I ended the month of July with some decent profits. Since there are still a lot of earnings coming out I am able to find some stocks to trade every day. My pnl has also been consistently green. In the past 18 days I had 1 losing day. I have been seeing good setups almost daily but instead of taking some larger share size, I am still hesitant.
I have switched back to trading off the 5 minute chart. I still don't have the patience to go with the 15. I try to focus on 1 stock at a time and get a feel for the tape before I enter a position. I also have been drawing trendlines and using a little chart patterns. These little things seem to be helping me gain some conviction in my trades.
When the earnings reports die down I will have to work harder to find my stocks. I think I am making money now because I have a good list of earnings stocks to trade. The key to making money each day is to trade the right stocks.
2 comments:
Glad to hear you're doing better.
I too use the earnings list for my watch list. I found I'm much more profitable in earnings season.
My setups are a bit slower moving than yours (most of my favorite setups are on 30 min charts). Finding the right stocks are a big key imho.
I've been contemplating using a scanner such as Trade Ideas. What are your thoughts on such software/services? Do you use any?
It's good that you have the patience to trade with the 30 min charts.
I do have trade ideas. I was a subscriber from way back so I'm still paying pretty low rates. I haven't been using it during earnings season since I already have a lot of stocks on my watch list.
There are a lot of stuff you can do with TI. I think there are a bunch of competing software now too. You might want to compare everything.
After earnings season is over I am going to work on setting up some filters again because the ones I have are not working too well.
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