Essentially flat day with a very minimal profit +0.19%. Entries was not as good as I wanted them to be and we lost some valuable pennies in slippage of both RNN and CXZ.
Hi MJ, my broker is TDAmeritrade and I am using strategy desk as 'a tool'. Nothing fancy.. I am sure all brokers have something similar. TDA price flat price structure and robust system is just everything i need... So, back your question re tools. I have 100-150 symbols overall (top 100 are in my pennystocks100 Index). I presort them just based on volume & price spike. HIGHer than average volume 1.5-3x and Price close>open... Then I have about 10-15 preselected (or even 20) and from this smaller group I select FINAL list of (from ZERO to up to 9.. on average I have 2 per day). It takes me about 1.5-2 hours after market close. So, the key is final preselection and its very manual.. based on how the chart looks like, (standard things, like support/resistance, MACD (on weekly it makes more sense than daily for pennystocks). Another thing that works well is checking P&F charts and volume action on 3-min charts...especially close to the trading session end. Backtesting I publish for the last year, is not a part of selection, but I use it AFTER I make a decision to trade something next day. Use it just to get overall feeling what to expect, like psychotherapy to get confidence :-) So, nothing really fancy, mostly visual.. Read the description I have on my home page. It should help: 'About pennystocks100 strategy" http://www.pennystocks100.com/
I just wanted to say thanks for posting and providing insight into your strategy. May I ask what you use to screen your stocks? i.e. what tool?
ReplyDeleteHi MJ,
ReplyDeletemy broker is TDAmeritrade and I am using strategy desk as 'a tool'. Nothing fancy.. I am sure all brokers have something similar. TDA price flat price structure and robust system is just everything i need...
So, back your question re tools. I have 100-150 symbols overall (top 100 are in my pennystocks100 Index). I presort them just based on volume & price spike. HIGHer than average volume 1.5-3x and Price close>open... Then I have about 10-15 preselected (or even 20) and from this smaller group I select FINAL list of (from ZERO to up to 9.. on average I have 2 per day). It takes me about 1.5-2 hours after market close. So, the key is final preselection and its very manual.. based on how the chart looks like, (standard things, like support/resistance, MACD (on weekly it makes more sense than daily for pennystocks). Another thing that works well is checking P&F charts and volume action on 3-min charts...especially close to the trading session end. Backtesting I publish for the last year, is not a part of selection, but I use it AFTER I make a decision to trade something next day. Use it just to get overall feeling what to expect, like psychotherapy to get confidence :-) So, nothing really fancy, mostly visual.. Read the description I have on my home page. It should help: 'About pennystocks100 strategy" http://www.pennystocks100.com/