GS was unusally strong compared to the overall weak market today. It formed a Cup and Handle. Entered on NRIB (also a NR7) on PDH. Initial target was 38% FE but decided to exit completely on $1 profit because of round number. In hindsight, it was a good exit because price never reached 38% FE.
5 comments:
Day Tradr,
Nice blog!
What software are you using and what are the yellow dots on certain candles? Thanks.
Thanks you Jim for visiting my blog. I use my broker TradeStation's charting software.
The yellow dots on some candles means that the previous candle was an inside bar on low volume. TradeStation has a radar column which can be inserted in your watchlist window and whenever there is an inside bar on low volume (on 15 min. chart - that's how I have set it), it shows up next to the stock after the candle has been fully formed. In GS example - 9th candle has a yellow dot - which means that the 8th candle is an inside bar on lower volume and I see about this on my radarscreen column when the 9th candle just starts forming. 11th candle also has a yellow dot, meaning 10th candle is an inside bar to the 9th candle and the volume is lower than the 9th candle. This way I can sort my WL based on 'Inside bar' and see if there is any trade that I like and then switch to sort my WL based on % movers like you and Jamie do.
Hope I am making some sense.
Thanks,
Day Tradr
Day Tradr,
I understand perfectly. Flagging inside bars within active markets is a great alert method.
I thought you might be using TS. I used TS years ago when you had to purchase the software and hassle with version upgrades, etc. - before RadarScreen. I have been thinking of trying it again. I have questions about whether or not you can scan the entire universe of stocks (i.e., are you limited to some number, like 500 symbols, in the Radar scanning)? Perhaps you know the answer(s). Thanks.
Jim,
You can only monitor up to 1000 symbols in RadarScreen. Presently I am using to spot Inside bar and it definitely makes trading a little easier.
They have recently introduced scanner but I have not used it yet. There is no monthly platform fee ($100) and RadarScreen Fee ($60) if you trade 5000 shares/month. The only thing that I don't like about them (not related to the software) is that many times they do not have shares to short.
TradeStation often have promotions going where you get the platform free for 30 days when you fund your account. Also, if I remember well I got the RadarScreen free for the first month when I first started with them. This way you can try their software risk-free for a month and see if you like it.
Thanks,
Day Tradr
Thanks Day Tradr. I appreciate all of the info.
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