VCIG - Banged it out today hitting all the bells

VCIG - Banged it out today hitting all the bells and whistles at 10:18am

by Crunching_The_Market 11 months ago

Mike

Window - TradingView Chart Widget - Google Chrome.png 172 KB

can you give me a breakdown on the VCIG move today? News hit and then it hit all the alerts at 10:18. How would/could one have distinguished between VCIG going crazy and other stocks hitting the same intras but not having any follow through?
I don't think you scalp trade but how would you have honed in on VCIG for a scalp?
I know you said there are better scanners but yours does get it right most of the time.
It's like looking at a 15s chart vs a 5 min chart. The 5 min chart always looks great and 15s is noisy.
Thoughts?

TraderMike 11 months ago

Well, you can never know for sure which ones are going to continue higher -- that's what stop losses are for! 😁 Its volume vs. typical volume surely was a clue.

Watching for a 60 minute opening breakout would have worked well on VCIG yesterday. ( Combining those 2 things, I see there were just a handful of stocks that had a 10x volume pace and an opening range breakout yesterday.) See the purple line on the chart below (15 minute candles).

You could have also triggered an entry off of a break above the sloped blue line.

A trade based on a breakout over either of those lines would have given a pretty good low risk entry, with a stop around the LOD or even below the 2 or 4th candle.

The fact that the news was AI related was a good clue that this had potential to go nuts, given how much hype there is in AI these days among traders.