Stock fetcher results 4 05-22-2007
Deadcats formed a bottom in the past two days and maybe ready to bounce, however, some of these have topped in the hourly chart, really cannot guarantee the next day finishes in green, usually need to wait for hourly consonsolidation finishes. See some of my comments.
Charts:
7 comments:
MCEL - finished 0.69, daily chart bottom, but is consolidating on the hourly chart, might retest the recent low 0.0.60:
MCEL chart:
http://charts.dacharts.com/2007-05-22/smallka15.png
JDSU, daily chart bottom, seems formed a bottom.
http://charts.dacharts.com/2007-05-22/smallka17.png
But on 30 minutes chart, it is nearing the top, might go to 13 and if 13 holds, this one will make a bounce.
30 minutes chart:
http://charts.dacharts.com/2007-05-22/smallka17.png
CCRN chart, looks very nice:
http://charts.dacharts.com/2007-05-22/smallka19.png
TTWO might break the downtrend line tomorrow, then a nice run over $20.
http://charts.dacharts.com/2007-05-22/smallka20.png
PT, I am wondering whether this type of labor intensive scan and peruse is worth the effor? I assume you scan to find momo (big) stock. What is the probability of you finding a big rewarding one? How often? Every day? Or just one in a week to hit the jackpot? What if you keep a watch list of 100 stocks or so, and just trade these?
I am just curious. I do the latter probably because I am too lazy and effort aversive. Should I try doing this too?
I wish I have a winning formula and just trade one stock or index everyday and get to my goal. Unfortunately, I am unable to do it. I don't think I flip 300-500 shares QQQQ and can make $500 a day, no way, I know it. You would need for the index to move up at least 3% to make 1% gain.
When I look at my winners and losers, the winners are the stocks I did the homework, losers are these I jumped in during the day without knowing anything about the stock. When I did my homework, I could pull $1100 with a few hundred shares on CSUN in one day. If I didn't do the homework, I don't think i could pull $100 out of it because I would be uncomfortable to hold long enough to win percentage wise, as I said, I have limited captial, the only way to make it is through percentage win, not the dollar amount, I cannot scalp $500K in a trade to make $1K like some others, my options are: (1) Scalp many more times - the more times scalp, the more errors, more commissions, more forced trades(2) Hold longer on the stocks you've done the home work.
It is a soul searching process. Nothing more finding a way to win and sharp technical skills. There is not much difference between finding the winners at night and finding the winners at day. But during the day, the time is very limted. Traders like me always miss something technical/fundamental wise while trying to jump into a stock, most often - had to cut the loss fast - reason? you were not prepared. If one has just done some homework, one thinks about a stock throughly in off market hours,
In fact, I used to do very well through stockfecher when I had a day job and trade stocks as a swing/position type and as a hobby. I stopped to do this type of homework after I started to trade stocks full time, I was getting lazy, thinking just scalping for a few pennies here and there, lack of doing home work if any. Scalping can only make a few thousands a month and pay bills, to get back to 6 figures, I need to do homework and hold much longer period on some stocks.
Well written and well understood. Man, you are like a seasoned cowboy, have extremely good TA skills as your weapon and hard working to prepare for the day.
The more I learn, the more I find that I need to learn more about TA. Esp. real time TA with trigger pulling.
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