One trade, or even one month of trades is really too small to say anything definitive… but the new daily scan had a very good debut morning! Look at this move on Novelis Inc (NYSE: NVL) on the 10 minute chart (click to enlarge):
This is exactly what the changes to the scan were supposed to accomplish. The avg volume is only 400k, and you can see that a lot of days the stock doesn’t really do much. But, it was clearly printing above average volume today, and it sat just under my number a little bit before taking off.
I was very conservative about the way I played it, though, which cost me a lot of profits. I used a limit order to get in, and I used too tight a limit. I wasn’t filled for all the shares I wanted. I’ll have to give thinner stocks a little more room to run I think, so I can get fully filled. As I gain confidence in the new scans, I’ll get looser with it.
Nice work :)
Thanks! Since this post, it ran up to 30, so it’s had a really nice run.
great job!
I just came over to say that NVL popped, and you got it! What was your entry, Richard? Are you still in?
I’m watching NVL for any potential afternoon play….
WCG is going for it, but more slowly…
@Ex: No way, I was out in 2 minutes. Entry was 28.46 (I wanted 28.43, but it ran away from me) and exit was 29.45. To get 99 cents in 2 minutes is more than enough for me on a $28 stock. It was 6.19R.
Richard: Did you put your entry order in before the open? What was your indication to exit? I want details!!
Congrats on the new filter. Let’s hope it keeps working out. :)
This is Ex-ExEngineer. I decided on a new name. Still give us the trade details, Richard!
I watched it going toward 28.45, and would have scalped a jump through it if it had just run. But, since it hung out in a tight range for 20+ minutes around 28.41, I decided I would buy when it started printing at 28.43. I was scared I would get screwed on the fill, so I put in a limit order of 28.46. Had I gone with a market order I would have been much happier.
My cue to exit was that I had 6.19R in 2 minutes. That’s too steep, and it did give up a lot of those gains before going higher. I always want my account in cash, if at all possible. To me, it’s not worth it to leave my money in play for 70 more minutes to get a slightly higher gain.
Had it not been such an extreme gain, I’d have walked up my stop, and stayed in.
If I were really a great trader, like Jamie, for instance, I’d have re-entered in time to catch the second move. But, I’m just not at that level, yet.
Hey, great! It is Soooo important to keep experimenting, because you never know if you might find the next big thing to work for you!
Nice trade! I am gonna have to look a bit closer at your new scan. I am kinda set in my ways though. Groundhog day will soon end. ;)
Wow. When I told my wife you got R 6.19, she asked if you fell asleep during the trade. I said no, you have no faith in Richard, his internet access probably went out ;).
zoomie: LOL