Mr. Charts
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neil said:
Hi neil,
Depends on how you set it.
Usually, but not always.
Yes - there might be free ones, but you get what you pay for.
Richard
Trading the US the Naz/Mr. Charts Way
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Hi neil,
Depends on how you set it.
Usually, but not always.
Yes - there might be free ones, but you get what you pay for.
Richard
Salty Gibbon
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Is the market open today chaps ?
I've just woken up from a 2 hour nap and the prices don't seem to have changed at all.
I've just woken up from a 2 hour nap and the prices don't seem to have changed at all.
I Love RIMM
Rimm 5 minute today very similar to yesterday. Travelled up rapidly in first 20 mins after small gap down and then a nice red bar at 2.50pm that screamed short.
Shorted at 73.34 and bought back at 71.54 @ 3.30pm - made me happy as I have lost quite a bit on this stock in the past due to indiscipline.
I love this stock - it has a good level of predicatability in the first hour. There is often a big move up or down followed by a reversal and a lesser or equal move in the opposite direction.
I always try to pick up the reversal move often at 3.00 or 3.30pm.
There was also a nice short move on Sandisk today down to the 5 min 200 MA.
Rimm 5 minute today very similar to yesterday. Travelled up rapidly in first 20 mins after small gap down and then a nice red bar at 2.50pm that screamed short.
Shorted at 73.34 and bought back at 71.54 @ 3.30pm - made me happy as I have lost quite a bit on this stock in the past due to indiscipline.
I love this stock - it has a good level of predicatability in the first hour. There is often a big move up or down followed by a reversal and a lesser or equal move in the opposite direction.
I always try to pick up the reversal move often at 3.00 or 3.30pm.
There was also a nice short move on Sandisk today down to the 5 min 200 MA.
Mr. Charts
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neil,
As the futures did a similar move, so many stocks produced excellent moves this afternoon.
I really do think it's always worth having a list of core trading stocks that move well and you are used to.
It's like giving yourself a range of tools to do a job. I have a longer list, but in my opinion most people should have at least half a dozen.
CAT is a real pussy in comparison with Nasdaq stocks, isn't it?
Richard
As the futures did a similar move, so many stocks produced excellent moves this afternoon.
I really do think it's always worth having a list of core trading stocks that move well and you are used to.
It's like giving yourself a range of tools to do a job. I have a longer list, but in my opinion most people should have at least half a dozen.
CAT is a real pussy in comparison with Nasdaq stocks, isn't it?
Richard
Mr. Charts
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I was coaching someone live this afterrnoon and we shorted RIMM - no problem.
Richard
Richard
Salty Gibbon
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RIMM is on IB's list of shortable stocks.
I also short it sometimes.
I also short it sometimes.
Rimm
RIMM seems to be reversing in to an uptrend - give it a bit longer but now looking for a good entry point for a long position within the next hour or two.
GOOG seems to favour a short term short at the moment - also looking for an entry point - missed a good one half an hour ago.
Any comments anyone ??
RIMM seems to be reversing in to an uptrend - give it a bit longer but now looking for a good entry point for a long position within the next hour or two.
GOOG seems to favour a short term short at the moment - also looking for an entry point - missed a good one half an hour ago.
Any comments anyone ??
Mr. Charts
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Just seen your post, YHABoy, so it's a bit late to comment.
Personally I trade using set ups and specific triggers so I don't look at a chart and consider where it might go next, I look to see if one of my set-ups might be about to appear.
However, looking at those charts as they were an hour ago, your conclusions looked pretty reasonable to me.
Sorry I can't be more helpful.
Richard
Personally I trade using set ups and specific triggers so I don't look at a chart and consider where it might go next, I look to see if one of my set-ups might be about to appear.
However, looking at those charts as they were an hour ago, your conclusions looked pretty reasonable to me.
Sorry I can't be more helpful.
Richard
Got RIMM right - but GOOG wrong !
I try to establish the overall trend on a daily chart to help me pin point the best set-ups on hourly and 5 minute charts. Think I called RIMM right and found a good entry point - but my broker was only accepting `phone orders and I decide not to risk the `phone with a RIMM daytrade - the price moves too damn quick.
With Goog I got two small short moves as I saw a descending triangle forming and the price looking like it was going to bounce off the 200MA again. However later on the chart formed more of a falling wedge - which of course is a bullish pattern. On the 5 min chart the price crossed over the 200MA and found support there three times before breaking up dramatically.
I saw this set up looming but didn`t capitalise again because CMC couldn`t accept any online orders. This was a frustrating end to the day although I had a few small gains today.
I try to establish the overall trend on a daily chart to help me pin point the best set-ups on hourly and 5 minute charts. Think I called RIMM right and found a good entry point - but my broker was only accepting `phone orders and I decide not to risk the `phone with a RIMM daytrade - the price moves too damn quick.
With Goog I got two small short moves as I saw a descending triangle forming and the price looking like it was going to bounce off the 200MA again. However later on the chart formed more of a falling wedge - which of course is a bullish pattern. On the 5 min chart the price crossed over the 200MA and found support there three times before breaking up dramatically.
I saw this set up looming but didn`t capitalise again because CMC couldn`t accept any online orders. This was a frustrating end to the day although I had a few small gains today.
Level 2
I am interested in what triggers you use - do you use the order book ? i do not use level 2 at present but I am thinking about giving it a shot - although I have seen posts from senior members on the boards who have stopped using it because it was distracting in some way.
When daytrading I find it hard to focus on candle formation, ticks and trins at the same time let alone adding level 2 data - i am still relatively new to this game so i guess my focus will improve with experience. Any advice you can give regarding level 2 would be gratefully received.
Thanks YHABoy
Mr. Charts said:
I am interested in what triggers you use - do you use the order book ? i do not use level 2 at present but I am thinking about giving it a shot - although I have seen posts from senior members on the boards who have stopped using it because it was distracting in some way.
When daytrading I find it hard to focus on candle formation, ticks and trins at the same time let alone adding level 2 data - i am still relatively new to this game so i guess my focus will improve with experience. Any advice you can give regarding level 2 would be gratefully received.
Thanks YHABoy
Mr. Charts
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My own use of level 2, T&S, reading buy/sell pressures raised by average yearly profits by 24% when I started using it a few years ago.
Once you've learned exactly how to use it and persist to gain experience, it is invaluable. Amongst other things it often tells me what is going to happen before it appears on a chart.
Richard
Once you've learned exactly how to use it and persist to gain experience, it is invaluable. Amongst other things it often tells me what is going to happen before it appears on a chart.
Richard
Mr. Charts
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OK, here's an example from today.
GILD was on my radar for various reasons and is also one of my core trading stocks.
Immediately on market open it started plunging, even as the first 1 min candle was forming.
Now if you were to short simply because of that, you would get your fingers burned very often.
That's a no-no.
However, I was looking at my level2 and T&S screen and could see from the selling pressure that this was going to continue down - to where, I had no idea. Had the selling pressure reversed as soon as I shorted I would have simply exited the trade for maybe a few cents profit/scratch/few cents loss. I would certainly have been out long before I had lost 5-10 cents.
So that was my risk. There was substantial chart resistance at $43, but I would not have waited that long had the trade gone against me.
In addition I KNOW from years of experience that the likelihood of such an immediate reversal in the light of what I could see on l2/t&s was very low. It was almost a no-brainer.
Anyone simply shorting ONLY because of what they saw on a chart would have been very foolish. I needed my micro-analysis to confirm and trigger the trade.
I followed it down to those first two little green candles, ready to cover if there had been any real buying pressure, but my micro-analysis of l2/t&s showed there wasn't. That proved to be exactly correct and it turned and headed south again.
The screen shot below was taken a couple of seconds after I covered for a 57c profit.
That's $1140 on 2000 shares, $570 on 1000, $285 on 500 etc.
From exactly that point it bounced up to 42.56, so again my reading of the screens proved to be exactly correct. All I am saying here is not, "hey I was right", which is no big deal, but that learning how to use such techniques gives someone a seriously major edge.
Frankly, without what I call micro-analysis, such a trade would have been unpredictable and very unwise.
In my opinion, trading like this is not difficult. It does require learning, application, thought and a little experience. Again in my view, it is no harder that driving a car. It might look risky if you don't know what you are doing, but rapidly becomes easier if you persist and then gain experience and confidence.
When you refer to "senior" members dropping the use of l2/t&s, well, that's up to them. For me and many others, it is vital to maximising profits, warning you (BEFORE it appears on a chart) of what is likely to happen next. Like all methods, techniques etc., it cannot always tell you the future, but like a good driver anticipates the road ahead, it helps hugely, imho.
Trading without it is perfectly possible, but thousands of times I have looked at my l2/t&s screens and known in advance whether a break out was going to succeed or fail as a result.
In other words, as well as providing me with extra profits, it has kept me out of trades which would have gone wrong had I not seen what was likely to happen on my l2/t&s screen.
Too much info? No, again like driving you see a few things at the same time.
Hope that helps,
Richard
GILD was on my radar for various reasons and is also one of my core trading stocks.
Immediately on market open it started plunging, even as the first 1 min candle was forming.
Now if you were to short simply because of that, you would get your fingers burned very often.
That's a no-no.
However, I was looking at my level2 and T&S screen and could see from the selling pressure that this was going to continue down - to where, I had no idea. Had the selling pressure reversed as soon as I shorted I would have simply exited the trade for maybe a few cents profit/scratch/few cents loss. I would certainly have been out long before I had lost 5-10 cents.
So that was my risk. There was substantial chart resistance at $43, but I would not have waited that long had the trade gone against me.
In addition I KNOW from years of experience that the likelihood of such an immediate reversal in the light of what I could see on l2/t&s was very low. It was almost a no-brainer.
Anyone simply shorting ONLY because of what they saw on a chart would have been very foolish. I needed my micro-analysis to confirm and trigger the trade.
I followed it down to those first two little green candles, ready to cover if there had been any real buying pressure, but my micro-analysis of l2/t&s showed there wasn't. That proved to be exactly correct and it turned and headed south again.
The screen shot below was taken a couple of seconds after I covered for a 57c profit.
That's $1140 on 2000 shares, $570 on 1000, $285 on 500 etc.
From exactly that point it bounced up to 42.56, so again my reading of the screens proved to be exactly correct. All I am saying here is not, "hey I was right", which is no big deal, but that learning how to use such techniques gives someone a seriously major edge.
Frankly, without what I call micro-analysis, such a trade would have been unpredictable and very unwise.
In my opinion, trading like this is not difficult. It does require learning, application, thought and a little experience. Again in my view, it is no harder that driving a car. It might look risky if you don't know what you are doing, but rapidly becomes easier if you persist and then gain experience and confidence.
When you refer to "senior" members dropping the use of l2/t&s, well, that's up to them. For me and many others, it is vital to maximising profits, warning you (BEFORE it appears on a chart) of what is likely to happen next. Like all methods, techniques etc., it cannot always tell you the future, but like a good driver anticipates the road ahead, it helps hugely, imho.
Trading without it is perfectly possible, but thousands of times I have looked at my l2/t&s screens and known in advance whether a break out was going to succeed or fail as a result.
In other words, as well as providing me with extra profits, it has kept me out of trades which would have gone wrong had I not seen what was likely to happen on my l2/t&s screen.
Too much info? No, again like driving you see a few things at the same time.
Hope that helps,
Richard
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