Trading the US the Naz/Mr. Charts Way
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Mr. Charts
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Aha, just seen your post, naz.
I was long CECO today and saved screen shots of the entry and the two exits for someone I'm coaching next week.
Very early in this thread there are other CECO trades I did.
With the right techniques these are not difficult trades.
Image 1
I entered long at $60.95 on an obvious set-up but using my leading indicators/tape reading for the trigger.
Image 2
I then exited half my position at $61.40 and locked in 45c per share profit in under one minute.
Leading indicators/tape reading suggested the move might be be about to run out of steam so it was time to be taking some money off the table. There was no indication on the chart that any retracement or reversal was about to happen.
Image 3
You can see that reading of the market was correct as it predicted a one bar pullback.
Now that might have been the start of a reversal so the decision was correct on the information available at that moment. Since the future cannot be predicted, only probabilities assessed on the evidence available, I was right to have acted as I did.
As can be seen it moved up again, but I still had half long from 60.95.
As it hit $63 my leading indicators/tape reading again suggested the balance of probabilities had shifted in favour of a retracement or reversal being about to happen. Again there was no indication on the chart that any retracement or reversal was about to happen.
I then closed the remaining half of my position five minutes after the first exit at $62.91 for a further profit of $1.96 per share.
In fact the price peaked at $62.03 seconds later and reversed straight down so my leading indicators/tape reading again proved correct, on this occasion in a much longer time frame.
The price has continued to fall and is currently $58.30
In my opinion and experience, leading indicators/tape reading do work a large part of the time, but not always. They provide a serious edge in this business.
I also believe that what experienced traders like to think of as intuition/gut feeling/cleverness are nothing of the sort. They are merely experience and methodologies sub consciously processed producing the trigger for action.
I hope some people find this helpful.
Richard
I was long CECO today and saved screen shots of the entry and the two exits for someone I'm coaching next week.
Very early in this thread there are other CECO trades I did.
With the right techniques these are not difficult trades.
Image 1
I entered long at $60.95 on an obvious set-up but using my leading indicators/tape reading for the trigger.
Image 2
I then exited half my position at $61.40 and locked in 45c per share profit in under one minute.
Leading indicators/tape reading suggested the move might be be about to run out of steam so it was time to be taking some money off the table. There was no indication on the chart that any retracement or reversal was about to happen.
Image 3
You can see that reading of the market was correct as it predicted a one bar pullback.
Now that might have been the start of a reversal so the decision was correct on the information available at that moment. Since the future cannot be predicted, only probabilities assessed on the evidence available, I was right to have acted as I did.
As can be seen it moved up again, but I still had half long from 60.95.
As it hit $63 my leading indicators/tape reading again suggested the balance of probabilities had shifted in favour of a retracement or reversal being about to happen. Again there was no indication on the chart that any retracement or reversal was about to happen.
I then closed the remaining half of my position five minutes after the first exit at $62.91 for a further profit of $1.96 per share.
In fact the price peaked at $62.03 seconds later and reversed straight down so my leading indicators/tape reading again proved correct, on this occasion in a much longer time frame.
The price has continued to fall and is currently $58.30
In my opinion and experience, leading indicators/tape reading do work a large part of the time, but not always. They provide a serious edge in this business.
I also believe that what experienced traders like to think of as intuition/gut feeling/cleverness are nothing of the sort. They are merely experience and methodologies sub consciously processed producing the trigger for action.
I hope some people find this helpful.
Richard
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Naz
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It is not surprising that we both found and traded the same stock. For me many times some very good moves can be found in the first hour of trading.Infact i've said before that a days profits can be made during that period if you so wished.I was already following CECO and on my pre market charts and my level 2 screen,i could see exactly what was happening with the stock and the volume it was trading during the pre market period.Infact i'd already had one round trip trade in it. So when it opened it was just an extension of what i'd been following pre market.
This means that on the open you can be very much in tune with the stock already and have the confidence to get in early and go for longer runs.I only find this works with stocks showing strong volume.
I believe that if you can really feel comfortable with your level 2 direct access trading platform, have confidence in the speed and executions of its orders, have a strong mind set and trading discipline,you can get in and ride these first hour moves.It only comes with practise and yes some will find they cant do it.
Some will follow the crowd mantra and say leave the first hour of trading alone.However some delve in,have the confidence in their own ability, make it work and end up trading the Nasdaq for a living.
This means that on the open you can be very much in tune with the stock already and have the confidence to get in early and go for longer runs.I only find this works with stocks showing strong volume.
I believe that if you can really feel comfortable with your level 2 direct access trading platform, have confidence in the speed and executions of its orders, have a strong mind set and trading discipline,you can get in and ride these first hour moves.It only comes with practise and yes some will find they cant do it.
Some will follow the crowd mantra and say leave the first hour of trading alone.However some delve in,have the confidence in their own ability, make it work and end up trading the Nasdaq for a living.
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theblackmamba
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i went for ceco as well. i got in at about 58.8 but only made a quick 15
uptufernou
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having been a lurker on these boards for quite some time, i thought it was about time i contributed to these boards. i have read in the past all of the negative sentiment towards naz and mr charts, by those who feel they are coaching to line their own pockets. it has to be said that the money they charge can seem a lot to certain people. i for one had 2 days one 2 one training with naz in february this year. it was meant to be just the level 2 training because i felt comfortable with my own analysis for trading. i soon realised that i still had a lot to learn and alan made me aware of my flaws early on. being a cautious person by nature, i listened intently, asked questions when needed and left, only to return 2 days later for my level 2 training. now the cost of those 2 days was more than it would cost for a few more books to digest, but i felt that if i wanted to be successful, it would be wise to seek the help of someone more knowledgable than myself. since those 2 days training i have obediently followed the techniques that alan taught me. let me say i have not been in contact with alan since my training but having read alan's post re:ceco trade, i thought i'd let the non-believers hear how i would have managed the trade and my results. from alan's training i bought ceco at 59.7, sold half at the first signs of a stutter:60.2(alan would no doubt have held on longer than i) then rode the other half to eventually being stopped out at 61.6.
on 1000 shares that's half@ $250, and the other half@$950. there are no indicators involved, just purely reading the charts and doing what i was taught. i'm sure mr charts is a very good teacher and trader who can show you the way to profit from trading but you must believe in yourself to be able to achieve success. the money i invested in 2 days training with alan was money well spent, and i strongly advise anyone who wishes to succeed in trading to invest in knowledge first. the buck stops with you, and if you want to be mediocre, then i'm sure you'll succeed in being just that, but if you wish to be successful, then arm yourself with the right tools to do the job and success will follow. i am no way near the finished article, not by a long shot, but i can make a comfortable living by doing what i was taught and can continue to learn with experience. i am grateful to alan as well as being grateful to my own belief that paying for tuition to become successful in my trading was a sensible move. alan showed me the way, but i'm the one who puts MY hard earned money on the line everyday. alan, mr charts and others are invaluable as far as i'm concerned and they deserve every cent they earn from training. it's up to the individual to apply that knowledge, not naz and mr charts. they already know how it's done.
sorry this has been such a long winded post but i needed to defend those that have helped me.
right, time to go and prepare to make some more money next week.
regards
craig
on 1000 shares that's half@ $250, and the other half@$950. there are no indicators involved, just purely reading the charts and doing what i was taught. i'm sure mr charts is a very good teacher and trader who can show you the way to profit from trading but you must believe in yourself to be able to achieve success. the money i invested in 2 days training with alan was money well spent, and i strongly advise anyone who wishes to succeed in trading to invest in knowledge first. the buck stops with you, and if you want to be mediocre, then i'm sure you'll succeed in being just that, but if you wish to be successful, then arm yourself with the right tools to do the job and success will follow. i am no way near the finished article, not by a long shot, but i can make a comfortable living by doing what i was taught and can continue to learn with experience. i am grateful to alan as well as being grateful to my own belief that paying for tuition to become successful in my trading was a sensible move. alan showed me the way, but i'm the one who puts MY hard earned money on the line everyday. alan, mr charts and others are invaluable as far as i'm concerned and they deserve every cent they earn from training. it's up to the individual to apply that knowledge, not naz and mr charts. they already know how it's done.
sorry this has been such a long winded post but i needed to defend those that have helped me.
right, time to go and prepare to make some more money next week.
regards
craig
Naz
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Thanks for the kind comments Craig.I know there are a lot of very very nice people out there quitely getting on with it and not wishing to post and make any waves.So its nice when someone like yourself takes the time to post.
This stock might be one to add to any educational sector watch list.
Blackboard, Inc. (BBBB) was an IPO,priced at $14 and closed at $20,reaching an intra day high of $23. The company provides online learning software to colleges and
universities. It was the strongest first day move for a tech IPO
this year. 75 IPOS were priced the first half of 2004 vs.10 for the
same time period last year.
Naz
This stock might be one to add to any educational sector watch list.
Blackboard, Inc. (BBBB) was an IPO,priced at $14 and closed at $20,reaching an intra day high of $23. The company provides online learning software to colleges and
universities. It was the strongest first day move for a tech IPO
this year. 75 IPOS were priced the first half of 2004 vs.10 for the
same time period last year.
Naz
Naz
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Dentalfloss
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our 326 trades a day man now works for etrade.he teaches momentum trading.groups only approx 200 quid a day.he sold his business to etrade and i think he is canvassing for them to get people to use lightspeed
Mr. Charts
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Nice trade Naz.
CECO continued to provide great opportunities after the open too. But that's another story.
For all those t2w members who came to the big seminar I gave at the Bloomberg Centre in the City earlier this year, here is a trade today using the first technique I showed you.
PFGC Short 27.92
PFGC Covered 27.17
for a profit of + 75c per share.
Interestingly the 1 min bar where I exited turned out to be the bottom bar of the move.
Hope that helps.
Richard
CECO continued to provide great opportunities after the open too. But that's another story.
For all those t2w members who came to the big seminar I gave at the Bloomberg Centre in the City earlier this year, here is a trade today using the first technique I showed you.
PFGC Short 27.92
PFGC Covered 27.17
for a profit of + 75c per share.
Interestingly the 1 min bar where I exited turned out to be the bottom bar of the move.
Hope that helps.
Richard
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hey hey! Hello Naz, Mr.C, et all. Glad this thread hasn't died. Great reading. I'm writing this from my friends computer. My computer is doing its monthly thing of not allowing me to access certain websites, but this time it has lasted for ages and doesn't seem to want to fix itself(hence my non-existence recently)
Anyways just wanted to let you all know why i haven't been around. I still think you guys make up the best trading forum around
Keep it up.
*Keano*
Anyways just wanted to let you all know why i haven't been around. I still think you guys make up the best trading forum around
Keep it up.*Keano*
Mr. Charts
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good man keano !
Richard
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