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Silent Service Method

  • #5,961
  • Nov 28, 2009 2:02pm Nov 28, 2009 2:02pm
Ironically, my GF also made the most obvious observation about my trading 2 weeks ago that really helped.

Sometimes we can't see the forest through the trees.
  • #5,962
  • Nov 28, 2009 3:15pm Nov 28, 2009 3:15pm
Here are two stocks I found on my weekly scans that might make sense. Take a look:

On the short side we have AYI (Acuity Brands) giving us a nice looking pin bar off of resistance around $35/share. Going with the trend on this one and with recent equity market weakness this one might make sense:

http://i437.photobucket.com/albums/q...YI-Weekly2.png

Next up is NUVA (Nuvasive) with a nice looking pin bar off of support around $33/share. I'm a little leery of going long much of anything in here, but it does look pretty interesting at that level. For the fundamentalists in the crowd, don't look at the P/E ratio, it might scare you! Anyway, the chart is here (you can click to make these bigger, as i think they may get a little smushed):

http://i437.photobucket.com/albums/q...UVA-Weekly.png

On a separate note, I've been working on a project over the last few weeks to build spreadsheet/database that will scan for these things on either a daily or a weekly basis. I'm contemplating starting a separate thread for these so as not to clutter up Chris' thread here. Would that be something people would be interested in? I may test the results a bit more before posting anything, but so far it works pretty well (it turned up these two stocks!).
  • #5,963
  • Nov 28, 2009 4:35pm Nov 28, 2009 4:35pm
Quoting InfinitySL
Here are two stocks I found on my weekly scans that might make sense. Take a look:

On the short side we have AYI (Acuity Brands) giving us a nice looking pin bar off of resistance around $35/share....
I would be interested. You can post them here, or on your own thread....whatever you feel comfortable with!

Good looking charts by the way. I think I am a little more keen on the first like you said. (At least at first glance.)

Chris
  • #5,964
  • Nov 28, 2009 8:04pm Nov 28, 2009 8:04pm
Quoting clockwork71
I would be interested. You can post them here, or on your own thread....whatever you feel comfortable with!

Good looking charts by the way. I think I am a little more keen on the first like you said. (At least at first glance.)

Chris
Well, lets see how it goes. I plan on running the daily scans (you guessed it) every day and doing the weeklies on Saturday or Sunday. Since I'm scanning a pretty big universe (doing the Russell 3000 for stocks and about 400+ ETFs) I end up with a decent sized grouping of potential candidates that i try to weed out some good ones.

I'll probably end up doing both: Have a thread with all of my results (daily) and only post the most promising stuff over here.

Here are some that I saw off the daily charts on Friday even though it was only a half-day session.

Now keep in mind, I haven't filtered these for whether they are at key areas on the chart. Given the price action of the general market on Friday (i.e. down) i ended up with alot more "down" pinbars than ups. Here are 3 of them:

TYL:
http://i437.photobucket.com/albums/q...TYL-112709.png

SBP:
http://i437.photobucket.com/albums/q...SBP-112709.png
SMT:
http://i437.photobucket.com/albums/q...SMT-112709.png
I have a few other down pins, but I don't want this to become a massive post.

Only saw 2 "up" pins from Friday's scan: DCT and CVG, but they both opened with a gap lower. I think in candlestick lingo those are "hanging men"...
  • #5,965
  • Nov 29, 2009 7:53am Nov 29, 2009 7:53am
Scanning all those charts, will give you an advantage because it gives you the advantage of being able to "Cherry pick" the best set ups. This is exactly the reason I believe in trading more than just forex.

Never forget, although we love forex.....it follows other markets, not the other way around. (well, typically. lol)
  • #5,966
  • Nov 29, 2009 10:40pm Nov 29, 2009 10:40pm
Getting several anti-dollar currency moves in Asia.....should be good for stocks tomorrow here in the states.
  • #5,967
  • Nov 30, 2009 7:55am Nov 30, 2009 7:55am
A stock chart I am watching.....
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  • #5,968
  • Nov 30, 2009 8:22am Nov 30, 2009 8:22am
Quoting clockwork71
A stock chart I am watching.....
RE: WFMI, I'm still short that one, so for my sake I hope you're wrong -- LOL.

Here's one I should have posted over the weekend... Coffee Futures (daily pin) - looks like it already broke higher, but good to review trades you...er.. correction: **I** missed..

Attached Image
  • #5,969
  • Nov 30, 2009 9:30am Nov 30, 2009 9:30am
Quoting aserbfx
ebay on the daily. up or down? i guess up.
done (for the moment). let's see if it holds.
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meine augen sind die sterne
  • #5,970
  • Nov 30, 2009 2:48pm Nov 30, 2009 2:48pm
Market is still open but here are a few that are forming pins on the daily. These are pretty small companies, so beware the illiquidity. I've also marked a few with asterisks where I didn't find the pinbars very impressive. Still refining my scans so it is still producing a few false-positives:

Upward:
*UMPQ -- Umpqua Holdings Corp
MGEE -- MGE Energy Inc
SONE -- S1 Corp
BIOS -- BioScrip Inc
*HOME -- Home Federal Bancorp Inc/ID
UNCA -- Unica Corp
HOFT -- Hooker Furniture Corp
*DINE -- Rewards Network Inc
WBCO -- Washington Banking Co

Downward
CRWN -- Crown Media Holdings Inc
*NUTR -- Nutraceutical International Corp
*CRED -- CREDO Petroleum Corp
*EBTC -- Enterprise Bancorp Inc/MA
*PTC -- PAR Technology Corp
  • #5,971
  • Nov 30, 2009 3:32pm Nov 30, 2009 3:32pm
After recently only just viewing this thread, one thing I like is how you all look at a wide range of markets. I think its required trading from higher timeframes. I look at the Australian stock exchange (ASX) and I just have a question for you guys.

I find it very hard to find any pa on the daily charts in the asx stocks. Due to all the gaps and what not and find it hard to locate support and resistance.
Compared to all the huge stocks over in the U.S like apple and ebay etc etc those seem alot easier to read.

Well anyway lol back to my question. I have just started to only look at weekly charts on the asx stocks and whilst a week is quite a while, the charts seem easier to read and look alot cleaner due to no gaps and all that.

It seems to me its either weekly charts for stocks or day trade the 5minute charts due to the clarity the 2 provide.

I did notice an ANZ chart posted in here once. Any views on trading weekly tf on the asx and stocks in general ?

thankyou
  • #5,972
  • Nov 30, 2009 3:44pm Nov 30, 2009 3:44pm
Quoting supermatt
I look at the Australian stock exchange (ASX) and I just have a question for you guys.
just like to say that i would really love to see any asx or nz-stock charts here. if you find a setup, please feel free to post them here so that we can discuss them. no matter which tf. thanks!
meine augen sind die sterne
  • #5,973
  • Nov 30, 2009 4:00pm Nov 30, 2009 4:00pm
Hi Chris and fellow traders,

I have been following Chris for a while now, back on the other threads and in a private forum. As Chris has said its all about honesty, with that in mind im here.

I have been studying and trading forex for about 3 years now and it took me around 2 years to get a handle on it, i am currently using price action, fibs and trendlines for my analysis. I like it quite naked on the hole though !.

I think the only way forward for me is to interact with like minded individuals, rather than getting tied up with Facebook ( not really constuctive for my time is it)

I will be looking to chime in and see if my analysis will raise an eyebrow good or bad.

Catch you all soon

warren
I need to finish something i started
  • #5,974
  • Nov 30, 2009 4:20pm Nov 30, 2009 4:20pm
Quoting bigwal
Hi Chris and fellow traders,

I have been following Chris for a while now, back on the other threads and in a private forum. As Chris has said its all about honesty, with that in mind im here.

I have been studying and trading forex for about 3 years now and it took me around 2 years to get a handle on it, i am currently using price action, fibs and trendlines for my analysis. I like it quite naked on the hole though !.

I think the only way forward for me is to interact with like minded individuals, rather than getting tied up with Facebook...
Thanks for popping in Warren. Let us know what you see on those charts! You never know, you might just give someone the "ah-ha" moment they are looking for.

Chris
  • #5,975
  • Nov 30, 2009 4:24pm Nov 30, 2009 4:24pm
Quoting supermatt
After recently only just viewing this thread, one thing I like is how you all look at a wide range of markets. I think its required trading from higher timeframes. I look at the Australian stock exchange (ASX) and I just have a question for you guys.

I find it very hard to find any pa on the daily charts in the asx stocks. Due to all the gaps and what not and find it hard to locate support and resistance.
Compared to all the huge stocks over in the U.S like apple and ebay etc etc those seem alot easier to read.

Well anyway lol back to my question....

I find that weekly charts are extremely reliable in the stock markets in general. It is a great way to "smooth out" illiquid asset classes. (ASX isn't illiquid, but like he says - the volume tends to be skewed towards a few stocks mainly....like Fortesque and BHP.)

I find that weekly is a great way to make longer time frame trades on stocks in general. Typically on a weekly chart, you might be in a trade for 6 or 7 weeks, and there is nothing wrong with that.
  • #5,976
  • Nov 30, 2009 4:25pm Nov 30, 2009 4:25pm
Quoting InfinitySL
Market is still open but here are a few that are forming pins on the daily....

Thanks for posting this list!
  • #5,977
  • Nov 30, 2009 4:28pm Nov 30, 2009 4:28pm
thanks cw. I like the idea of weekly so far. I am sorry to intrude but I will just post a few asx stocks I am looking on weekly so far.
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  • #5,978
  • Nov 30, 2009 4:29pm Nov 30, 2009 4:29pm
weekly seems alot easier to read and of late I am finding forex to be very quiet on the longer tf so its refreshing to get away from it last 2
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  • #5,979
  • Nov 30, 2009 4:54pm Nov 30, 2009 4:54pm
Quoting supermatt
thanks cw. I like the idea of weekly so far. I am sorry to intrude but I will just post a few asx stocks I am looking on weekly so far.

By all means, post away. I am actually thinking of rotating out of Hong Kong, and going into Australia for while......been finding less and less in HK lately.
  • #5,980
  • Nov 30, 2009 5:32pm Nov 30, 2009 5:32pm
cant wait to read more of this great thread
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