Daytrading Exxon Mobil Corporation (NYSE: XOM)
Posted on August 20th, 2008
Written by Richard
Posted in: N/A (old archives)
I haven’t talked about stock trading much lately… and in a way it’s a shame because my eotpro elite series indicators do work very well on stocks. So, how about this… I will start showing the day in various stocks, with my indicators on them. I’m not going to cherry-pick anything… I’ll show the whole day. I hate it when I’m accused of cherry-picking! :-)
You can leave comments about which stocks you’d like to see, and I’ll feature them. I may even start showing how you can use EOTPro stuff to pick swing-trading candidates. Yes, most of the indicators do quite well on 60-minute and daily charts, too…
To keep things simple, at least today, I just did this…
- pick the first stock that comes to mind… I picked Exxon Mobil Corporation (NYSE: XOM), one of my old favorites… very liquid!
- I pulled up a daily chart to get the 30-day average volume. It was around 30 million.
- I looked up an appropriate trading volume chart from my quick reference guide. It called for 121393 share bars.
- I applied my rolling-vwap paintbars, my cycle-EMAs, and my bid/ask histogram
- I marked trades with a vertical line when price trended against the EMAs, with the paintbars the correct color, and the bid/ask histogram pointing in the right direction
- I marked exit areas with an ellipse when the volume pressure subsided on the bid/ask histogram
Here’s the day in XOM, then… 4 trades… trade 1 could be closed for a small gain, or break-even if you were skittish. Trade 2 was a short trade for at least 40 cents or so. Trade 3 was a long trade for around 70 or 80 cents. And trade 4 would be closed out when the markets closed, for a small gain.
Not bad! And that’s just trading a single chart without any context to help you figure out the overall trend, or overall support and resistance.
Anyway, hopefully that was interesting. Feel free to give suggestions about stocks you’d like to see… otherwise I’ll pick my old favorites, and the typical liquid daytradeable stocks.
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© 2010 Richard Todd. I am not a financial advisor, and nothing on the site should be considered investment advice or actionable recommendations. I'm just an individual, saying what I think, and sharing my experiences.