have an answer for me. Finally he connected his software to the same QUOTE server that I am connected to and was able to duplicate the problem. The scanners are still not working. I traded anyway.

Long ADSK
Entry13.96
Stop 13.80
Target 15.64

Got stopped out at 14.25. May have trailed stop too closely.


Long KLAC
Entry 54.05
Stop 53.80
Target 55.19

Got stopped out at 53.80. I think I did this right. It just didn't go my way.

Mike
 
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