ZeroSum
33 posts
msg #109872
- Ignore ZeroSum
modified |
1/6/2013 1:12:48 AM
If you don't have Prodigio but use Thinkorswim, you can script a Custom Quote for your watchlist that will highlight only the stocks whose intraday low is below (0.94 * previous close) AND current price is above (0.94 * previous close). You would then manually enter these.
EDIT: As Kevin implies below, you would need to load up the watchlist ahead of time with candidates for that day.
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Kevin_in_GA
4,599 posts
msg #109875
- Ignore Kevin_in_GA |
1/6/2013 9:20:05 AM
This should also be easy to code in Ninjascript as well, long as you are working from a preselected watchlist.
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Kevin_in_GA
4,599 posts
msg #109878
- Ignore Kevin_in_GA |
1/6/2013 10:14:33 AM
Also, anyone using TDAmeritrade should look at their StrategyDesk automated trading software (not highly advertised and I don't know if they are really giving this much support, but coding in it is really easy):
https://www.tdameritrade.com/StrategyDesk/help.html
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gmg733
788 posts
msg #109882
- Ignore gmg733
modified |
1/6/2013 2:01:52 PM
I thought tda got rid of prodigio to focus on their product more. I read that somewhere.
Looking at ninjatrader as prodigio is a bit buggy for me. But it would be great if they get it lined out. I like the interface and ease of use.
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ZeroSum
33 posts
msg #109892
- Ignore ZeroSum |
1/6/2013 5:44:20 PM
Has anyone tried this setup for day trading only (I plan to do this this week)? If most of the gain is from a gap up on the day after entry, then this may not work for day trading.
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compound_gains
222 posts
msg #109893
- Ignore compound_gains |
1/6/2013 8:33:58 PM
ZeroSum:
I've played with and done back-testing on a next day gap up, but IMO the risk/reward isn't worth it. I think there's the potential for good coin in the basic screen, but it's a different set-up than a next day gap up.
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compound_gains
222 posts
msg #109895
- Ignore compound_gains |
1/6/2013 9:19:26 PM
But then maybe I misunderstood "gap up." I'm trading a 1-day hold (sell by the end of the next day) and had good results in December.
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ZeroSum
33 posts
msg #109896
- Ignore ZeroSum
modified |
1/6/2013 10:15:43 PM
compound_gains,
Actually, what I meant to ask: is this screen good for day trading? In other words, put the candidate list in a watchlist, wait for some to dip at least 6%, then use 5/15/30 minute charts to day trade them for the remainder of the day.
So if you were to look at your trades from December, were most of the gains from your entry point to the end of that day, or from the end of that day till your exit (which is the end of the next day, if I understand correctly).
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compound_gains
222 posts
msg #109901
- Ignore compound_gains |
1/7/2013 8:04:58 AM
ZeroSum:
As you can see from a previous post, I'm trying a variation of the screen on this thread. Nonetheless, when there is a trigger I'm using a 15-minute chart to try and get the best entry (as close to low of day as possible). Once I'm in the trade I'm not using intraday charts. The current trade management criteria I'm using are:
a) Mental stop loss of 10% (I increased that from 8% in December).
b) If it crosses +10% gain and then drops back below +10% I'm out (added this for January).
c) Sell at a 15% gain.
d) Sell near close of next day if a), b) or c) above don't hit.
.
Instead of b) or c), I should probably try a 2% trailing stop once a trade crosses +10%, but that's hard to test the way I've been back-testing so that's an exercise for another time.
What I'm doing is not in line with the automated trading theme behind the original thread here. Also, I only put $5,000 on the line to test this so I only do one trade at a time, all in, and it's usually the first stock to trigger on a trade day.
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Kevin_in_GA
4,599 posts
msg #109902
- Ignore Kevin_in_GA |
1/7/2013 8:52:14 AM
Just to be perfectly clear - this system was developed using limit orders on Daily bars. What you are proposing is well outside of anything I have done and so further discussion on this might be best suited in a new thread of its own.
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