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Thursday, April 24, 2008

Catching Falling Knifes using Double Bottoms: 1 Min. Charts


8 comments:

Bluedog said...

Stewie,
How do you set up stockcharts to show 1 min scale? I can't seem to get it. Thx!

BD

Stewie said...

bd. do you pay for stockcharts.com? you need to have a subscribtion to be able to plot the 1 min. if you do pay then just go to the "periods" tab and change from "daily" to "1 min."

Bluedog said...

Ahh, no wonder. I'm using the freeware. Is it worth buying into?

Stewie said...

bd. been using stockcharts.com paid service for over 7 years now. cannot trade without it.

gamingthemarket said...

Nice scalp on DRYS. Have you thought about returning to swing trading? They are starting to work again for me. It was a great short at 87.

DUG and $USD are making a move. I'd caution being long coal, oil, Ag, and possibly the shippers for now. Basically everything that was working, lol.

Stewie said...

christian: feels like a swingable tape lately but my style has been altered into a day trader for now. I still see a good edge in day trading, will reevaluate once that edge is gone or if i see a euphoric type rally like we saw in sept, oct, and nov. 2007, (Where stocks gap higher and run for several days in a row). then i'll start swinging again.

Stewie said...

Christian. Nice cautious call on the commodity stocks. Rolling over hard now but they will be buyable very soon imo.

gamingthemarket said...

Thanks Stewie. I don't like to make fearful statements, but I'm seeing exhaustion in those groups. Shorting POT through the weekend was a nice swing. That takes guts tho which is hard in this tape. Minus the looming Fed, trades feel like they did a few months ago. If you’re short and you’re wrong, just wait a few days!

The higher highs on lower volume looks like a classic bear rally. Then again many names look poised to break above multi-month resistance, like ORS did today. Maybe it’s a question of catalyst? Wish I had more info for conviction. It doesn’t help reading about brokers cheating Australians out of their retirement. Good luck to us all this week.

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