Mr. Charts
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A very fast high probability trade.
QLGC was the weakest of my core trading stocks and I watched the ledge form with the low at 31.54 at 15.50.
I carefully observed T&S and level 2 and decided that any break south of 31.54 was my trigger for a short.
This combo of reading the tape and TA of the price action using the particular patterns I regard as highly significant fuses together and is profitable the vast majority of the time provided you exit as soon as that mini-spike stops - again reading T&S and level2. TA at the point of exit is irrelevant provided there is no clear support to anticipate a reversal.
At 15.55 my tape reading told me the fall was imminent and I shorted with the fill at 31.53 (limit order 31.51)
In less than 60 seconds the price fell to 31.33 and as the buyers came in on the tape I exited at market at 31.37 for a very fast 16c.
For those trading 500 shares that is $80, 1000 shares $160, 2000 shares $320 and so on.
What was the risk? Well experience tells me that this sort of trade almost always never goes into loss. Had it done so I would have been out immediately for a loss of 2 or 3 cents.
For me then, this is a quick bread and butter trade.
I hope people find that interesting.
QLGC was the weakest of my core trading stocks and I watched the ledge form with the low at 31.54 at 15.50.
I carefully observed T&S and level 2 and decided that any break south of 31.54 was my trigger for a short.
This combo of reading the tape and TA of the price action using the particular patterns I regard as highly significant fuses together and is profitable the vast majority of the time provided you exit as soon as that mini-spike stops - again reading T&S and level2. TA at the point of exit is irrelevant provided there is no clear support to anticipate a reversal.
At 15.55 my tape reading told me the fall was imminent and I shorted with the fill at 31.53 (limit order 31.51)
In less than 60 seconds the price fell to 31.33 and as the buyers came in on the tape I exited at market at 31.37 for a very fast 16c.
For those trading 500 shares that is $80, 1000 shares $160, 2000 shares $320 and so on.
What was the risk? Well experience tells me that this sort of trade almost always never goes into loss. Had it done so I would have been out immediately for a loss of 2 or 3 cents.
For me then, this is a quick bread and butter trade.
I hope people find that interesting.
