Trading the US the Naz/Mr. Charts Way
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Mr. Charts
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pcar long 83.21
Mr. Charts
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pcar closed 83.43
for + 22
hard work today in a choppy market
for + 22
hard work today in a choppy market
Mr. Charts
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machorse - it was one of the two high probability patterns I showed at Bloomberg last Friday.
The stock was on my radar because of the way it behaved y'day
The stock was on my radar because of the way it behaved y'day
Mr. Charts
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Some of my very early in the day trades - the first half hour - are based on charts, reading the tape and my own level 2 interpretation. Trades after 3pm tend to be different.
The early ones are very brief "scalps".
Since they are very dynamic, rather like video as opposed to still images, you can only see them "live".
Being able to read the ebb and flow does take training and experience and is more advanced, but does provide consistent bread and butter earnings every day.
I haven't got time to post the charts - man must trade!
The following two trades lasted 88 secs and 40 seconds respectively and produced profits of 23 cents per share and 16 cents per share and can be seen on my broker execution record.
I thought some of you guys and girls who came to the seminar I gave at Bloomberg last week might find this interesting, as it is one of the many different approaches and techniques I use in my trading.
The early ones are very brief "scalps".
Since they are very dynamic, rather like video as opposed to still images, you can only see them "live".
Being able to read the ebb and flow does take training and experience and is more advanced, but does provide consistent bread and butter earnings every day.
I haven't got time to post the charts - man must trade!
The following two trades lasted 88 secs and 40 seconds respectively and produced profits of 23 cents per share and 16 cents per share and can be seen on my broker execution record.
I thought some of you guys and girls who came to the seminar I gave at Bloomberg last week might find this interesting, as it is one of the many different approaches and techniques I use in my trading.
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Mr Charts
I was watching APCC from the kick-off today.
Right after the open it was possible to go short at 23.11 and cover less than 2 minutes later at 21.40.
I didn't do it but just following the action cos I noticed it had taken a 10% dive in pre-market action.
Are fills a problem when the thing dives rapidly from the off?
ie if I had clicked on sell at 23.11, would I have got filled at that level or thereabouts ?
I was watching APCC from the kick-off today.
Right after the open it was possible to go short at 23.11 and cover less than 2 minutes later at 21.40.
I didn't do it but just following the action cos I noticed it had taken a 10% dive in pre-market action.
Are fills a problem when the thing dives rapidly from the off?
ie if I had clicked on sell at 23.11, would I have got filled at that level or thereabouts ?
T
triplepack
Mr Charts ,
I noticed today on the naz, that there was the usual volatility in the morning and then like a diving board losing its flexing, the volatility in the market just went flat , relatively speaking compared to earlier in the week.
When I was watching some of the 'usual suspects' there didn't appear to be any range in the movement of the prices which could be tradeable and take a chunk out of the minitrends.
I am sure there were.
But in the past couple of months , I've been watching and following how the market performs and that there are usually more opportunities. but today didnt appear to offer them.
Is it an effect of Friday and the weekend approaching or is it just "one of those days".
I'd appreciate yours and any other traders opinions/ insight on todays market. So I can relate my observations to what others experience has been.
Thanks
Regards
Triplepack
I noticed today on the naz, that there was the usual volatility in the morning and then like a diving board losing its flexing, the volatility in the market just went flat , relatively speaking compared to earlier in the week.
When I was watching some of the 'usual suspects' there didn't appear to be any range in the movement of the prices which could be tradeable and take a chunk out of the minitrends.
I am sure there were.
But in the past couple of months , I've been watching and following how the market performs and that there are usually more opportunities. but today didnt appear to offer them.
Is it an effect of Friday and the weekend approaching or is it just "one of those days".
I'd appreciate yours and any other traders opinions/ insight on todays market. So I can relate my observations to what others experience has been.
Thanks
Regards
Triplepack
Mr. Charts
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Hi Dow Dog,
You would have found it difficult to get a fill.
I personally always trade the move, not my expectation anyway.
Generally you would need to use a short limit order 2-3 cents under best bid and on a highly liquid stock you would proably get your fill on the uptick for that price or better.
HTH
Richard
triplepack,
ATR has been poor but there are plenty of opportunities every day on US shares, even when the market is choppy - it just takes a little more effort finding them. A good example today was JNPR - a no brainer ;-)
You would have found it difficult to get a fill.
I personally always trade the move, not my expectation anyway.
Generally you would need to use a short limit order 2-3 cents under best bid and on a highly liquid stock you would proably get your fill on the uptick for that price or better.
HTH
Richard
triplepack,
ATR has been poor but there are plenty of opportunities every day on US shares, even when the market is choppy - it just takes a little more effort finding them. A good example today was JNPR - a no brainer ;-)
Mr. Charts
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JNPR short 26.96
covered 25.60
for profit +$1.36/share
The risk was 7 cents, the reward 136, so 1:19
Those people that came to my seminar at the Bloomberg TV Centre should easily recognise the reason for the entry and exit.
If not, please feel free to email me on the address on the course material you were given and I'll be happy to explain.
Richard
covered 25.60
for profit +$1.36/share
The risk was 7 cents, the reward 136, so 1:19
Those people that came to my seminar at the Bloomberg TV Centre should easily recognise the reason for the entry and exit.
If not, please feel free to email me on the address on the course material you were given and I'll be happy to explain.
Richard
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Salty Gibbon
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Mr Charts
When you say risk is 7 cents, do you see this thru Level 2 data ?
Also, do you find "down-gap" trades to work more often than "up-gap" trades or is there no difference in the long run ? This may be a dumb question, who knows !
When you say risk is 7 cents, do you see this thru Level 2 data ?
Also, do you find "down-gap" trades to work more often than "up-gap" trades or is there no difference in the long run ? This may be a dumb question, who knows !
Mr. Charts
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Hi Salty,
Yes, that's one of the ways I use level 2 but it's also about reading the tape to see where it is trading and having very close initial stops for management reasons and specific patterns on the charts. Pattern failure=exit
No, it's not a dumb question, you don't "do" those ;-)
It really depends on the type of market on the day. Certainly the profits tend to come faster on the shorts than on the longs on down days and choppy days. Plus, of course, fear is stronger than greed so moves are faster when existing holders bail out.
Plus you've got the shorters exacerbating the fall ;-))
HTH
Richard
Yes, that's one of the ways I use level 2 but it's also about reading the tape to see where it is trading and having very close initial stops for management reasons and specific patterns on the charts. Pattern failure=exit
No, it's not a dumb question, you don't "do" those ;-)
It really depends on the type of market on the day. Certainly the profits tend to come faster on the shorts than on the longs on down days and choppy days. Plus, of course, fear is stronger than greed so moves are faster when existing holders bail out.
Plus you've got the shorters exacerbating the fall ;-))
HTH
Richard
Salty Gibbon
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Sorry but I'm not sure what you mean by "reading the tape"
Mr. Charts
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Reading the bids, the offers, the ebb and flow, where the buyers and sellers come in, when the players pull their offers and bids, how they move in, what the primary axe is doing (if anything readable), level 2 feints and fakes, where the trades are actually printing, seeing where micro support and resistance are.
You did ask.........;-)
Richard
You did ask.........;-)
Richard
Salty Gibbon
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Ok. Thanks. It was just your terminology.
T
triplepack
Mr Charts,
Thanks for your reply, yes,I can see why and how u went for jnpr.
I had it on my list premarket but I also had iaci and this one worked ok for the first 1-1/12 hrs . After I went back to it ,it flew all over the place. (onlypaper trad.)
There was a nice opportunity around 1310 est testing the highs of the day.
But I find that trying to pick up a stock in the evening a little bit harder when you find one which maybe bouncing of support/resistance and trying to break through, unlike the am session, the pm doesnt seem to have the same conviction. Do you trade evening much or is the a.m. session enough ?
Thanks for your help
Triplepack
Thanks for your reply, yes,I can see why and how u went for jnpr.
I had it on my list premarket but I also had iaci and this one worked ok for the first 1-1/12 hrs . After I went back to it ,it flew all over the place. (onlypaper trad.)
There was a nice opportunity around 1310 est testing the highs of the day.
But I find that trying to pick up a stock in the evening a little bit harder when you find one which maybe bouncing of support/resistance and trying to break through, unlike the am session, the pm doesnt seem to have the same conviction. Do you trade evening much or is the a.m. session enough ?
Thanks for your help
Triplepack
Mr. Charts
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Triplepack,
In the current climate, I'm taking quick early moves, but they sometimes become much larger moves. Often the market, as you suggest, chops around for several hours or the rest of the day.
However there are often opportunities later. This evening I took a very small profit on AMGN and a much better one on QLGC.
As I said the opportunities are usually there, sometimes it's dead easy like taking candy from a baby, other times you've got to work hard at it.
Having said that, if you really can't find anything, walk away. The market is always there tomorrow.
Looking at your last comment, I have to say simply playing off support/resistance in this type of market is, imho, a losing strategy as it is whipping around.
In the current climate, I'm taking quick early moves, but they sometimes become much larger moves. Often the market, as you suggest, chops around for several hours or the rest of the day.
However there are often opportunities later. This evening I took a very small profit on AMGN and a much better one on QLGC.
As I said the opportunities are usually there, sometimes it's dead easy like taking candy from a baby, other times you've got to work hard at it.
Having said that, if you really can't find anything, walk away. The market is always there tomorrow.
Looking at your last comment, I have to say simply playing off support/resistance in this type of market is, imho, a losing strategy as it is whipping around.
Salty Gibbon
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From 18-11-2003
Have you got a decent list yet Naz ?
Have you got a decent list yet Naz ?
Mr. Charts
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Likewise with those two. SNDK is pretty damn good too.
TASR has been great fun buying on the bid and selling on the ask with spreads sometimes between 20 and 70 cents - not to be tried unless you are very experienced ;-)
TASR has been great fun buying on the bid and selling on the ask with spreads sometimes between 20 and 70 cents - not to be tried unless you are very experienced ;-)
Salty Gibbon
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Thanks.
Yes, I already have RIMM on my list and I have been trading SNDK for some time with good results.
I will give TASR a miss I think.
Yes, I already have RIMM on my list and I have been trading SNDK for some time with good results.
I will give TASR a miss I think.
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