Trading the US the Naz/Mr. Charts Way

[cd173]

HSIC

Hello All

Just curious if anyone shorted HSIC today.
An EOD scan last night picked it up as a short if it crossed below $77.36...........within 2 hours of the open it had fallen from $77.23 to below $71.00!!!!!
It was an intended swing play which was supposed to last a week or 2!
didn't play it though......I was too busy losing money on the DAX! :cheesy:

Cheers

 

[triplepack]

Hi Keano,

You are an inspiration to all mate. Well done.

Just looking at your trades , would it be more balanced to vary
your share amounts to keep the monetary value used say e.g. 18k as opposed to keeping the shares the same for each trade. That way some of the lower priced deals would have reaped the same amount of $ as the OPIS ones as the percent gain was similar ?
I think also if one of the higher value trades went wrong, the succesful lower value stock trades would have a chance of covering your losses.

Cheers

Richard

 

[proxy]

Hi cd173,

Can you say a bit more about the EOD scan you were using which picked up HSIC? I would be interested to know what kind of scan and what software etc.

Thanks,

Proxy

 

[Dow Dog]

Hi Keano. Just a quick question. You are obviously a pretty accomplished trader. Why then do you not trade with a larger position size ?

 

[cd173]

Hi Proxy

Check your messages

Cheers
Chris

 

[Naz]

Nice going Keano.

 

[Stock Pimp]

Hey Mr C, Something that I've noticed a lot from your charts is that you never try to find the top or the bottoms, is this true or do you look for these?

 

[Mr. Charts]

I never look for tops and bottoms, only go for the very high probability trades. Only found one so far today - one of my usual early scalps that feeds the family.
Looking for swings now.

 

[keano]

Way to go. I will try to post some charts up myself, but being such a computer moron, i find myself getting in a panicky state trying to capture my entry/exit point screenshots, and actually trade!

GPRO treated me well today. The GPRO trade which got me some nice points was taken 20mins after the open. I know thats not as good as posting a chart but people can take a look and see what they think at least.

Anyway. here's todays trades: note. still trading a small amount of shares. Im dedicating a lot of time to my swing trading at the moment and am taking it easy with my scalping/day trading.

 

[keano]

I just grabbed nearly another 100c out of RMBS. Anybody watching this stock??

 

[Reggy]

Hi all! Not posted for quite awhile. Im quite interested in this thread and indeed trading US stocks but i have a question. .... I use Interactive Brokers for my trading account but would like to take a look at live level 2 screens to try and learn whats going on. Which level2 provider/setup would you recommend to wet my feet so to speak.

Many thanks

Reg

 

[Trader333]

What charting package are you currently using ? Also it is highly likely that you will need some form of tuition to have an understanding of how to use Level II


Paul

 

[Reggy]

Have been using sierra for a couple of years now. I agree, im sure i would need some tutoring (ive seen the seminar ads!) but before that i would just like to spend some time having a look for myself.

Thanks for reply

Reg

 

[Trader333]

You can get a 7 day trial using IQ Feed via www.Quotetracker.com This will give you the basics that you will need to view the Level II screen. This is what I use and my Level II setup is as shown. On the left you can see the standard Level II screen which shows the best bid and ask for all MM and ECNs. I also like to have the ECN books for Island (middle screen) and Arca (right screen) displayed and is essential for how I decide where and when to enter a trade.

I should point out that this screenshot was taken when the maket was closed so you would see much more depth on the left screen when the market is open.

Paul

 

[Reggy]

thats great Paul, thanks very much! I seem to remember you helped me awhile back also
Will look into what youve just said.

Cheers!

Reg

 

[tonie]

Just a quick question on something that has been playing on my mind recently.

I want to know how i can distinguish from passive accumulation(proffesional accumulation) & short covering. I noticed this alot at support levels.
Would i be right to think that trades going off mostly on high volume at bid without much price increase at a support level would indicate passive accumulation. And trades going off mostly at ask on high volume without much price increase would indicate short covering.

It would be interesting to know

cheers
tonie

 

[Reggy]

Can anyone recommend some good sites that are helpful regarding before the opening on us stocks please? I know briefing.com is good but im sure there were others that ive since forgotten about.

Many many thanks in advance

Reg

 

[Mr. Charts]

Here is yet another opening play.
XLNX had a pre-market low of 35.60, when it broke that level with direction I shorted at 35.57 and closed under a minute later at 35.31 for +$260
An easy way to start the day almost every day.
There are nearly always trades like that in the first couple of minutes begging to be taken.
Easy as pie trades - and I've posted several of them earlier in this thread.
I hope there are plenty of people out there taking these trades.
Richard

 

[EK1]

Richard,

Looks like a great trade.

One question I have is why did you not stay in the trade as XLNX continued to go down in price?

I'm sure you had your exit strategy planned beforehand but I'd be interested in why you didn't let a winning trade run?

Thanks

EK1

 

[Mr. Charts]

I got an indication on my analysis that the move down might stop so took the profits.
That sign is correct about 70% of the time so I took it on that probability; in this case it was one of the 30% ;-)
That type of first trade of the day is very brief.
The essence of that particular type of trade is to take the profits very fast as they can reverse quickly.
There are several examples earlier in this thread.
I entered short again later on a swing trade and took a whole dollar out of XLNX before stopping out.
There were plenty of other nice swings in today's down moves and I also shorted ERTS and CECO ;-)

It's really nice when you get a day of no brainers, rather than the tedious chop of recent days.
HTH
Richard