First candle of the day was strong for CHK. 2nd candle was inside bar just below the PDH and within the first candle's tail. All EMA's were aligned in the direction of the trade. Entered long above PDH. Took partial at 62% FE of the 30 min. range. On the start of 5th candle, moved SL to 61% FE. Exited completely at R2.
4 comments:
Day Tradr,
Nice trade management.
I am trying to envision how the TS and RS software works with your 15min IB scan. Does it sort or group all symbols with an IB at the top portion of a large list? Can you then sort all symbols with an IB according to some other criteria (price, volume)? And then you click on each symbol to view the chart? Thanks.
Thanks Jim. Your reply in response to my comment about the reasons why you prefer to take profit at 62% was very helpful. I know you must have heard it before but you write very well. All your posts and comments are very organized.
Now onto RS.
I do not have any separate IB scan. Let me explain how RS works.
You can add any indicator (MACD, RSI etc.) on any timeframe chart. Similarly, if you want to see doji
candles for example on the chart (any timeframe), you can add the analysis technique of doji on the
chart and all the doji on the chart will have a colored circle of your choice on them. This way you can
see all the doji on the chart easily. Here is a 5 min./15 days chart and all the doji on them have a blue color circle on them. It makes spotting them easy on the chart. (Here is a 5 min. chart with all doji with a lt. blue circle on them http://picasaweb.google.com/daytradr08/DayTradingJournal?authkey=Gv1sRgCI_N_O2z6uj2IA#5325005664196075426) Similarly, you can add 'Inside Bar' analysis on any timeframe chart and whenever an inside bar with the specified criteria occur on the chart, it will put a colored circle on it.
Radar Screen is nothing but a quote window with the capability to add the analysis to your quote window. My normal quote window for example has the following columns - Stock Symbol, Last Price, Net % Change, Volume. I can add any technical indicator like RSI, MACD column to it and it will update the value of these indicators in real time. You can also add 'Inside bar' analysis to your quote window and add an Interval column. This way whenever an Inside bar occurs on specified interval chart, it will show the present price in the inside bar column which you can sort and then click on the symbols to go through the charts. You can only sort 1 column at a time. You can write your own criteria to the analysis. Here is a png of radarscreen taken today at 10.01 am - http://picasaweb.google.com/daytradr08/DayTradingJournal?
authkey=Gv1sRgCI_N_O2z6uj2IA#5324987013086463394
I am not good at explaining things. Please let me know if you have any queries and I'll be glad to be of
any assistance.
Thanks,
Day Tradr
Day Tradr,
Thank you for the writing/posting compliment. I appreciate it. And, thank you for the RS explanation and screen shots. I now have a much better understanding of how RS works.
As I said, I have been considering a switch to TS. Believe it or not, Trade Ideas (my scanner) does not have an alert for inside bars. They have an alert for NR7 bars, but not IB. I have requested that they add IBs, but they are working more exotic things. IBs are so fundamental and so useful that I can not understand why they do not have or will not add. The advantage to TI is that I can scan the entire universe of stocks. Thanks again.
It should be one of the easiest alert for TI and a very useful one for traders.
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