Best Thread US day traders thread.
timsk
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Dow Dog said:
DowDog,
Allow me to put the record straight on this, if I may . . .
Yes, I have had 1-2-1 coaching with Mr. Charts - in December 2002. And yes, I have had a 'blow up', losing 70% of my account on one trade - in March 2004. You'll just have to take my word for it when I say that the two events are totally unconnected. One comment worth making however, is that had I put into practice the ideas and concepts that Mr. Charts coaches, the sorry event in March 2004 would never had happened! My demise was 100% my own making and, just for thr record, the coaching from Mr. Charts was first class and I'd recommend it to anyone who's interested in day trading U.S. equities. Ditto for a 1-2-1 with Naz.
Tim.
SOCRATES
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I like this. I like it very much.timsk said:
I like it because everyone must learn to take absolute responsibility for their own very actions, instead of trying to blame everybody else except themselves.
Only then can they truly evolve as traders, and more importantly, evolve as truly proper human beings.
Well done Tim.
Persist in your endeavours and you will ultimately succeed.
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This is common sense. Mr Charts is a successful trader. Even if you haven't attended his training (like I haven't), he is a master of his trade and that should be obvious to anyone who has taken a few minutes to read any of his posts. A successful trader doesn't teach his students to take unreasonable risk and blow up their account, quite the contrary.
Good on you Tim.
Good on you Tim.
Mr. Charts
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With Katrina playing havoc, stocks like VLO and CVX in the oil sector look interesting, as do HD and LOW for the clean up ops.
Insurers won't be too happy.
Richard
Insurers won't be too happy.
Richard
Mr. Charts
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ABIX (protection, safety gear) and IPII (building materials) should also be interesting
Richard
Richard
Mr. Charts
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My early Katrina trade was ABIX.
The chart shows pre-market trading and the first three minutes when it opened. As expected there was buying as the orders placed, but not executed, before open were filled. Then suddenly the buying momentum on level 2, buy/sell sides, T&S died and I shorted as the first sells hit. My stop here was momentum turning back up or a 10c move against me and that would have taken me out for a maximum loss of about 10c. That was not likely.
The chart shows pre-market trading and the first three minutes when it opened. As expected there was buying as the orders placed, but not executed, before open were filled. Then suddenly the buying momentum on level 2, buy/sell sides, T&S died and I shorted as the first sells hit. My stop here was momentum turning back up or a 10c move against me and that would have taken me out for a maximum loss of about 10c. That was not likely.
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Mr. Charts
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Within four minutes the price had fallen to support and the whole number so I exited, anticipating a bounce or reversal.
I think it's important to not only look at a chart but to look deeper into what is happening with the market players and buy/sell pressures and actual trades.
My short might have appeared contrarian to someone just looking at the chart, but in fact I could see the tide was about to turn so I wasn't being contrarian at all.
Hope someone finds this of interest.
Richard
I think it's important to not only look at a chart but to look deeper into what is happening with the market players and buy/sell pressures and actual trades.
My short might have appeared contrarian to someone just looking at the chart, but in fact I could see the tide was about to turn so I wasn't being contrarian at all.
Hope someone finds this of interest.
Richard
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Woolley
There's no such thing Woolley (as far as I am aware). 'Katrina' is the name given to the hurricane that recently hit the south central/eastern US area. A 'Katrina trade' is therefore simply a trade based around its potential impact on the movement of the markets e.g. Crude Oil going to new highs etc.
Hope this helps
woolley said:
There's no such thing Woolley (as far as I am aware). 'Katrina' is the name given to the hurricane that recently hit the south central/eastern US area. A 'Katrina trade' is therefore simply a trade based around its potential impact on the movement of the markets e.g. Crude Oil going to new highs etc.
Hope this helps
Naz
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Just a s follow up to the crude pullback post 217 on the thread.
Using the NYMEX crude potential pull back that is showed on post 217 i went long on the one stock i found that looked good intra day for a potential EOD swing trade.(UK stock VPC)This is where i think linking intra day activity to EOD swing trading ideas can pay off because you can get a real low risk day traders entry and then swing it over the larger time frame.This means your overall reward/risk can be 10/1 plus.Many traders and books would have us think think 3/1 is acceptable,because they they need to much confirmation of the start of a move.
Attachment 1 is the crude pull back
Attachment 2 is the VPC trade with the entry marked.
attachment 3 is the VPC entry price and date from my account
Attachment 4 is the VPC closing price today of 502.25 next to that position which is still held in my account.
Using the NYMEX crude potential pull back that is showed on post 217 i went long on the one stock i found that looked good intra day for a potential EOD swing trade.(UK stock VPC)This is where i think linking intra day activity to EOD swing trading ideas can pay off because you can get a real low risk day traders entry and then swing it over the larger time frame.This means your overall reward/risk can be 10/1 plus.Many traders and books would have us think think 3/1 is acceptable,because they they need to much confirmation of the start of a move.
Attachment 1 is the crude pull back
Attachment 2 is the VPC trade with the entry marked.
attachment 3 is the VPC entry price and date from my account
Attachment 4 is the VPC closing price today of 502.25 next to that position which is still held in my account.
Attachments
VPC Trade
Hi Naz
Thanks for the above post. Wondered why you went quiet for a while there. Been on holiday? ... again! :cheesy:
Anyway, I'd like to know why you went long VPC following a pullback when Crude had not yet resumed its uptrend. How were you able to anticipate that it was indeed a pullback and not a false breakout?
regards
S
Hi Naz
Thanks for the above post. Wondered why you went quiet for a while there. Been on holiday? ... again! :cheesy:
Anyway, I'd like to know why you went long VPC following a pullback when Crude had not yet resumed its uptrend. How were you able to anticipate that it was indeed a pullback and not a false breakout?
regards
S
Naz
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Any EOD movement will start by what happens intra day.I follow both.Putting them both together i believe gives an EOD trader an edge.
Many people just do one or the other but never think of combining the both together.
If you follow a stock intra day and then look at its EOD candle sometimes you can feel that the EOD candle did not really justify the true feeling of how that stock traded that day.Strange i know.
I was alerted to this fact by a very good EOD trader i met who wished to learn more about intra day movements.
Take the example of RIMM attached.
The true break out from the consolidation was on Aug 19th because it did everything a strong intra day stock should do.Chapter and verse it was text book,i know because i traded it that day.
Couple this with the false break above $70 two days earlier which failed.Its the intra day trader who should have spotted which one was the true break intra day and could have ridden it in a multi day time frame if he's so wished. His reward/risk would also have been exceptional because he's spotted it so early in its move.
ie the big picture is the break of $70 for the potential next multi day move up,the intra day trader should see it first and get that great reward/risk entry for a multi day run if he put both time frames together in his head.
Naz
Many people just do one or the other but never think of combining the both together.
If you follow a stock intra day and then look at its EOD candle sometimes you can feel that the EOD candle did not really justify the true feeling of how that stock traded that day.Strange i know.
I was alerted to this fact by a very good EOD trader i met who wished to learn more about intra day movements.
Take the example of RIMM attached.
The true break out from the consolidation was on Aug 19th because it did everything a strong intra day stock should do.Chapter and verse it was text book,i know because i traded it that day.
Couple this with the false break above $70 two days earlier which failed.Its the intra day trader who should have spotted which one was the true break intra day and could have ridden it in a multi day time frame if he's so wished. His reward/risk would also have been exceptional because he's spotted it so early in its move.
ie the big picture is the break of $70 for the potential next multi day move up,the intra day trader should see it first and get that great reward/risk entry for a multi day run if he put both time frames together in his head.
Naz
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timsk
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Seguna, - thanks for pushing Alan on this and, Alan, thank you even more for taking the trouble to reply with such a comprehensive explanation. Your idea of dovetailing intra day and E.O.D. trading really is food for thought - very interesting!
Cheers to you both,
Tim.
