In this video Steve Spencer recaps the stocks discussed in yesterday morning’s Stocks In Play call. These stocks included SVU, FSLR, CHKP, ZIP, FSLR, MGM, and LMT.
In this video Steve Spencer recaps the stocks discussed in yesterday morning’s Stocks In Play call. These stocks included SVU, FSLR, CHKP, ZIP, FSLR, MGM, and LMT.
8 Comments on “Recap: SMB Gameplan”
Again, amazing Mr. Spencer trading skills.
I don’t know what exactly was, strictly tape reading or a ‘feel’ when you unloaded because you saw SVU 10.30 doesen’t hold, on the open. The buying and selling was so fast that it seemed hard (oh well, for me at least) to say in a matter of seconds ‘ok, doesn’t hold’.
Your skills are so developed that I don’t know, it seems like they are beyond just tape reading. And you also proved it when you wrote in a reply to one of my comments about POT – that you covered when you saw .00 doesen’t hold, when and that POT was full of hft’s and false brkouts. I would really love to see a 5 min video with you analyzing the order flow in one of the fast-moving stocks.
Thanks for doing this. It was very clear, clearer than first one.
Steve,
How tight do you usually keep your stops?
Sgb,
My stops are related for the most part to the potential upside in the trade. The normal range is 10-30 cents. I have found that if a position trades against me more than 30 cents from my ideal entry then I rarely make money if I hold the position. If I get stopped out I will not hesitate to get back in a second time if the stock starts acting better.
Steve
ovidiu,
thanks for the kind words. after many thousands of hours of screen time the feel and reading of the tape become one. at some point in the future i may do a short video on tape reading in a fast stock, but it wouldn’t be nearly as valuable as you recording these stocks and watching their movement over many many hours.
steve
I enjoyed all the lessons there. Thanks very much
Tape reading is a learned skill that can be developed with multiple hours of screen time.
until you have acquired these skills, use simple methods of price failure on a 2 min or 5 minbar,or the parabolic stop and reverse on your chart. Manage your positions a little better
With each new day.
I was shorting in zip that open, good to see I am looking at the same stocks for intraday action as the big boys. How does your firm screen your stocks in play?