Evening trading US shares

[timaru69]

Lets not go round the merry go round again.

Ok - on with the show.

Hi totally agree with last couple of posts

Good trading session tonight, 3 winners 1 loser.

Had a nice trades on SNDK and AMZN. SNDK attached, probably out first half too early but didn't like the level II, red everywhere. TIMSK still thinking about your volume post, lots of food for thought.

Catch you all later

Cheers
AC

 

[samtron]

Nice trade, timaru69

How useful do you find L2?

 

[timaru69]

Nice trade, timaru69

How useful do you find L2?

Hi Samtron, thanks

I think L2 is useful but not all of the time. I try to use it as a confirmation of momentum around the areas that I would like to trade and for spotting potential weakness.

Definitely a skill that is acquired over time and I am still learning. I couldn't trade just using level II but I wouldn't trade without it.

One thing I have found useful is the Level II is good at identifying spikes (trades filled far away from the did/ask. Especially useful, I find when a trend is in place.

Cheers

 

[timaru69]

Hi all

Gone quiet around here..................

Back in the saddle after BT downgraded my 8mb broadband back to 2mb so internet connection is nice and steady now , no random slowdowns and disconnects.

Only had time for a couple of trades, 5c loss on AAPL and average 29c profit on IACI. Walked in the door just before 7pm and saw IACI as a potential long trade. Level II confirmed with momentum and T&S solid green, MM also came in.

Market seemed to be rather flat today (apart from 1st hour, check out RIMM)

Cheers all

 

[Mr. Charts]

One of my group was saying the other day that I only seem to show quick trades on t2w, so here is a typical swing trade from this afternoon.
Richard

 

[Mr. Charts]

This is a combo of finding the right stocks to watch to start with, the right set ups, and then reading micro-analysis (buy/sell pressures, players' behaviour, momentum, time and sales).
The entry was within 4c of the low and the exit within 9c of the high.
Long 2000 shares 12.08 and exit 12.65 for +57c = + $1140 on a nice easy swing trade on a quiet summer's afternoon.
Richard

 

[Mr. Charts]

The chart showing entry and exit.
Richard

 

[Mr. Charts]

I trade my own set ups, though some would look and see a cup-with-handle and go long about the 12.40/12.50 level. Better to be long at 12.08....
Richard

 

[Mr. Charts]

The entry was because I could see from my micro-analysis that the selling pressure was abating and key players were looking to buy around that level. Others might have assumed there was a down move and the gap would close........
Richard

 

[Mr. Charts]

The exit was a pattern set up, (look at the bearing engulfing c'stick), that told me the move was probably over for the moment, combined with micro-analysis showing growing weakness and the buying pressure genuinely abating at least for the time being.
Richard

 

[Mr. Charts]

.....and here is the broker execution screen.
Richard

 

[Mr. Charts]

That, for those who like to work such things out, is a return on capital employed of 4.72% in an hour and forty minutes. Who says "low priced" stocks don't have movement and momentum and the ability to generate good returns......micro-analysis is for swing trades as well as short term trades or scalps. It helps you SOMETIMES read what is going to happen BEFORE it does and long before it appears on a chart - look at the entry.
Technical analysis (and fundamentals) are only part of the picture, in my opinion.
Richard

 

[LevII]

Where has Mr Charts gone?

 

[LevII]

Found him on the OVER-THE-SHOULDER MICRO-ANALYSIS site

 

[Mr. Charts]

QCOM is one of my core trading stocks, so I'm always aware of what it is doing.
When a strong stock starts to trend and MM level2 &T&S behaviour (micro-analysis)confirms the entry you've got a high probability trade. I went long on the X hairs for the first trade of the day.
The exit was at the time of this screen shot.
The point is that even on a bit of a flattish day the opportunities are there for good profits when the chart pattern tells you what the sentiment is and that is confirmed on level2.
$870 minus $10 commission =$860 profit is always a good start to the day's trading.
Trade open for 13 minutes.
It's an excellent pattern to look out for.
Richard

 

[PitBull]

Nice trade Richard. No brainer as you say!
NVLS, UNP and URBN gave me the bacon today. As you say, choppy day in the indices, but soooo many stocks to choose from to give you your days wage.

 

[Mr. Charts]

Aha, Pitbull - thanks.
Sounds as if you did well ! As usual ;-))
Funnily enough I alerted my guys in advance to NVLS and URBN as well, but not UNP.
I took an image of NVLS for them (entry on the X hairs as usual and screen shot at time of exit) - another whole dollar move.
I bet your NVLS trade and mine were damn close together LOL
Yes, "no brainers". I'm told that phrase is too "provocative" for some people LOL !
Trade well,
Richard

 

[PitBull]

I bet they were too (entry and exit that is)! My NVLS entry was at 33, exit 34.22 after climatic volume bar and spike on candle. And of course warning signs on L2, time and sales and market participants. LOL!

 

[yacarob1]

Yes, "no brainers". I'm told that phrase is too "provocative" for some people LOL !

Why do you think that is Mr Charts, hmm ! ?

 

[candles]

does anyone successfully trade US stocks in a mr. charts fashion using speadbetters? Im tempted to have a go, but it feels as though things will be against me from the off. Its my only option though, as i dont have enough $$$ for a direct access PDT account