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October 26th, 2007 by eyal | Filed under Day Trading. |
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The day started quite dull, didn’t see many candidates on my scanners that looked worth trading. I went with the only one that did look reasonable - CFC. It turned out quite alright and resulted in +4.2R. Nice way to finish the week. 3 more days left in October and we’re in November, unbelievable how time flies.
Nothing special planned for this weekend, will just take it easy and maybe meet up a fellow trader that just moved to Bangkok for a couple of drinks. It’s been ages since I had some nice ale and pub grub. I live slightly away from the main downtown area of Bangkok, I much prefer it this way, but the downside is that I don’t have a good pub around here and a few other international options. I was in Sukhumvit Rd this week for a lunch meeting and took the opportunity to enjoy some Middle Eastern food in a Lebanese restaurant. The shawarma and pita weren’t anywhere near as nice as what we get in Israel, but still an enjoyable change from the usual Thai and home cooking I normally have.
Hope everyone had a good week and an even better weekend.
Looking back at this week we had four basically V shaped days in a row (Wednesday being a W). As I recall, we had some days like this before the last FOMC meeting.
Hi Eyal, love your site. Hope you can kindly give me your feedback on a couple of questions:
You said cfc was the most “reasonable” stock to trade. Can you be please be more specific? Cfc, although a gapper, was not a consolidation break-out, was in a downtrend, and volume at the intra-day breakout was not the most outstanding. However the chart was fairly decent but with lots of prior days overhead resistance.
Also, Fdry and Vscn gapped out from a 2 and 10 week consolidation on tremendous volume. Both had nice internal bars on the 1/2 hour chart, but I traded them for small losses. Can you tell me if any of these stocks appeared on your morning scan? And would you’ve consider them “reasonable” trades?.
Can you also elaborate on how you prioritize your watch list in the morning?.
For example, I screen for gap breakouts, from the biggest consolidations, and greatest volume (vs 50-day). My watch list screened from briefing.com (thanks to wall street warrior’s daily postings), was narrowed from approx. 70 stocks to 25. Cfc would not have made my list, because it was never a base breakout. How do you manage the chaos?
Thanks again, and appreciate your input. Rudy
Rick - yeah most days recently have not shown much trend. Things are tougher during those days.
Rudy - I chose CFC because it was the main stock in play, or as Maoxian calls it the stock ‘du jour’. I saw the other two and was stalking FDRY for a while but it acted up funny. Your screening sounds fine, it takes time to get better at narrowing down the list even further. It’s also a hit and miss thing so no sure-fire magical formula :-) Thanks for visiting.
Thanks Eyal for your prompt feedback and sorry for the long-winded questions. Rudy
No problem. Good luck.