[thalestrader]

Originally Posted by imorgan »

NDAQ -
Now that is one tight stop! Why didn't you buy the 2nd and 3rd new high of the day at 21.97 or 21.98?

Since it did not gap open higher, it did not interest me until I saw the tight action that you see in the first screen capture I posted. That tight action is what called for the tight stop.

[thalestrader]

Originally Posted by thalestrader »

Since it did not gap open higher, it did not interest me until I saw the tight action that you see in the first screen capture I posted. That tight action is what called for the tight stop.

Here is the chart of NDAQ highlighting what I was speaking of above

[thalestrader]

Originally Posted by thalestrader »

MEE stop is 24.81

MOS Stop is 54.02

MOS +50 pennies

MEE + 50 pennies

[Dinerotrader]

Originally Posted by thalestrader »

Since it did not gap open higher, it did not interest me until I saw the tight action that you see in the first screen capture I posted. That tight action is what called for the tight stop.

Putting all your recent explanations together - you prefer watching the gainers of the day that have gaped up, fill that gap, and make a new higher high for the day above previous resistence from prior days. Correct?

[thalestrader]

Originally Posted by imorgan »

Putting all your recent explanations together - you prefer watching the gainers of the day that have gaped up, fill that gap, and make a new higher high for the day above previous resistence from prior days. Correct?

1) I prefer stocks that have gapped open and do not fill the gap.

For example, today I traded FCEL, JASO, TROW, BEN, TMO, FLR, MOS, MEE, NDAQ. All of these gapped open higher (I mistakenly said earlier that NDAQ hadn't gapped open, but it did, but it filled the gap during the first 5 minute bar), and I believe that only NDAQ filled the gap back to the prior day's close.

2.1) I will be mindful of prior highs and lows, and I do not want to buy a new high of day if the prior day's high is just above the proposed buy point.

2.2) If there is some distance between the proposed buy point, i.e. a new of high of the day, and prior resistance, I will take the trade.

For example, today, MOS had a HOD at 53.35, so my buy point would typically be 53.36. However, Friday afternoon MOS saw resistance about a dime up from there at 53.46, so I would want that resistance cleared first. I waited until 53.51 to buy. However, if the first high today had been say, 53.15, my buy point would have been 55.16, and with 30 cents of daylight between that buy point and Friday's high, I would have bought then.

I think that if you would look back at the charts I've posted, most of the trades involve stocks that have gapped open, then pulled back but held above the gap, and then gone on to make a higher high (You would reverse this for short trades).

Best Wishes,

Thales

[thalestrader]

I'll be out until noon or so, today.

Also, I failed to post a follow up of TLM - I bought the July 15 calls for $1.25
I will look to sell half for 2.50 and hold half until expiration or or a breakdown in price action.

Best Wishes,

Thales

[thalestrader]

Hi Folks,

Long EXC at 50.15

Buy Stopa on AKS & AIZ



Best Wishes,

Thales

[thalestrader]

Originally Posted by thalestrader »

hi folks,

long exc at 50.15

buy stopa on aks & aiz



best wishes,

thales

exc +.12

aks -.06

aiz +.10