ASX set to open high today, any good stocks for intraday trading?

[troyxlr8]

Hi Guys,

So ASX set to open high today, Whats your good stock picks for day trading?

The one I'm going to chuck some money at is MGX Mount Gibson Iron, they went up yesterday and i think they still have some steam
Just a hunch but i dont have technical analysis or anything other than advice from ASR to back me up.

 

[Gringotts Bank]

Hi Guys,

So ASX set to open high today, Whats your good stock picks for day trading?

The one I'm going to chuck some money at is MGX Mount Gibson Iron, they went up yesterday and i think they still have some steam
Just a hunch but i dont have technical analysis or anything other than advice from ASR to back me up.

It's just busted out of its channel, so yeh, why not. Know if/when to sell. For trading to be successful over the longer term, you either need to be very accurate (high win rate) or make your winners much bigger in size than your losers...or a bit of both. If these things aren't achieved, you will lose over the long term....despite what happens today.

 

[troyxlr8]

It's just busted out of its channel, so yeh, why not. Know if/when to sell. For trading to be successful over the longer term, you either need to be very accurate (high win rate) or make your winners much bigger in size than your losers...or a bit of both. If these things aren't achieved, you will lose over the long term....despite what happens today.

Thanks for that. So perhaps mgx is a longer term trade then?

Forgive my inexperience, but what does bust out of its channel mean?

Cheers,

 

[CanOz]

Hi Guys,

So ASX set to open high today, Whats your good stock picks for day trading?

The one I'm going to chuck some money at is MGX Mount Gibson Iron, they went up yesterday and i think they still have some steam
Just a hunch but i dont have technical analysis or anything other than advice from ASR to back me up.

You ever notice that sometimes when it opens high it doesn't keep going, it reverses?

Just because it gaps open doesn't mean its always a long opportunity.

CanOz

 

[Gringotts Bank]

Thanks for that. So perhaps mgx is a longer term trade then?

Forgive my inexperience, but what does bust out of its channel mean?

Cheers,

Before you enter a trade, have a look at the chart and see if you can get a feel for how high it might go, and in what sort of time frame. Say you expect it to go to 80c in 3 weeks. Take your 3 weeks and get a feel for how low you think it might go in that time frame if you get it wrong. If the potential upside is twice the potential downside, go for it. Be prepared to sell if the downside eventuates.

Me, I pick which stock using gut feel. Almost everyone on ASF disagrees with that approach, but whatever method you use, try to apply the above so that when you get it right your winners will be bigger. If a week passes and you think to yourself "it's gone up a bit but i just don't like the look of it any more" then get out at a small profit. You don't have to wait until you get stopped out.

Charts aren't working - sorry. Someone else might post the channel.

 

[Trembling Hand]

Me, I pick which stock using gut feel. Almost everyone on ASF disagrees with that approach, but whatever method you use, try to apply the above so that when you get it right your winners will be bigger.

That's irrelevant what we think the only thing that matters is the account balance......... how is that going?

 

[troyxlr8]

Thanks for your help guys

 

[Gringotts Bank]

That's irrelevant what we think the only thing that matters is the account balance......... how is that going?

Going ok.

IMO, discretionary share market traders put too much emphasis on R:R and position sizing, and not enough on choosing the right stock in the first place.

 

[Country Lad]

Going ok.

IMO, discretionary share market traders put too much emphasis on R:R and position sizing, and not enough on choosing the right stock in the first place.

+1 ......

 

[burglar]

... what does bust out of its channel mean? ...

Try this:
channel.asp

 

[nysefloortrader]

Try this:
channel.asp

View attachment 51712

Yes sometimes it is better to trade stocks in a range like this chart shown above.

I use to trade a stock in the US that for 3 years the range never broke $8 - $15 crazy stuff but it really can give you an edge and stop you trying to look for the next best thing. Stick to what you know best as they say.