There were a few things that I had no idea existed in trading. This may sound a bit silly, but I didn’t know you could profit from a drop in price. I watched the big short, and had no idea what shorting was! The same is true about halts. I never knew stocks could be halted. Now that I know, I watch for stocks that are halted in “Signals” in Benzinga Pro. I do not assume that I can profit from a stock simply because it is halted. But, it’s a good indication that there may be a good amount of volatility for a possible scalp.
I mostly trade stocks that are in play. I’m looking for stocks that are having the biggest battles. The faster the orders are flipping through the time and sales, the better! I often find halts prior to them coming across the scanner by watching the level 2 action. Level 2 is where the orders to buy and sell a stock are visible to the trader. If I see huge ever-growing walls on the bid and the ask that are holding the stock still or within $0.01, it is likely that stock will be a halt. I am sure there is more that i’m picking up on the tape than just that, but that’s the gist of it. Honestly, most of what I do is from the cues I’ve learned to read on the tape. I believe technical patterns and indicators can only get a trader so far. I always confirm if I’ll take a trade or not based on the price action. I get myself in the most trouble when I do not wait for price to confirm a setup. Without momentum, a setup can go from nice to devastating in the blink of an eye!
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Trade Ideas is also a place we find halts! If you do not know what Trade Ideas is, you are either new or have been living under a rock!
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