October US Equity Trading

[Mr. Charts]

Good afternoon,
As some of you know accusations were made against myself and Chartman by an individual in Switzerland. That followed on from my polite support of Chartman when he was being unfairly attacked by that same individual.
I choose not to stand idly by when I see a decent person attacked.
This may result in a libel action by me so I'm not prepared to say more at the moment other than completely rejecting the allegations he made against me and Chartman and this web site.
I will continue posting charts and this thread should gradually build up with useful educational and hopefully entertaining imput from many people including myself.
Trade2Win will be offering seminars run by me in the near future and those people wanting 1-2-1 sessions will be provided, as they have been for a long time already, with some trading records and very full and extensive details of what is covered in my course before they book a session. They have been able to then make an informed judgement whether the course is suitable for them or not. That will continue.
Also my choice as to whether or not to provide a course will continue to be exercised. I will continue to decline to coach those people who I think would not benefit, for example, hard gamblers, people with too little capital and those who express a wish for some "guarantee" of success trading the markets.
As I always have, I shall continue to provide ongoing email "after-care", questions answered, points clarified, help given etc to all those people who I have coached and will do in the future.
I am not going to enter into further debate on this subject.
I'm here, I'm staying, I'm posting, I'm coaching.
Richard

 

[ChartMan]

You are a gentleman, Mr. Charts! I'm sure this is great news for all concerned.

 

[FTSE Beater]

Hi all

Mr.Charts - It's good to see you posting
Chartman - Thank you for clearing everything up.

I just wanted to share a thought that has hit me over the last couple of days, and it comes back to what I learnt a long time ago.

CHECK PREVIOUS DAYS HIGH AND LOW!!!

I know it sounds obvious but recently I've added a study into E-Signal that displays the Previous days High and Low, it may not sound much but it's a great visual indicator and has kept me out of a lot of bad trades

Classic example yesterday. NCC Broke the high from 2 days ago, only to run into the previous days high. As I say I know it sounds obvious but over time these things get forgotten

 

[Mayfly]

I really don’t know what happened here, but you get my vote, Mr Charts.

Regards

Mayfly

 

[boy]

Good post. ftse beater.

 

[Grey1]

Been Short 3000VRTS from 35.73 ( 13th OCT a swing trade).. VRTS is currently trading @ 33.56..
I am going to close my position before close and reverse the positon .. running into next week..

I have a Limit order to cover @ 33.44

 

[Trader333]

Grey1,

Is the table shown part of your vwap scanning software ?


Paul

 

[Grey1]

For some reason my Limit order did not go through but I managed to cover @ market. consequently I averaged out @ 33.47 and not the ideal 33.44..

VRTS closed @ 33.42.

There was a 8000 buyer @ 33.44 hence my Limit order .. the VWAP was 34.01 while the Limit order was 33.44 a difference of 57C... Nice reward/Risk to take the trade...

Strategy for closing short VRTS and playing Long VRTS..

1) I had a short position for 5 days to give me around 2$/share profit.
2) I am going to keep 3/4 of profit
3) 1/4 profit will be set as a money managment stop for LONG VRTS till Monday in case there is a massive gap down
4) should VRTS rise on Monday I will raise my stop to 33.47 and let VRTS to run well into next week ... ( I will probably close the position on Wednesday)
5) if VRST fail to rise on Monday I am still $1.50 in profit

 

[Grey1]

Also Played short BEAS with VWAP of 13.50-13.65 against a high of 13.93 and a low of 13.27 ( nice range for $13 stock.. nice reward/risk ) ..

BEAS closed near the low of the day ... I be watching BEAS on Monday . Love those stocks that close near their lows and well away from their VWAP ..

 

[seancass]

Grey 1

They say one of the most vital elements in successful trading strategy is competent money management. You certainly seem to have handled that trade with some skill.

Who was the market maker?

It is this type of trading that those with a SIPP would do well to emulate. Would you agree?

Best wishes,
Sean

 

[seancass]

It is probably very obvious but what is VWAP please?

Sean

 

[Trader333]

On limit orders, and for the one you were wanting to place, it is
always a good idea to put the order in at 1/1000 above (or below for a long position), the exact figure you wanted to be filled at. So in this case you would have placed the limit order at 33.441.
This would improve the chances of your order being filled before
others who are trading at 33.44 Not that it mattered in this case
because you beat the limit price but I have found this to be of
use in the past.


Paul

 

[Trader333]

Sean,

VWAP is "Volume Weighted Average Price"


Paul

 

[Grey1]

Paul,

My EOD scanner short lists daily ( .. this is not my realtime scanner ) short and long candidates to play against each other.. The candidates are then transferred to realtick for CONFIRMATION by the market.

Is not it amazing that all the short candidates are in red to day ?

sean ,

I have mentioned VWAP and how it works in a few posts in the past .. If you could not find it then PM me and I will explain ..
I have also posted on risk element in real time trading , which could be helpful..

 

[seancass]

Paul and Grey 1.

Many thanks

Sean

 

[Grey1]

Guys Look at the LONG AT &T chart symbol T

CurrentlY trading @ 20.65 VWAP 20.46

 

[Grey1]

My friday's Long VRTS is trading @ 33.86 .. I have now moved my stop to entry @ 33.47... I will be closing my position on wednesday or earlier should it hit my stop..


I have also shorted AMGN but I fell into a cheap trick and lost quite a bit ...

 

[Grey1]

would not you consider AMGN an excellent short hedged against Long T..

There was also a nice support from L2, 8000 buyer who vanished in the thin air as they often do ,,,

We have many chartists on this BB.... What you think ?

Up date .. I have now closed both AMGN and T with a net loss of around $500 + costs ( gave back all my gains in T against short AMGN .. ) .. My Long VRTS is doing excellent.... currently trading @ 33.98 a handsome profit..

 

[Grey1]

VRTS closed up by 68C.. I have sold 1/4 of my position letting the other 3/4 to run ..The 1/4 sell was allowed for gapping down 2 morrow ( just in case it does happen )..

AMGN short was a good candidate, but I got cought in a sudden buyers surge on a comment from this CNBC idiot on their Q3 results 2morrow.. (news? who cares about news.. charts knows it all ...)

AMGN closed 2% down ..


Also traded MMM and MO ..

 

[Grey1]

VRTS is up 50C to day trading @ 34.78 Up ( $1.31) from friday

Just raised my stop to 34.50 .
Also in a pair trade

Had a pair signal EK hedged against SBC.. nice divergence