Since I am having a little success I thought I would share what I am doing.
First, I'm a Timothy Sykes Challenge Student. I've been listening to the videos and as many Webinars as I can (I have a job). I've learned that it is difficult for me to trade on the intra day charts due to work. So I improvise. Also, I have not entered many short positions as I feel I can't pay close enough attention to the charts to cover a position during the day. And... I'm scared to leave a short position open overnight in the event of a big gap up.
Here is what I am been doing:
I have been screening for stocks, using VectorVest with a 15 min delay, breaking through a 250 day high priced between $1-$5. The 50 day average volume needs to be above 100k. I start out with a 10% trailing stop. If it moves significantly, I tighten the trailing stop. That's pretty much it. Ridiculously simple.
I'm a little unhappy with my 46% win rate, and am planning a few tweaks to improve that with some systematic stop tightening.
Any ideas or comments are welcome.
@Palmer Roger on the TOS. I'll have to search for that. Yes, entry at 250 day high. I do not go into all of them. Usually one at market open and one before market close maintaining a max of 9. I also look at the chart and it looks messed up I give it a pass.
@Palmer Found it. Did not know that was there. Awesome! Thank you
@april4 Yes...was with IB but I work full time and usually only have one monitor to trade from when I have the time. TOS best charts and IB better borrows but too many windows on one screen to manage so only TOS for now.
@mbodgg TOS has lots of 'tricks' in the scanner. Glad it helps.
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