I am trying something new. I put together a list of stocks with large average daily ranges. I sorted out some NYSE stocks from Trade Idea's scan for most volatile stocks. I will go through the list everyday and find stocks that are setting up and I will focus on those stocks the following day.
Today BID was on my list. It was setting up near the top of the range on the daily chart. I missed the early run up at 9:40 and passed on the dummy entry at 10:15 on the 15 minute chart. It would have been sweet if I went in. Maybe one day I will catch one of these movers.
- 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.