Best Thread How To Make Money Trading The Markets.

[Mr. Charts]

That trailling stop on the rest of the position using charts only (no level 2) would now be on 63.74, a cent below the low of the previous 15 min candle. It will change when the 15 min candle is finished.

 

[Mr. Charts]

That 15 min candle has now ended so the trailling stop for someone using 15 min candles only on the rest of their position would now be 63.96

 

[Mr. Charts]

That 15 min candle has now ended so the trailling stop for someone using 15 min candles only on the rest of their position would now be 64.06

 

[Mr. Charts]

Looks like it might be weakening.

 

[Mr. Charts]

Weakened to within 1 c of exit

 

[Mr. Charts]

That 15 min candle has now ended so the trailling stop for someone using 15 min candles only on the rest of their position would still now be 64.06

 

[Mr. Charts]

stopped out on that simple chart rule
Entry at time of 4.29 post 63.66, half out at whole number so +34c and stopped out exit on the other half.
Trade over.
Not rocket science.
Hope some find that interesting, esp montmorency
Richard

 

[Mr. Charts]

My 5.55 comment " Looks like it might be weakening" was made reading level 2 T&S
This demonstrates how useful the latter can be even when just looking at that and only a 15 min chart. Useful as a strong edge but not essential.
Richard

 

[Mr. Charts]

A nice gentle stress-free and slow trade.
No problem with rules which let the market take you out of the trade without even having to make a judgement call.
Richard

 

[be-positive]

thanks richard just wondering if you would be back in @64.31 ???

 

[Mr. Charts]

Hello be-positive,
I left my screens after my last post so I really don't know for sure.
I do like to see how price is actually behaving as it gets to a break out point and that gives me a clue as to whether the break out might succeed. In other words I don't automatically take a trade because price breaks out.
As a general rule I wouldn't go long again at that time of day because you get more false break outs during the US lunch time, especially on a choppy day.
Richard

 

[be-positive]

Thankyou Richard for reply hope your better half served up a good dinner :cheesy:

Peter.

 

[montmorencyt2w]

Richard,

Belated thanks for the several posts and the alert for BTN.
Afraid I was away from the computer then, and until after the US close.
However, I will check it out at leisure now in retrospect and use it as part of my education.

Many thanks,


BTW, I've just started using my old IG account again after some time, and I believe their advanced charts (or something!) has some sort of stock-screening facility. Didn't take much notice first time I noticed it, as I wasn't doing stocks at the time, but will look into it now. Don't supposed it's as advanced as specialised stock-screening software that you pay more money for, but something to get going on.


Best wishes,

 

[freedreamer22]

Mike... I like this quote a lot my friend...

Still learning my trade.

"Trade what you see", but make sure you are looking from the right viewpoint.



Thanks and good luck

 

[avasfx]

Great thread Mr. Charts, congratulations on the hard work and useful information. Maybe i have missed it, but how are you looking/scanning for the stocks you are trading? What criteria are you looking for?
Thank you
Alex

 

[Mr. Charts]

Thank you for your kind words, Alex.
I think I've said this already, but I read news stories and scan pre- and during market hours.
There are many scanners on the market and I'm not going to write publicly on this thread about the details and the service I use, but if you use a scanner look for the biggest risers/fallers and look at the trend.
Richard

 

[DionysusToast]

Here's one - well - kind of.....

Position sizes deleted 'cause that's none of your business

Level 2 was going haywire on Tradestation today seems like the T&S and L2 were out of synch. A bit of a pain.

In at 26.92, out at 26.82 for 25%, the remainder our at 26.31. Just over 12 minutes in the trade.

 

[temporarilylight]

are you a TA convert now then Dion?
ps - nice trade

 

[DionysusToast]

are you a TA convert now then Dion?
ps - nice trade

Well - I'm not totally anti-TA. I'm just against the concept that it can be used in place of all other knowledge. I will always be against indicators in terms of using them for entries & exits. They can be damn handy in scanners though (e.g. using stochastics to find stocks in a pullback).

Using T&S and L2 is really about understanding who does what and why. I can't seem to get to grips with NYSE stocks but I am OK with NASDAQ stocks, so I no longer trade the NYSE. I don't know many people that know how to use L2 and T&S as it applies in 2010. I think there are plenty of theoretical books on how it applied in 1998 though. With a grounding in the theory, you can spend a lot of time at the screen to learn how to put it into practise.

I don't see any of this stuff mentioned in TA books - and I have a LOT of TA books. It's all MACD, MA xovers, stochastics - you know the drill, you must have some of the books.

So - I will go out on a limb and say that the reading and 'getting a feel' for buying & selling pressure is a skill that I would not specifically associate with TA.

Sorry to go off topic Mr C

 

[GladiatorX]

I don't know many people that know how to use L2 and T&S as it applies in 2010.

The main difference to effect use of level 2 these days, is that its more about exploiting it through different routing styles these days than just SMART, most retailers don't really understand all the possbilities with routing.

Oh well, cya.