Trading the US the Naz/Mr. Charts Way

[Mr. Charts]

Hi stevespray,
Thanks for your comment. I really enjoyed - as did Naz - giving the Heathrow seminar in November.
We have no immediate plans to repeat the day as we are both busy trading and and giving seven hour intensive 1-2-1 sessions.

I will be speaking for 105 minutes at a seminar in the City on Jan 30th
There is paid for advertising here:

http://www.trade2win.co.uk/events/event.php?id=148

as will two other speakers - it should be a great day and I'm looking forward to it. I shall be covering some of the material I teach in 1-2-1s


Richard

 

[stevespray]

Hi Richard,

Yes - I'm certainly interested if You and Nas decide to do another seminar at Heathrow. What sort of costs are involved per head ?
From my point of view I would enjoy seeing you guys trade live so a weekday would obviously be best. I dont know how that fits in with you guys ?
I think I'm already coming to that Seminar on the 30th via a friend of a friend.

Look forward to seeing you then,
Steve.

 

[Mr. Charts]

Look forward to meeting you - do come on over and introduce yourself - a lot of people have booked so I won't know who you are otherwise
Best wishes,
Richard

 

[Naz]

Hi Stevespray,

Both MR C and myself enjoyed the November seminar.As Richard says there are no plans for another,but who knows?

I'm still teaching my Nasdaq level 2 and beginner ,1-2-1 training sessions with instruction on the live markets.I'm also very wrapped up with my trading.Also i look forward to meeting anyone turning up at Hatfield on Sat when i'll be demonstrating why Nasdaq level 2 can give a trader such an edge when trading Nasdaq stocks.I'll be showing moves happen before you can see them on a chart.

Alan

 

[Mr. Charts]

I'm posting the following trade out of interest. It's not the sort of thing anybody should do without experience and an understanding of how to read time and sales and level 2.
I was watching SNDK - as can be seen earlier on this thread it is one of my favourites. I was watching for any sort of early retracement as it plummeted and then one up bar (one minute bars) - it hesitated at the round number and reading the time and sales and level 2 the immediate next move was obviously down so I banged in a limit short order at 66.95 and got an immediate fill at 66.98.
It immediately went down to 66.67 and again reading time and sales and level 2 it began to rise so I exited at 66.73 to take a profit of 25c in under two minutes.
What was the risk? Had the trade gone against me instantly on entry I would have exited for a maximum risk of 3c-4c.
Provided you manage your positions like this on intraday one minute trades with self discipline, this form of trading has minimum risk on highly liquid stocks with tight spreads.
I repeat, this type of trading is only for people with experience and the right tools to do the job.
SNDK short 66.98 at 14.40
SNDK covered 66.73 at 14.41
Profit + 25c (risk 3c-4c)
Richard

 

[ChartMan]

I'm always puzzeled by the seemingly obvious entries, that you seem not to take ( or simply miss.) I know it doesn't fit with your strategy..... To my simple mind, a short entry would be on the long bar that spanned 67.75 - 68.+,with a cover at your normal point. Is it a case of a missed opportunity because you were busy with something else? Is my analysis of the entry correct?
Or is it a case of my inexperience, which is obvious.

 

[Mr. Charts]

Yes, I was looking at my watch list of 31 potential opening plays coughing with flu, sneezing, (not that I would let such trivia stop me from trading), ignoring the phone ringing, so I missed your precisely correct entry which ideally I would have taken. Afterwards I preferred to wait for a retracement not simply jump on board. I never ever mind missing an opportunity - they are like cars on the M25.

 

[ChartMan]

Yes. Busses and trains ..... but the Dow doesn't have an M25

 

[options]

On the subject of not being 100% well. Colds/flu etc. I try to take time off to recover. Had a cold last week, started traded at the back end of it, but head still muggy, made a couple of silly non expensive mistakes like going to close a trade and hitting the wrong button to open another trade in the same direction!

What a lovely chart though. Highlights the problem of searching for trades and missing good ones right under your nose.

If I may offer a different outlook.
Easy in hindsight I know, but I have tried to read it 'live' so to speak.

First red bar at around 14.30 that spanned 68.25 (with volume) would have been my wide awake call. Short taken as next bar started to form under the body of previous bar. If missed that, 2nd entry would have been at 68 on the break of trend channel started from previous day. follow down on price and volume action and exit (flip) on the 2nd up green bar, latest exit at 67 for a safe minimum trade of $1. in around 7 minutes. Interesting to note how the previous day's close pointed to an up opening.

L2 and time and sales would have been an excellent support/decision tool though would it not?

 

[Mr. Charts]

options, indeed yes.
The break of the pre-market low was very significant as usual.
The problem is that if you just watch say four stocks, none may produce a high probability trade, whereas if you closely monitor many stocks you are much more likely to find the high prob ones but also may miss some. Setting alerts doesn't really solve the problem because I am looking for different patterns on different stocks and need to see T&S and level 2 as well.
Richard

 

[Mr. Charts]

Trades so far today - a messy choppy day:
SOHU -4
GILD -4
LEND +10
SNDK +72

The first three are not worth posting charts on as there is little of use to anyone reading this thread.
However, SNDK I've mentioned several times and it's a se*y little mover.
Short 59.24 at 14.52 as it broke y'day's low(the upper blue line)
Covered 58.52 at 14.57 as it bottomed out reading the tape and chart(lower blue line)
You get to know your favourite stocks and this one moves well above/below pre-market/previous day's hi/lo.
No rocket science involved.

 

[Salty Gibbon]

I got the SNDK tip from you b4 Mr Charts and thx a lot. It does move very sweetly most of the time. MERQ is another one that's a good mover and shaker.

 

[Mr. Charts]

Glad to have been of help, Salty.
Yes, MERQ is on my list too.

 

[SUNSEEKER]

u got a cold Mr Charts?

The doctor orders tons of Zinc, Euchinasea, vit C, in 10-double dose and no food, plenty liquid.

I cant have you flusih for Friday...

 

[Mr. Charts]

No problem, SUNSEEKER.
I'd be there giving my very best if I was 99% dead, but I'm 99% fit and raring to go ;-)
Richard

ps You should know rain and cold don't bother me! ;-))

 

[seancass]

Sunseeker,

Did you mean "Euchinasea" or euthanasia?

Good morning, Richard.
I have been watching SNDK too and it trends well. I have found that it is a more gentle ride with the stock after 1900 hrs - less spiking and ripping apart of stop losses etc. In fact, although I understand very well why you favour the opening hour, I have found that the final two hours possess many opportunities too. I know that you trade during those hours too. Indeed, given that many cannot trade in the early afternoon and do so when they get home at night, I should think that there is quite a significant number of post-doldrum traders out there who should be making some healthy gains.

Best wishes,
Sean

 

[Salty Gibbon]

Is this market a dog today or is it my lousy technique ?

 

[Mr. Charts]

Sorry Salty, I'm enjoying it.
Several trades, the only one still open is GILD short from 63.95 and still running down. Depending on dynamics I'll be out if it rises to around 62.75 to lock in about $1.20
Part of this business is finding the runners.

 

[Salty Gibbon]

Yeah I know but the runners often start walking when I back them.

Is GILD generally a good runner ?

 

[Mr. Charts]

Salty,
Often, yes.
Mental stop trailled down to 62.60 to lock in $1.35

Bien mots, mon ami Sean, last night was a beaut, wasn't it? ;-))
Best wishes,
Richard