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Technical setups trading : tried this for a couple of years : never got any consistency.
Hence trading news stocks: because they "should" move and the added tape reading gives some 'edge'.
I have found a lot of time that after the first 30mins the 'major' move has already happened and the rest is just sideways chop. Of course this isn't always the case, so you need some sort of filtering mechanism to determine which ones are going to trend for the day. I tend to leave it alone if I can't find a trade in first 30 mins or so.
So this is just my experience.
If you are having success ..stick with it.
There is more than one way to trade the market.
Thanks.
Can you help answer these questions from other members on NexusFi?
could you explain your process for narrowing down your list of stocks you are watching based on news... i trade a similar momentum style at the open except that i am scanning for movers, active stocks at the open and pre-market... it would be nice not to be rushing through charts and scans at the open.
One thing i like about your trading is that you buy during pullbacks. I usually wait for a high to be set during the first 5 minutes and i like to see sellers to come in. I then buy as a new high made... your entries are more risk advantaged than mine and i will look to see how i can incorporate this in the future.
I don't do any scanning (premarket or after).
I have a list of stocks which have earnings (Briefing.com and/or Finviz).
I usually only consider those between $15 and $100.
Also 10day avg volume > 750k.
Also daily ATR over 75c >
Also I ignore large gappers (over 8%)
During the height of earnings season ; the stocks with news is huge. So as you say , there is a need for limiting what to watch. Typically I use the ones with best volume and also stocks which I have traded before and which gave decent smooth moves. Also I keep some stocks which are behaving opposite to the market.
Usually I try to aim for a watchlist of around 10 stocks.
