Friday, March 23, 2007

Down $53

It was a slow day but there were some opportunities. I just got to figure out a way to catch them.

2 comments:

Dinosaur Trader said...

Definitely a dull day, OBT. I think next week we get lots of ecodata... could spice things up a bit.

Have a good weekend.

DT

bp said...

Here is a set up I developed. It has a 85% success record. try it on paper first or watch for a few days...
15 Min charts
Both first 2 candles must have green volume the more the better...
Both first 2 candles must be white and the first candle must be strong.
second candle above the first
enter on the third candle if it opens at or above the end of the second candle and moves above the second candle.
take .30 or if it does not move over .20 and is relatively orderly... let it ride...

Stop is bottom of the 2nd candle

If you are watching the gappers, there is usually one of these in with the gappers...

One word of caution: I have only been trading actively for a year, and I wrote this based on my observations..

See my WFR trade on Friday, this is exactly the set up.

You and I are in about the same spot, as I read your blog: I could write it...

Good luck, let me know what you think of the set up...

BP

About Me

I have been trading for 5 years. It took close to a year before I became profitable. I find that I am improving gradually each year. My method of choice is scalping. My edge lies in tape reading NYSE stocks and staying on the side of the specialist. That is the method I learned when I started. As I build up my capital I will try new styles and trade new markets. In late 2006 my trading hit a rough patch after the introduction of the NYSE Hybrid system. For most of 2007, I have been on a search for new strategies that would help me adapt to the market.