Breakout Trading using Time and Sales

[amit1986]

don't like the spread on YPF, so didn't take the short although it was on pretty good momo

 

[amit1986]

added SPRD, SPLS, and RPM to my list

 

[amit1986]

+5 cents per share RPM reversal...nothing on the chart, just reading level 2 momo with buying pressure building...out too early though

 

[amit1986]

nice chart on LEN

 

[amit1986]

-3 cents per share LEN breakout failed

 

[amit1986]

didn't take the corresponding breakout on LEN as I couldn't get a good read on it...

 

[amit1986]

watching ECL

 

[amit1986]

+10 cents per share ECL reversal....played that on the 5-minute chart. After the steep fall, note how each candle had a higher high and a higher low...plus, the buying pressure on time and sales which was most likely a bunch of short covering.

 

[amit1986]

really, really small gains today...but they all add up

 

[amit1986]

+1 cent per share RPM breakdown.....very choppy

 

[amit1986]

+2 cents per share DY breakdown...got out far too early...its collapsing like a rock right now...really frustrating

 

[amit1986]

As a trader, it's really difficult to give your trades wiggle room, especially after such a choppy morning and small profits. It's a decision between keeping your stops tight or allowing for bigger gains. That's exactly what happened on DY - I should have given it some wiggle room but got out on the first sign of strength. Turns out it was a pre-mature exit and then it took a nosedive down.

 

[amit1986]

+10 cents per share ECL reversal trade....those who have taken Mr. Charts' course will know exactly where I went long (5-minute chart). The $60 level was support and I had a stop under there. Got out when it stopped going higher.

 

[amit1986]

Going to call it a day. Summary:

DWA: +11 cents per share
RPM: +6 cents per share
LEN: -3 cents per share
ECL: +20 cents per share
DY: +2 cents per share

Hopefully the eurozone can quickly come up with a solution to Greece's financial woes. It seems like till then, the choppiness in the market will continue.

Good trading to all!

 

[tuffdy]

As a trader, it's really difficult to give your trades wiggle room, especially after such a choppy morning and small profits. It's a decision between keeping your stops tight or allowing for bigger gains. That's exactly what happened on DY - I should have given it some wiggle room but got out on the first sign of strength. Turns out it was a pre-mature exit and then it took a nosedive down.

I had a similar experience this afternoon with YPF. When price tested support I waited until I saw momo on L1/L2/T&S. Entry at 26.42 on crosshairs in attached image. My stop on this volatile stock was the ATR14 against, and when the stock whipsawed upwards I exited for a 10c loss.

Obviously my exit resulted in the price action then ticking downwards in what would have been a gain of just above 50c. 🙁

On reviewing this trade I would enter at the same point if I had my time again, however in higher ATR stocks with a wider spread my stop would be 1.5 times ATR (position sized accordingly) this giving me adequate wiggle room based on the recent price action.

Fascinating this trading business 👍

Aaron

 

[amit1986]

I had a similar experience this afternoon with YPF. When price tested support I waited until I saw momo on L1/L2/T&S. Entry at 26.42 on crosshairs in attached image. My stop on this volatile stock was the ATR14 against, and when the stock whipsawed upwards I exited for a 10c loss.

Obviously my exit resulted in the price action then ticking downwards in what would have been a gain of just above 50c. 🙁

On reviewing this trade I would enter at the same point if I had my time again, however in higher ATR stocks with a wider spread my stop would be 1.5 times ATR (position sized accordingly) this giving me adequate wiggle room based on the recent price action.

Fascinating this trading business 👍

Aaron

Personally, I don't use the ATR(14) as a stop. Either I get out when level2/t&s turns against me or if I get stopped out by the opposite end of the previous candle. The ATR is there to give me a quick indication as to the volatility of the stock and if I should trade it.

 

[amit1986]

+13 cents per share SPPI breakdown to new lows...got out farrrr toooooooooo early!!

it dropped a good 50 cents just as I exited !!

 

[amit1986]

+56 cents per share SPPI reversal

Nothing on the chart, just reading level 2/time and sales and seeing the selling stop and buying starting.
Not to bad of a start.
All position sizes are 1000 shares.

 

[amit1986]

-9 cents per share GPRE...got in early on momo building before the breakout and then the bids just dropped and as I exited, I got a bad price....really stupid trade.

 

[amit1986]

-2 cents per share JCP reversal failed