Friday, September 21, 2007

Human Scanner

I went over my watch list of about 150 stock charts. I set them up in 5 day intra day charts and looked at each one and picked the setups I liked just by a glance. If I had to spend more than 7-10 seconds thinking if it looked good I just closed it and moved on. The ones I liked I saw immediately and they seem to be stocks that have had an upward trend, pulled back, consolidated, and ready to test new highs. The tickers listed below are the ones I like. I'll be breaking these down into hopefully a top 15 then breaking them down to a 10 then 5 then 3. When I get the 3 I'll post up charts and reasoning on why I picked them. I'll watch these Monday and see what happens.


The tickers with an asterisk next to them caught my attention more than others. I can't say why at the moment but I must of seen something I liked, lol.


Stocks In Play (watching for these to hit my targets, If I see an opportunity to get in I'll take it)

CSUN: Low @ 6.80 High @ 7.07

DRL: Low @ 29 High @ 32.00

ERJ: High @ 44.30

JDSU: Low @ 13.90 High @ 14.20

NVDA: Low @ 34 High @ 35.50

QQQQ: High @ 50.45

TWM: Low @ 63 High @ 65.25


Stocks on the Hot Seat (these have priority over In Play because of better setups and risk/reward if they hit my targets)

LNDC: Low @ 13.85 High @ 14.10

This is has light risk but the potential for profits could go either way. The red line represents huge amounts of resistance. That's going to be a hard level to break, but if it can break it and then turn the resistance and establish those levels as support it could blow to the upside. The 13.80 level is very strong support which looks like a good entry point represented by the green line. The black line would be my stop loss.

Chart of LNDC


LOCM: Low @ 5.72

I like this is a lot because lately it's been riding this strong level of support at 5.70. It has some light resistance ahead represented by the yellow lines but I think the risk/reward makes up for this. Over the last 6 months this 5.70 level has been significant in support, which seems to me to be the time to get in. Target price would be around 6. That would be a potential 5% gain with a risk of 1.2% with our stop loss being at 5.60

Chart of LOCM


RDN Low @ 22 High @ 24

Red line is my exit point, Green line is my entry point, Black line is my stop loss. Roughly 11% gain with a 3% stop loss.Chart of RDN



edit: Alright, I drew out support and resistance based on the 6 month action and plotted it on the 5 day chart. Now I'll be plotting out support/resistance on the 5 day action to get some more guides. Then I'll figure the risk/reward ratio based on those setups and at the same time start dwindling them down.

edit2: Support/Resistance are drawn out and I've got them down to the amount shown above.

edit3: Ok, I have my Dream Team of stocks so to speak, haha. These stocks fit my personal criteria and coincide with my trading rules so hopefully one of these will get setup and allow me to get in on Monday.

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