An NYSE Scalper's Tale - A Trader's Diary

Sunday, February 04, 2007

On Tap For Mon Feb 5, 2007

The following are some of the NYSE stocks that I will be keeping an eye on and possibly trading tomorrow. Obviously there may be news on other stocks that come out overnight or in the morning, so I may be trading those stocks as well.

Not as many stocks on my watchlist tonight...partially because I haven't dedicated as much time looking for them (what can I say? What a great game! Lots of rain and lots of excitement during the first quarter...who could ask for a better, more interesting football game!!!). Here's what I'm watching tomorrow:
  • The following stocks are reporting earnings before the open tomorrow morning (please note that these are not all the stocks that are reporting - just the ones I'm keeping an eye on):

  • After the close on Friday, Herbalife Ltd. (HLF) recieved a buyout offer for $38/share from a private equity group; HLF traded up by over 17% during after-hours trade on Friday; HLF closed at $33.10 on Friday
  • CA Inc. (CA) burst through some resistance on Friday and is nearing it's 52-week high after it reported favorable earnings on Friday; I'm watching to see where it goes from here; CA closed at $26.69 on Friday
  • United States Steel Corporation (X) just keeps on moving up and made new 52-week highs again on Friday; X closed at $85.75
  • Raytheon Company (RTN) was particularly strong on Friday as it blew past resistance and made new 52-week highs; RTN closed at $54.85
  • And finally, look at (CRM) go! It's been particularly strong the last few trading sessions and is making new all-time highs; CRM closed at $46.75

Please note that those stocks denoted with a * and highlighted green indicate that they are on the SHO Pilot List which means you can short them on a downtick.

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  • I am aware of the fact that every trading method must be modeled to fit a traders personality, risk tolerance and experience.

    With this in mind and you being a quick trader to you find using 15' charts for signal and then 5' for entry is prudent for a quick trader?

    By Blogger JOSEPH, at February 05, 2007 10:32 a.m.  

  • I realize that the 60' chart has been called the lifeblood of the swing trader but I would think that the 60' might be a little long for scalping or for small profit (25-50c)trader.


    By Blogger JOSEPH, at February 05, 2007 10:34 a.m.  

  • as a prop trader, a noise or fluctuation of several or a dozen cents would well kill the trader when his stop-out limit is not sufficient...

    By Anonymous Anonymous, at February 05, 2007 5:15 p.m.  

  • Does anyone have an opinion with regards to the questions regarding time frames for day-trading?

    By Anonymous Anonymous, at February 05, 2007 6:21 p.m.  

  • To both Joseph and Anon,

    Thanks for your comments. I think Anon@5:15PM is correct in saying that by having a longer-term chart, a trader must be more willing to hold onto a bigger loser while the trade works itself out. For me, I have converted from a 1-minute chart, to a 3-minute chart, and now to a 5-minute chart...I myself do not have the patience to either hold onto a winner for any period of time nor do I have the patience in holding onto a loser (i.e. I'll immediately get out of a loser). I'm finding that with a 5-minute chart with a hold time of about 4 or 5 minutes, I am still able to capture decent moves in the markets (20 - 50 cent moves). So for now, I'll continue using 5-minute charts until I feel more comfortable holding onto positions for hours at a time. I also think that if one were to use a 60' chart, one would have to hold onto their position for at least an hour or two (something that I don't think I have the patience for). But hopefully over time, I can learn patience and perhaps one day I'll start using 30' and 60' charts and holding onto positions for the whole day. Good luck and good trading!

    By Blogger J.C., at February 05, 2007 7:23 p.m.  

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