Mr. Charts
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Evening trading US shares
- Thread starter Mr. Charts
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Mr. Charts
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In my opinion the set ups are almost self explanatory and with the confirming triggers of level 2 and T&S this is really hardly rocket science. A lot of trading like this is being decisive, self controlled and never over trading. Just always go for the best scenarios, not the ones where you've got to figure out what is going to happen next - it's usually clear enough to get a high success rate as long as you manage the position and don't get greedy. If it's not clear, don't trade it !
Trading should be like eating, fork fulls at a time, not trying to stuff yourself all at one go. There are certainly times when you get multi dollar moves, but you can also get to the same destination bit by bit.
Richard
Trading should be like eating, fork fulls at a time, not trying to stuff yourself all at one go. There are certainly times when you get multi dollar moves, but you can also get to the same destination bit by bit.
Richard
Hi All
We have seen some great posts by members including Pitbull, Mr Charts, Naz and Timaru. Don't expect mine to be in the same league as I am a relative new starter having lurked around for a time. Any constructive criticism is most welcome.
Regards
Steve
We have seen some great posts by members including Pitbull, Mr Charts, Naz and Timaru. Don't expect mine to be in the same league as I am a relative new starter having lurked around for a time. Any constructive criticism is most welcome.
Regards
Steve
PitBull
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Welcome aboard Steve,
Happy to provide some feedback. There's no problem with your stock selection as these are the kind of charts (longs and shorts) I look for everyday. Your entries look fine, but what I will say and Mr Charts has said it before on this board is that if a breakout does not work, i.e. there is no follow through as in a rush of momentum then do not hang about waiting for it to hit your stop, get out with a small profit or a breakeven trade. I see that both trades were actually in profit, RATE by 13cents and JSDA 7cents. If it trickles back to your entry then close the trade as it is a failed breakout. This happens probably halve the time, the other halve are the ones you make your money on, simple as that! Having the futs breakout too also helps. With a good breakout you should be able to bring your stop to breakeven immediately. Begin by just watching the breakouts and observe how price behaves.
Well done anyway and good luck with your trading.
Lee
Happy to provide some feedback. There's no problem with your stock selection as these are the kind of charts (longs and shorts) I look for everyday. Your entries look fine, but what I will say and Mr Charts has said it before on this board is that if a breakout does not work, i.e. there is no follow through as in a rush of momentum then do not hang about waiting for it to hit your stop, get out with a small profit or a breakeven trade. I see that both trades were actually in profit, RATE by 13cents and JSDA 7cents. If it trickles back to your entry then close the trade as it is a failed breakout. This happens probably halve the time, the other halve are the ones you make your money on, simple as that! Having the futs breakout too also helps. With a good breakout you should be able to bring your stop to breakeven immediately. Begin by just watching the breakouts and observe how price behaves.
Well done anyway and good luck with your trading.
Lee
PitBull
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One other thing Steve, I notice on the RATE chart that your entry was a little late. The lows were 34.70 and the break of this intraday support level should of been your entry. if you miss the entry don't chase the breakout, wait for it to consolidate/base before taking it again.
Hope this helps
Hope this helps
Hi Lee
Thank you for your feedback.
This puts into context the speed at which I "should " expect to see the price move up. Thinking back to the trades they had initial momentum and then it died very quickly and this is when, as you have said, I "should" have just cut it short. If it was a proper breakout I should then have seen the T&S move quicker with more volume and then I should have been looking to the depth of the bid (ask) to decide on the bid (ask) price for my stop as it moved.
As you know it's all a matter of being aware of the component parts and putting them into practice.
Regards
Steve
Thank you for your feedback.
This puts into context the speed at which I "should " expect to see the price move up. Thinking back to the trades they had initial momentum and then it died very quickly and this is when, as you have said, I "should" have just cut it short. If it was a proper breakout I should then have seen the T&S move quicker with more volume and then I should have been looking to the depth of the bid (ask) to decide on the bid (ask) price for my stop as it moved.
As you know it's all a matter of being aware of the component parts and putting them into practice.
Regards
Steve
Lee
Regarding late entry - I know what you mean, I am in the process of setting a scanner up because at the moment I get an alert on the break of the low (high) only and this can leave very little time to react to the initial 'pop'.
In the case of RATE If I see the momentum build and level 2, T & S shows me what I need to see prior to the low I should have the confidence to pull the trigger before the break.
Regards
Steve
Regarding late entry - I know what you mean, I am in the process of setting a scanner up because at the moment I get an alert on the break of the low (high) only and this can leave very little time to react to the initial 'pop'.
In the case of RATE If I see the momentum build and level 2, T & S shows me what I need to see prior to the low I should have the confidence to pull the trigger before the break.
Regards
Steve
PitBull
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Yes thats correct what you say on RATE, anticipating the break will come with time.
My scanner (RadarScanner) alerts me to the lows/highs before they happen. I input a cents from low/high number, say 4, and an alert will go off warning of the impending break. Very good IMO and well worth subscribing too.
My scanner (RadarScanner) alerts me to the lows/highs before they happen. I input a cents from low/high number, say 4, and an alert will go off warning of the impending break. Very good IMO and well worth subscribing too.
lloydsc said:
Hi Steve
I too find breakouts hard to read and trade well. One tactic I have incorporated is looking to see if there is a pullback to the original entry point and seeing if price is supported or rejected at this level .
Although you can miss a valid breakout it has helped when breakouts occur around whole numbers, it can also mean you are able to set a tighter stop level.
As an aside I have attached a charts for HUM which I had identified as a possible trading canidate the night before based on the daily chart. I had no particular bias as to which way I though the stock would move but just observed the price action during the morning and lunchtime sessions.
This is an example of the type of pattern I look for when trying to trade evening moves. Nice uptrend in the morning with little or no retracement over the lunch session.
In this case my entry was sound but my trade management was pretty poor (I think) as I got a bit nervous when the futures started to head down.
Cheers
Andrew
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Hi Andrew
For what it is worth bearing in mind I am In my early stages of development, I don't see a problem with what you are saying. I don't think you are ever going to go long at the very start of the breakout and cover at the high of the day without experience and being able to read the market sentiment in the way that Mr Charts does.
In you have an opinion that a pullback may turn into a retracement bank half and then get ready to pull the other half if it eventually does. Once you have money banked and on the table you've done your job. If you are out and and the move continues then you can get back in.
I think that if you beat your self up because you could have traded it for more return you are adding pressure that you don't need.
Regards
Steve
For what it is worth bearing in mind I am In my early stages of development, I don't see a problem with what you are saying. I don't think you are ever going to go long at the very start of the breakout and cover at the high of the day without experience and being able to read the market sentiment in the way that Mr Charts does.
In you have an opinion that a pullback may turn into a retracement bank half and then get ready to pull the other half if it eventually does. Once you have money banked and on the table you've done your job. If you are out and and the move continues then you can get back in.
I think that if you beat your self up because you could have traded it for more return you are adding pressure that you don't need.
Regards
Steve
timsk
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Hi Frank,vegas said:
Might I enquire how you apply this to day / evening trading? That is to say, can you give an example of how volume above or below the 30 day M.A. might affect your decision making process? This isn't a challenge by the way, it's a genuine enquiry as to how you use a M.A. applied to volume.
Cheers,
Tim.
P.S. If you're feeling suitably disposed, I think I can speak for most on this thread when I say that an example illustrated by a chart would be especially appreciated. Thanks!
Hi all
Thought that I would post a trade that I did today to highlight a situation that was a first for me .
The stock was ADM and after trading it for a 42c profit ( see 5 min chart) I thought that it was looking like a good long at $36.73. I duly went long and placed my stop underneath the $36.60 level and the 38.2 % retracement of the intraday move(see 1 min chart) Total estimated initial risk 14c.
So far so good.
If you look at the 1 min chart you can see that the stock came back to about $36.62 before heading up again. As the stock reached 36.83c I decided to lift my stop to breakeven i.e $36.73.
I was watching the time and sales and I saw orders filling around the $36.84 mark when a large order of 4200 shares was filled at $36.73. I duly heard the stop alert sound off and noticed that my stop had been triggered for a fill of $36.84.
So the time and sales looked something along the lines of
36.84 200
36.83 200
36.84 400
36.84 400
36.73 4200
36.84 600
36.84 200
36.84 300
etc etc
I was wondering if anybody has had anything similar happen to them? Could I have avoided it?
I had the stop on the ARCA book and if I had been running a manual stop I wouldn't have even hit the sell button has it was a split second pop down and up from $36.73 to $36.84.
The price tracked down to $36.76 before topping out at $37.40.
Any thoughts comments welcome.
Cheers
Andrew
Thought that I would post a trade that I did today to highlight a situation that was a first for me .
The stock was ADM and after trading it for a 42c profit ( see 5 min chart) I thought that it was looking like a good long at $36.73. I duly went long and placed my stop underneath the $36.60 level and the 38.2 % retracement of the intraday move(see 1 min chart) Total estimated initial risk 14c.
So far so good.
If you look at the 1 min chart you can see that the stock came back to about $36.62 before heading up again. As the stock reached 36.83c I decided to lift my stop to breakeven i.e $36.73.
I was watching the time and sales and I saw orders filling around the $36.84 mark when a large order of 4200 shares was filled at $36.73. I duly heard the stop alert sound off and noticed that my stop had been triggered for a fill of $36.84.
So the time and sales looked something along the lines of
36.84 200
36.83 200
36.84 400
36.84 400
36.73 4200
36.84 600
36.84 200
36.84 300
etc etc
I was wondering if anybody has had anything similar happen to them? Could I have avoided it?
I had the stop on the ARCA book and if I had been running a manual stop I wouldn't have even hit the sell button has it was a split second pop down and up from $36.73 to $36.84.
The price tracked down to $36.76 before topping out at $37.40.
Any thoughts comments welcome.
Cheers
Andrew
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One Eyed Shark
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Unlucky timaru
It is the same problem we all run with close market stops that are triggered by price hitting the stop value which will result in the platform firing off a market order to cover.
I am not aware of any way to have my trading platform trigger a stop when it is the spread that trades through the stop loss and not the price.
Sorry not very constructive
Only other option is to only trade the futs ( even less constructive )
It is the same problem we all run with close market stops that are triggered by price hitting the stop value which will result in the platform firing off a market order to cover.
I am not aware of any way to have my trading platform trigger a stop when it is the spread that trades through the stop loss and not the price.
Sorry not very constructive
Only other option is to only trade the futs ( even less constructive )
One Eyed Shark said:
Hi One Eyed
Thanks for your reply, yes I see the problem, previously under my old platform "elitrtraderlite" I could route a stop order directly to the ARCA book and that would only match at market prices therefore away from the market fills would not trigger the stop. IB platform (Trader Work Station) obviously holds the order until market price is registered then executes stop at next available price via the smart order routing system, I will have to configure it to send stop directly to ARCA book.
The smoke clears...................................
DOH!!!
pssonice
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first of all, AMD is a very good pick, in the longterm u entered too late
intraday volumes dont have any value. from the daily volume u should have enter the market at the beginning of the year.
So far so good.
But, u didnt catch the meaning of the fibonacci number. Because of this u wont succeed in the future as well. I cant explain everything in detail. check out at google "the meaning of ... "
intraday volumes dont have any value. from the daily volume u should have enter the market at the beginning of the year.
So far so good.
But, u didnt catch the meaning of the fibonacci number. Because of this u wont succeed in the future as well. I cant explain everything in detail. check out at google "the meaning of ... "
