This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com

I was looking for the best of the worst setups today after my first trade of NOVELIS INC (NYSE:NVL): My target was 1/2 way to the 138% fib extention. I was stopped out as I was figuring out my profits on my calculator. “Break-even” today even though I show -0.5 R on today’s statement.

Trade 2: UNITED STATES STEEL (NYSE:X)

Trade 3: HEWITT ASSOC INC A (NYSE:HEW)

Stocks Mentioned In This Article
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NVL	| |
X	| |
HEW	| |

This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com

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	| |