Trading the US the Naz/Mr. Charts Way

[Salty Gibbon]

The APOL move is quite understandable from the 1 minute chart alone but did you use Level II in this trade and where would you have placed your stop ?

And Richard, 10 feet is a long way. Commodes are much more practical especially for relatively inexperienced players.

 

[Mr. Charts]

That was a nice trade, Alan - well played. The education stocks often present great opportunities.

I shall refrain from further scatological references, even if I am sorely tempted
Richard

 

[Salty Gibbon]

For the less learned......

dealing pruriently
with excrement and excretory functions; "scatological

 

[TheBramble]

I now keep a pot of coffee bubbling away in my trading room, not to mention a loo ten feet away.

I've seen some boasts in my time...

edit:SG: I don't know whether to be depressed or not that we're on the same wavelength...

 

[Naz]

I totally agree with the tea point - many a time when I get emotional about a trade I put my stop in and pop off and make the tea - has saved me endless amounts of money.

Sometimes there are some trading gems mentioned on this site and you've just mentioned one of them.

Salty.The initial stop was underneath the first pullback area which can be seen in the one minute chart.On the level 2 screen it was underneath the players that were holding that pullback area.They were support so if they went i was gone.They were reason i took the trade in the first place.That was the point where i entered the trade.

 

[Mr. Charts]

Expiry day today, so normally some choppiness is predictable.
However, there are already some interesting and promising possibilities in store for a quick early move
Richard

 

[sall]

All,

My first post to this thread, its taken me a few days to get thorugh it all, and it is excellent, just would like to say Thanks to all the contributors here. I 'm not yet a level 2 player on momentum but am trying to get there. Naz/Mr C ,it seems though that you entirely use tape reading the level 2 screen as the skill for the success. I 'm just wondering how much the involvement of indicators is taken in ?, I 've been successfull at times (not all the time) by following the a charts with the 10 day EMA checking both 1,5,15 min charts for trend confirmation , pointing in the same direction..and then entering using 1 minute chart. However I must admit I do get whipsawed quite often with this aqpproach. I am checking out some level 2 platforms at present , could some one kindly post the link for direct access elite please.

Thanks

 

[Salty Gibbon]

However, there are already some interesting and promising possibilities in store for a quick early move

Could that possibly be a quick early scatological move Richard ?

 

[roguetrader]

Could that possibly be a quick early scatological move Richard ?

LOL get it wrong and one could be in the scat. The only thing holding the DoW up yesterday was Johnstone & Johnstone.

 

[lloydsc]

All

Naz pointed out that the Biotech, sofware and semi-conductor stocks are gooding indicators for the Nasdaq. He has also said that BGEN is a 'general' leading stock for the biotech.

How do we determine a 'general' - is it as obvious as the weighted rating that the stock has in the indices or is it volume based?

Thanks
Steve

 

[Mr. Charts]

BGEN is long gone
All stocks differ and no single one can be relied upon to be a bellwether for an index or sub group.
I would agree that bios, chips, softwares often lead the Nasdaq up or down, but you should consider adding the internets.

Salty,
Don't get dragged down to the lower end of the G-I Tract, concentrate on the upper end ;-))
Richard

 

[RogerM]

PFE running nicely!

 

[Scooby]

Yes it has and ADBE was good at the open as well.

 

[Mr. Charts]

Good stuff, guys.
Scooby, did you get the bounce on CTAS?
Unloaded 25% at 45.51, still long the rest - will run them for now trailing at 45.33 and rising
Richard

 

[Mr. Charts]

out - looking weaker

 

[Mr. Charts]

My only open position at the moment is long LNCR
I mention this because one of the things people believe is that after a run a doji means it will reverse. That is not correct, it simply means indecision - that can lead to continuation, consolidation or reversal, so it's no big deal, at best it means be on alert - which you sghould be anyway. If you look at LNCR now you'll see a clear 5min doji followed by a continuation of the move, not a reversal.
Just unloaded part of my long to lock in some profits
Richard

 

[Mr. Charts]

All out and time for a break - maybe finished for the day now.
Richard

 

[Scooby]

nah missed that one dude, I only come across and play with you Nasdaq boys when i can't find anything on the big board. ;-)

Nice trade though Mr C.

 

[Mr. Charts]

Two emails asking about my trades today - only five in all, two large wins, one small win, one scratch, one small loser.
The small win was a few minutes ago shorting SANM - I checked back through the stocks on my radar before finishing and saw SANM setting up and you can't decline a no brainer, even though it was small.
Richard

 

[Naz]

Momentum trade from yesterday,OSIP.

First chart.Entry as it took out the open,the bounce would have been a better entry but i missed it.

Second chart.Exit on the failure of $70.This turned out to be the high of the day.

Result. $1.30 in ten minutes.

Naz