Evening trading US shares
- Thread starter Mr. Charts
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Hello Iraj this mayb a bit ramdom from the topic but can you tell us your typical trading week concerning market analysis, trade executions etc. Just basically your everyday trading week combined with quality time with your family, friends etc
thanks
dwaine
thanks
dwaine
Grey1
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Dwaine ,
Unfortunatley I am a daytrader and have to spend a lot of time in front of PC which i hate. I have tried to automate every thing which i thought it was 100 % bug free but we have encountered to few problems which is currently being taken care of .
This is my trading plan for every day ,
I watch a lot of CNBC for daily market sentiment. I make sure an hour before market opens I watch CNBC to make sure I know what other analysts think of the day . I might or might not take notice of them depending on the speaker and the quality and reputation of the analyst,
I also pick 3 short and 3 long stocks every day , so I know what i want to do before hand,. I am not a news trader I am a pure technical trader and try to pick the moves before any 1 else with out bottom fishing ..
I have no idea what price My entry would be but I know my exit would be 20C t0 $1 run depending on how correclty my VWAP engine picks the entry ..My weekly target is around 7-8 K ( might be more if i trade more aggresivley ) but some weeks I cannot meet my target basically because it is difficult to monitor more than 2 trades at any given time.
My last year target was not met based on above figure,, My long term position /swing target was met easily and easily beat the bench mark .
A weekly figure of 4K is achievable with few hours work ( not trading consolidation hours ),, When i say few i mean around 1-2 hour a day ..(people think to make more $ all you have to do is to increase pos size. This is true up to a certain number of shares,,, once this threashold is reached you need to move in and out of the market quietly and intelligently and this on its own needs special skill... ).
None of the trades I take are NO BRAINERS,,,( unlike Mr chart's rofl .. I some times wonder if there was any NO BRAINER trade why on earth NASA engineers wasting their time on PAID JOB..) they are all extremly difficult and need expertise for exit and entry .
Hope this helps
Ps:-- as far as family is concerend , if it was not because of the arrival of a new born , i would not trade in summer ,,, I certainly would be in Marbella doing my moon walking thing in clubs .. This is the only thing i like about trading freedom of choice
grey1
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timsk
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Hi Iraj,
I do enjoy reading your posts! Whilst I struggle to accept some of your comments and, at times, am disappointed in the way you express them, I have to say your openness and candour is delightful. In your last post (quoted) Dwaine has managed to elicit a very insightful and interesting reply. Please allow me to pick up on one or two aspects of it in particular and quiz you a little further . . .
(I wish!)
) Mr. Charts uses more challenging language than you care to use to describe such trades - i.e. the famous 'no brainer' - but, ultimately, I believe you are both talking about the very same thing. Some days you struggle to meet your daily target and other days you meet it with ease and then some. And so it is with Mr. C'. Ultimately, I believe there are more similarities that unite the two of you than there are differences that divide you.
Tim.
I do enjoy reading your posts! Whilst I struggle to accept some of your comments and, at times, am disappointed in the way you express them, I have to say your openness and candour is delightful. In your last post (quoted) Dwaine has managed to elicit a very insightful and interesting reply. Please allow me to pick up on one or two aspects of it in particular and quiz you a little further . . .
Which speakers / analysts do you admire and take notice of and to what extent? By this I mean, if a commentator who you admire says the trading day ahead favours the bulls, do you interpret this literally and only look to go long the market?
This sounds great to me. Presumably the idea is that if the market is looking bullish or bearish, you have weak and strong stocks lined up in advance, one or more or which will be swept along with the market. So, whatever the market decides to do, you are positioned in advance to 'go with the flow'. I like it. I like it lots!
This is confusing to simple souls like me! I can't quite get my head around the idea that you would exit a trade with a $0.20 - £1.00 run but you don't have any idea about your entry? It implies that you enter purely mechanically, upon the signal from your VWAP engine perhaps, irrespective of any conventional technical analysis of charts?
By 'consolidation hours' - do you mean the U.S. lunchtime 12.00 - 2.00pm (5.00pm - 7.00pm GMT)?
Yeah, I know exactly what you mean Iraj, I do this every day too
(I wish!) I don't want to end the post on a negative note, but your repeated digs at Mr. Charts are an example of the kind of comment that disappoints me. They undermine the otherwise very positive and instructive contribution that you undoubtedly make to the forum for traders like myself who yearn to achieve your level of expertise and success. I suspect that the differences between you and Mr. C' aren't as great as they may appear to readers of this thread. I suspect that the apparent stand off between the two of you is a side-effect of the limitations imposed by communicating on a public bulletin board such as this. You yourself have given the distinct impression - on occasions - that some trades carry a higher probability of success than others and involve far less risk than others. (P l e a s e don't make me quote your posts
) Mr. Charts uses more challenging language than you care to use to describe such trades - i.e. the famous 'no brainer' - but, ultimately, I believe you are both talking about the very same thing. Some days you struggle to meet your daily target and other days you meet it with ease and then some. And so it is with Mr. C'. Ultimately, I believe there are more similarities that unite the two of you than there are differences that divide you. It does indeed, thank you for sharing.
Tim.
Grey1
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Same here I shorted AKAM too as een on the vwap engine ,,,Hi all
Sounds good Grey1 , thanks for sharing
My "No Brainer" for today which is just as as well cause after a day at work I don't have much of a brain to think with when I get home
AKAM set up for a low risk short trade, I think initial stop was around 5c
Made a killing to day on AKAM ,USU ,JOYG
stop was 30C target was 60 C pos size was 1880
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Grey1
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Hi Iraj,
I do enjoy reading your posts! Whilst I struggle to accept some of your comments and, at times, am disappointed in the way you express them, I have to say your openness and candour is delightful. In your last post (quoted) Dwaine has managed to elicit a very insightful and interesting reply. Please allow me to pick up on one or two aspects of it in particular and quiz you a little further . . .
Which speakers / analysts do you admire and take notice of and to what extent? By this I mean, if a commentator who you admire says the trading day ahead favours the bulls, do you interpret this literally and only look to go long the market?
This sounds great to me. Presumably the idea is that if the market is looking bullish or bearish, you have weak and strong stocks lined up in advance, one or more or which will be swept along with the market. So, whatever the market decides to do, you are positioned in advance to 'go with the flow'. I like it. I like it lots!
This is confusing to simple souls like me! I can't quite get my head around the idea that you would exit a trade with a $0.20 - £1.00 run but you don't have any idea about your entry? It implies that you enter purely mechanically, upon the signal from your VWAP engine perhaps, irrespective of any conventional technical analysis of charts?
By 'consolidation hours' - do you mean the U.S. lunchtime 12.00 - 2.00pm (5.00pm - 7.00pm GMT)?
Yeah, I know exactly what you mean Iraj, I do this every day too
I don't want to end the post on a negative note, but your repeated digs at Mr. Charts are an example of the kind of comment that disappoints me. They undermine the otherwise very positive and instructive contribution that you undoubtedly make to the forum for traders like myself who yearn to achieve your level of expertise and success. I suspect that the differences between you and Mr. C' aren't as great as they may appear to readers of this thread. I suspect that the apparent stand off between the two of you is a side-effect of the limitations imposed by communicating on a public bulletin board such as this. You yourself have given the distinct impression - on occasions - that some trades carry a higher probability of success than others and involve far less risk than others. (P l e a s e don't make me quote your posts
It does indeed, thank you for sharing.
Tim.
1) Grey 1 wont make any comment about mr Chart any more.
2) I only take notice of floor Traders who often make comments on CNBC , I should have said Traders not analysts. Most WALL STREET analysts are useless. Traders are not .
3) yes I pick three stocks on either side so i know which one to short when market gets OB and which one to LONG when market gets OS . I never decide on the day which one to short or long ,, I decide the night before by analysing the daily chart.
4) My entry is un known as I have no idea when I will be taking the postions,, for example if the market gaps up and then sells off then the entry will be different for the same stock than if the market gapped up and rallied for hours.. ( like to day )
I have seen some traders saying if Stock X hits say 23.50 then long the stock ,,, Why on earth for ? what if the stock hits 23.50 and then market sell off for the rest of the day . This none sense is a tradtion amongst Old fashion and PURE CHART READERS.
it is time to move on and think out of BOX. OMG I might get some stick from people now saying .. " YOU THINK YOU ARE THE ONLY ONE WHO KNOWS HOW TO TRADE ".
Any way lets move FFS ignore my above comment if you donot like it.
5) consolidation I mean 4 Uk time 7 UK time ...
If i was to stress on one issue in trading is this ,,, Trade in the direction of the market. if you donot know where market heading then donot take a postion ,,,
Market first stock second ,, This rule always applies and MUST be respected,,
grey1
Hi all
Sounds good Grey1 , thanks for sharing
My "No Brainer" for today which is just as as well cause after a day at work I don't have much of a brain to think with when I get home
AKAM set up for a low risk short trade, I think initial stop was around 5c
Perfect ABC School Example! B-E-A-utiful no brainer!
timsk
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Hi Iraj,
Thanks for answering my questions. I take note of your top down approach; I doubt it's one that many would argue with. I also note your comment about Mr. Charts - which I welcome. Just as an illustration of how I think the two of you have more in common (trading wise I mean) than you have differences, I know that he always keeps an eye on index futures throughout the trading day. As I recall, he stresses their importance for 2 reasons: 1) to keep you out of a trade that, in all other respects looks like a high probability opportunity, and 2) to get you into a high probability trade early if the futures are providing strong confirmation of your stock set-ups.
Tim.
(Yo Mr. C' - if and when you see this, please correct me if I'm wrong about this or have misinterpreted your use of futures!)
Hi DVDH
Thanks, let's hope it continues
Tonights trade was a bit slower and I got shaken out of Amazon for a scratch trade before it popped.
However I did catch some of this move on AET.
After entering on momentum I drew an Andrew's pitchfork? as I had read something about them somewhere and was curious to see if there was anything in it.
I was interested to see that the price pretty much stayed around the lower "prong" before reaching the middle prong where I could see that a lot of the strength of the move had gone so I was out my 2nd half at $52.05 (exited first half bit early)
Now maybe I was lucky but does anybody use these pitchforks?? I suspect that they don't work most of the time but interesting to observe on a live screen.
Cheers
T
p,s initial risk was 7c
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PitBull
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Base and break
Hi guys, hope your'e trading safe.
Here's an example of what I look for everyday. Pretty simple. Strong stocks at their highs (52 week) and just before they take out resistance they base, setting up for a move. Having a daily number is better for base and break. This is not a great one, but one I traded but shows the principles. Also this was at the 2 day high. The bids started thickening up as it was about to take out the high of day and offers started to thin, T&S was all green, there was an ECN there on the offer showing 1, but had reserve as kept on refreshing, soon as he went, I took the offer, spread at the time was about 5 cents, but these stocks are worth the risk. The bid held rock steady and even GSCO was supporting it and even raising. A rush of green ensued and the trade never went against me by 1 cent. These set ups I get aggressive with, as "no brainer" if the trigger happens!! My risk was at max 3 cents as soon as it had trouble with 68.30 ish and the T&S showed more red than normal I knew we had finished for the time being. I exit a full position for 40 cents. Making a risk reward of 13:1.
All the best
Pitbull
Hi guys, hope your'e trading safe.
Here's an example of what I look for everyday. Pretty simple. Strong stocks at their highs (52 week) and just before they take out resistance they base, setting up for a move. Having a daily number is better for base and break. This is not a great one, but one I traded but shows the principles. Also this was at the 2 day high. The bids started thickening up as it was about to take out the high of day and offers started to thin, T&S was all green, there was an ECN there on the offer showing 1, but had reserve as kept on refreshing, soon as he went, I took the offer, spread at the time was about 5 cents, but these stocks are worth the risk. The bid held rock steady and even GSCO was supporting it and even raising. A rush of green ensued and the trade never went against me by 1 cent. These set ups I get aggressive with, as "no brainer" if the trigger happens!! My risk was at max 3 cents as soon as it had trouble with 68.30 ish and the T&S showed more red than normal I knew we had finished for the time being. I exit a full position for 40 cents. Making a risk reward of 13:1.
All the best
Pitbull
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Hi DVDH
Thanks, let's hope it continues
Tonights trade was a bit slower and I got shaken out of Amazon for a scratch trade before it popped.
However I did catch some of this move on AET.
After entering on momentum I drew an Andrew's pitchfork? as I had read something about them somewhere and was curious to see if there was anything in it.
I was interested to see that the price pretty much stayed around the lower "prong" before reaching the middle prong where I could see that a lot of the strength of the move had gone so I was out my 2nd half at $52.05 (exited first half bit early)
Now maybe I was lucky but does anybody use these pitchforks?? I suspect that they don't work most of the time but interesting to observe on a live screen.
Cheers
T
p,s initial risk was 7c
Very nice!
No, I never use andrew's pitchfork.
-Dave
Awesome!
I'm very well, Lee! You too?
Definately steaks on me. And a really nice Perdriel too? Damn, that was good wine!
-Dave
GUYS,
today there was HUGE activity in the S&P futures.
On the open, there was an options group buying 1500 contracts through merrill in the pit. 1500 big contracts, so that's 7500 minis. That is absolutely HUGE.
Right after we made new highs today in the futures in the last hour. Goldman started selling 25 (125 minis) at a time, slowly selling it down 2 points. Then Borsellino (the biggest local in the pit), came in for an aggressive push lower into the cash close (equities close). He was short 600 (3000 minis) at 1518,00 in the pit, he pushed it down to 1517,00, the cash closed and that options group came in to sell 1500 (7500) through merrill again. He bought 300 back at 1516,00 and later 1500 minis at 1516.50.
I know this local is the biggest there and he takes on big size, but this is absolutely the biggest I've ever seen him do.
Locals close their positions after the cash close. The futures close 15 minutes after equities.
3 minutes before the close this local start pounding the mini. He sold 1000 at 1515.75, 1000 at 1515.50, and 3000 down to 1515. To buy it back in the pit around 1514.80 when that same optionsgroup seller came in on the futures close.
Believe me guys, something is going to happen tomorrow. I'm expecting a good move down. Not taking a position yet. Waiting for confirmation tomorrow. But 9 out of 10 times when there is such a big seller on the cash close and on the close (which is rare) futures go down premarket!
So keep your eyes open for this!!
Last time I heard size like this go through the pit was May 2006. We sold off 100 points in the S&P. As the saying goes: Sell in May, come back in September!
-Dave
today there was HUGE activity in the S&P futures.
On the open, there was an options group buying 1500 contracts through merrill in the pit. 1500 big contracts, so that's 7500 minis. That is absolutely HUGE.
Right after we made new highs today in the futures in the last hour. Goldman started selling 25 (125 minis) at a time, slowly selling it down 2 points. Then Borsellino (the biggest local in the pit), came in for an aggressive push lower into the cash close (equities close). He was short 600 (3000 minis) at 1518,00 in the pit, he pushed it down to 1517,00, the cash closed and that options group came in to sell 1500 (7500) through merrill again. He bought 300 back at 1516,00 and later 1500 minis at 1516.50.
I know this local is the biggest there and he takes on big size, but this is absolutely the biggest I've ever seen him do.
Locals close their positions after the cash close. The futures close 15 minutes after equities.
3 minutes before the close this local start pounding the mini. He sold 1000 at 1515.75, 1000 at 1515.50, and 3000 down to 1515. To buy it back in the pit around 1514.80 when that same optionsgroup seller came in on the futures close.
Believe me guys, something is going to happen tomorrow. I'm expecting a good move down. Not taking a position yet. Waiting for confirmation tomorrow. But 9 out of 10 times when there is such a big seller on the cash close and on the close (which is rare) futures go down premarket!
So keep your eyes open for this!!
Last time I heard size like this go through the pit was May 2006. We sold off 100 points in the S&P. As the saying goes: Sell in May, come back in September!
-Dave
Thanks! how did you garner this info?
PitBull
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Looks like we're up at pre-open +3.4 on the S&P and up 5 on the Naz, watch the financials GS, MER, MS, LEH, and BSC after some upbeat info from Berstein. Gonna be wild as OEX day, so trade safe, and watch for failed breakouts most definitely.
Got some neg divergence on daily S&P on RSI but still making higher lows in price, need a lower low to confirm a correction.
Watch the nat gas stocks as breaking out of consolidation, DVN, APL, EAC, APA, SWN, ECA, NBL
Also good daily charts for breakouts on AMZN, UPL and ESRX
Trade safe!
Got some neg divergence on daily S&P on RSI but still making higher lows in price, need a lower low to confirm a correction.
Watch the nat gas stocks as breaking out of consolidation, DVN, APL, EAC, APA, SWN, ECA, NBL
Also good daily charts for breakouts on AMZN, UPL and ESRX
Trade safe!
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I have a squawkbox for the S&P 500 pit in Chicago. I use a squawkbox because I get a lot more info from it then from charts. Yesterday when we were making new highs over 1521 even, I heard goldman was selling it, and there were no significant buyers into the new highs, I knew it was gonna come down. No way you could get this information from a chart.
But the size going through yesterday had to do with options expiration today. But still the size on the sell side the last few minutes was unheard of. Believe me. I think we have a busy morning ahead!
-Dave
