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.
| Stocks Mentioned In This Article | |
|---|---|
| Stock | Links |
| NVL |  |  |  |
January 8th, 2007 at 9:39 am
Nice work :)
January 8th, 2007 at 9:52 am
Thanks! Since this post, it ran up to 30, so it’s had a really nice run.
January 8th, 2007 at 9:52 am
great job!
January 8th, 2007 at 10:13 am
I just came over to say that NVL popped, and you got it! What was your entry, Richard? Are you still in?
January 8th, 2007 at 11:08 am
I’m watching NVL for any potential afternoon play….
January 8th, 2007 at 11:40 am
WCG is going for it, but more slowly…
January 8th, 2007 at 12:24 pm
@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.
January 8th, 2007 at 12:37 pm
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. :)
January 8th, 2007 at 1:09 pm
This is Ex-ExEngineer. I decided on a new name. Still give us the trade details, Richard!
January 8th, 2007 at 1:19 pm
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.
January 8th, 2007 at 1:47 pm
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!
January 8th, 2007 at 5:39 pm
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. ;)
January 8th, 2007 at 5:43 pm
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 ;).
January 8th, 2007 at 9:27 pm
zoomie: LOL