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Joined: 3/21/2006
Posts: 4,308
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If the Markets bounce (the pre-market futures are neutral today). then here are some to keep an eye on.(Live ticker) - Only buy it they can beat their highs from yesterday.
ENT
BPHX
SHOE
FAC
QD
NMTI
CAR
DTLK
NGAS
Good luck.
Apsll.
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Registered User
Joined: 3/21/2006
Posts: 4,308
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ENT
BPHX
NMTI
All these are doing well,
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Registered User
Joined: 3/21/2006
Posts: 4,308
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ENT 20%
NMTI 15%
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Joined: 8/6/2007
Posts: 73
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wow.....i missed them ..if every thing goes well tommarrow should be SHOE
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Registered User
Joined: 6/9/2007
Posts: 68
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Here is another one of my attempts at a scan. I would welcome any comments. Am I on the same page or not even close?
DSTI
BDP
SATC
TWER
KAD
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Registered User
Joined: 6/9/2007
Posts: 68
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Even though ENT went up today, I notice that the MA19 is not anywhere close to MA36. I thought that this was one of the things to look for in the scans, where MA19 was crossing MA36 with a positive upslope. What am I missing? NMTI MA19 and MA36 look much better.
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Registered User
Joined: 6/9/2007
Posts: 68
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Where can I find out what the pre-market futures are doing? How early 'pre-market' will I be able to see these?
Thanks
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Registered User
Joined: 3/21/2006
Posts: 4,308
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Dj, The reason that the 19 day sma is not crossing the 36 day sma (ENT), is because of the price action. When you have Moving averages that are this close in range, you have to understand that any sudden or drastic price action will cause a seperation of the moving averages. ENT's price drop was more pronounced than NMTI, and not as slow and subtle. NMTI made multiple attempts at a recovery keeping the moving averages closer together.
In general Moving averages are trend indicators, like MAC-D and Stochastics and many more. When short term (Bounce) trading it is best to stick with the Volume and pattern approach. Do not get me wrong, Trend indicators are very usefull when you are useing them for their intended purpose.
BDP I could not find and TWER is not my style, but I like DSTI (We have discussed this one many times on this forum, do a search). KAD & SATC have also been discussed recently and both look good to me.
Pre- Market Futures go to - (external link removed by moderator)
Jtchow how are you? SHOE has an ugly looking candlestick sitting there, use caution...
All have been just my opinions.
Apsll..
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Registered User
Joined: 6/9/2007
Posts: 68
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Sorry, should have been BLDP.
Thanks for the explanation. That makes sense.
And thanks for the info on pre-market futures. Too bad it disappeared before I got to see it. I will do some googles on it.
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Joined: 4/18/2005
Posts: 4,090
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djr311
I use Money dot cnn dot com. int he AM there will be a banner you can click under the headline news or under "Markets" there will be a sub list.
For me reading the premarket futures is about understandign ranges. Extremes in one direction or the other on emotional news is a clue to trade the OTHER direction or not trade. Other wise minor to moderate movement is a confiramtion of the final direction I'll submit orders for. The can be checked at any tome of day or night EXCEPT when markets are open.
Those extremes are often whipsaws... so an early position could be taken in the direction of the numbers but it needs to be watched closely. HOWEVER In this market the futures have not been very reliable lately IMO. And the "Extreme" for a whipsaw is subjective ... sometimes it follows through and other times not. I'm considering dropping it as an order entry criteria.
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Joined: 10/7/2004
Posts: 426
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QUOTE (Apsll)
In general Moving averages are trend indicators, like MAC-D and Stochastics and many more. When short term (Bounce) trading it is best to stick with the Volume and pattern approach. Do not get me wrong, Trend indicators are very usefull when you are useing them for their intended purpose.
Very wise comment Apsll
dj, do yourself a favor and do not take trades based solely on indicators. They are lagging and quite often will get you upside down in the markets (whipsaw). Learn what Price Action is and use this knowledge to base your trades on. Learn the meaning of Higher Highs, Higher Lows, Lower Highs, and Lower Lows. Learn how to spot major trend changes. Learn how to spot uptrends, downtrends, and sideway trends (chop) and how to trade each trend. Learn how to read volume. Once you understand these principles, then you could use your indicators to time your trades. If you can fully understand these principles and also know how to use money management, then you will see fewer losses and larger profits. IMO
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Joined: 3/21/2006
Posts: 4,308
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Dj, you would be wise to take as much advice from Booker as you can. His trading style is similar to mine and I have learned from his wisdom as well. Take this time (during a nasty Market) to do some back-testing of price action on some successfull charts. There is nothing more important than price action, Volume and pattern recognition. Use the indicators to find the price action set-ups that work, but never put the indicator action ahead of price action.
I did not fare well durring the last Bear market, but I am better equiped this time. I looked at a lot of charts durring that time frame 2000 to 2003 and there was a lot of short term bounce oppertunities back then. So that will be my strategy to hunt this bear should he show himself around these parts...
Take Bookers advice and study price action..
Good luck
Apsll.
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Joined: 10/7/2004
Posts: 426
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Thank you Apsll, but I really don't deserve all that. Your trading is far more sophisticated than mine.
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Joined: 5/21/2007
Posts: 3
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Booker, you wrote:
Learn what Price Action is and use this knowledge to base your trades on. Learn the meaning of Higher Highs, Higher Lows, Lower Highs, and Lower Lows. Learn how to spot major trend changes. Learn how to spot uptrends, downtrends, and sideway trends (chop) and how to trade each trend. Learn how to read volume.
I'm new here; where/how do I learn these?
Thanks!
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Joined: 10/7/2004
Posts: 426
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gaurasells, there are a lot of books that describe this but ones that I like the best because it gets to the meat of the subject without a lot of the bull is writen by a guy called Trader Vic. Methods of a Wall Street Master by Victor Sperandeo is his most popular book. Read that several times until you understand exactly what he says. A small price to pay for so much knowledge.
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Joined: 9/25/2007
Posts: 1,506
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QUOTE (Booker) A small price to pay for so much knowledge.
Amen ...
Very sound advice Booker ....
Who was it that said .... "Experience is a hard teacher ... but a school that fool will learn in no other ..." ??
Chart patterns are like "ink blots" ....
In any single one ... you can see a "bat" ... or a "butterfly" ...
It is only through much study .... and experience ... that you will learn to tell the difference ....
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Registered User
Joined: 6/9/2007
Posts: 68
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Thanks to you all, especially Apsll and Booker.
I am also a newcomer trying to learn as much as I can. I am still paper trading and was in a simulation game which I did not do very well at considering the down market.
I will look for the Trader Vic books. Sounds like one that could help me.
I haven't quite got my hands around backtesting yet. I know there is lots out there on previous threads which I intend to read, but is it just a matter of looking at previous charts of successful stocks and 'observing' how they acted (re-acted)?
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Registered User
Joined: 5/1/2007
Posts: 158
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SHOE has been a falling knife. From $10 to $1 iwithout any significant support. Would avoid unless I knew its fundamentals. Ordinarily, only Enron-type stocks behave this poorly.
Further, it looks like it's done this before. In 1999-2000, when it had fallen a lot, its rate of descent slowed until its bottom in 2001. This time, falling knife.
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Joined: 5/1/2007
Posts: 158
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Plus, less than a month ago, SHOE changed accountants, ensuring that their 10-K (expected 12/31) will be late. And have increased sales by 20%, while cost of sales increased by 40% in the latest quarter. And have gone to consignment sales. This raises so many red flags, I wish I'd seen it at $10, to short. But the major negatives were only visible to outsiders since the last 10-Q, 9/29/2007. Hence the new accountant.
Looks like the Boston Chicken fiasco. At its peak. each Boston Chicken store was valued at more than $10 million. Lose on each restaurant and make it up in volume. But SHOE was sound going into 2006. Don't know why consignments. Suspect cash flow issues.
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Joined: 10/7/2004
Posts: 2,181
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By the way, thanks for this thread, entered SATC early May at 1.87. Still in. It's been a nice run so far.
I could get used to this...
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Registered User
Joined: 12/31/2005
Posts: 266
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QUOTE (Apsll) If the Markets bounce (the pre-market futures are neutral today). then here are some to keep an eye on.(Live ticker) - Only buy it they can beat their highs from yesterday.
ENT
BPHX
SHOE
FAC
QD
NMTI
CAR
DTLK
NGAS
Good luck.
Apsll.
Buy if they break yesterdays high? And sell when? At the end of the day?
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Joined: 3/21/2006
Posts: 4,308
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Driger, Tobydad resurrected this old thread for the purpose of sharing his success with SATC. (Kudos and concradulations to you Tobydad. I wish that I had been there with you on this one buddy).
If you look at the date of the original post Driger, then you will see that the list you refer to is dated back to January, and I do not know the current status of these stocks.
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Joined: 10/7/2004
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I'm sorry if I caused some confusion.
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Joined: 12/31/2005
Posts: 266
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QUOTE (Apsll) Driger, Tobydad resurrected this old thread for the purpose of sharing his success with SATC. (Kudos and concradulations to you Tobydad. I wish that I had been there with you on this one buddy).
If you look at the date of the original post Driger, then you will see that the list you refer to is dated back to January, and I do not know the current status of these stocks.
lol. Caught up in todays emotion i guess.
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Joined: 10/7/2004
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By the way, I really brought this up to give credit to djr311 for the good find on SATC, not to applaud my good fortune. I just enjoyed the fruits of someone else's labors.
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