Look Out Below!
Java applet alerts are wonderful for finding profitable daytrading scenarios.
I had to come back to this topic today because I have received several e-mails
from new and trial members asking how to use the applet. Here is one example
from this morning:
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| STK | 09:30 | IONAÂ | opens more than 5% higher than yesterdays close |
| STK | 10:27 | IONAÂ | goes negative first time of the day |
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IONA Technologies
(
IONA |
Quote |
Chart |
News |
PowerRating) gaps open and then goes negative — both
alerted via the scrolling java applet. Get in the habit of taking a peek at
charts of stocks you are following when alerts appear on them. If you don’t have
a position at the time, take a look at as many as you can. Taking a look at the
daily chart of IONA, it is obvious the trend is down. Moving over to the
intraday chart, it begins to look interesting.
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IONA has already fallen out of a Haggerty 1-2-3 top for a 2-point gain on a short position. Momentum players are able to hop aboard and ride
the stock down with a tight protective stop as it blows through the gap. More
cautious traders could have even waited for the stock to give a continuation
short entry when it violated yesterday’s low — still a move of 4 1/2 points from
that point to today’s low. Yet, it was all set up by a couple of simple price
action alerts.
The TradersWire will
not automate your trading, but our analysts and alertswill point you to
where the action is every day the market is open, where you can, to quote J. Paul
Getty, “find oil by going to where the oil is.”
Until tomorrow,
Duke