millsy500 said:
www.briefing.com is best news feed real time for USA stocks,USD 15 to USD 25 per month.
Best Thread US day traders thread.
www.briefing.com is best news feed real time for USA stocks,USD 15 to USD 25 per month.
timsk
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A Weekly View
I've posted some weekly charts recently and last weekend I offered an explanation as to why a weekly view could be of benefit to day traders. As I've not received a torrent of abuse I'll assume that such offerings are of some interest at least. Soooo . . .
The chart you might keep half an eye on next week is COST. It has rather nervously and tentatively been knocking on the big psychological ceiling of $50 in recent days and weeks. The difficulty that it has is that it tested this same level exactly a year ago to the week. As you can see from the attached chart, the price then retraced to around 50% of the advance from the start of the main trend. So, many investors/traders will be wondering if the recent tests signal a major breach, followed by a strong move up or does it signal a double top followed by a sell off? For day traders, these questions are, of course, largely irrelevant. What matters is that there are fearful and greedy participants around whose actions could well prompt a significant move in either direction.
For what it's worth, last year's breach of the $50 mark was a one off doji spike. This time there is clearly buying pressure around, evidenced by repeated stabs at the ceiling and closes above $50 on both Thursday and Friday last week. This price behaviour is altogether more bullish than it was a year ago.
Tim.
Oh, I forgot to add that my wife came into the study when I had COST up on screen and she volunteered that it looked like it would go up. :cheesy:
I've posted some weekly charts recently and last weekend I offered an explanation as to why a weekly view could be of benefit to day traders. As I've not received a torrent of abuse I'll assume that such offerings are of some interest at least. Soooo . . .
The chart you might keep half an eye on next week is COST. It has rather nervously and tentatively been knocking on the big psychological ceiling of $50 in recent days and weeks. The difficulty that it has is that it tested this same level exactly a year ago to the week. As you can see from the attached chart, the price then retraced to around 50% of the advance from the start of the main trend. So, many investors/traders will be wondering if the recent tests signal a major breach, followed by a strong move up or does it signal a double top followed by a sell off? For day traders, these questions are, of course, largely irrelevant. What matters is that there are fearful and greedy participants around whose actions could well prompt a significant move in either direction.
For what it's worth, last year's breach of the $50 mark was a one off doji spike. This time there is clearly buying pressure around, evidenced by repeated stabs at the ceiling and closes above $50 on both Thursday and Friday last week. This price behaviour is altogether more bullish than it was a year ago.
Tim.
Oh, I forgot to add that my wife came into the study when I had COST up on screen and she volunteered that it looked like it would go up. :cheesy:
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PitBull
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Timsk
Excellent analysis. IMHO if COST can break the 50.25 which it did try twice on Friday then we have lift off! I will watch with interest.
Looks like a head and shoulders on 5 min chart) on EBAY on Friday, just wonder whether the fourth peak signals downward momentum.
I think I like GENZ the best. After a good couple of days last week, especially Thursday and Friday. This has broken out of resistance of 76 and is poised at 76.45 and is in a tight consolidation range. However, this could break either way, but the bias has been up.
As always, opinion counts for nothing when daytrading, so trade what you see not what you think.
Excellent analysis. IMHO if COST can break the 50.25 which it did try twice on Friday then we have lift off! I will watch with interest.
Looks like a head and shoulders on 5 min chart) on EBAY on Friday, just wonder whether the fourth peak signals downward momentum.
I think I like GENZ the best. After a good couple of days last week, especially Thursday and Friday. This has broken out of resistance of 76 and is poised at 76.45 and is in a tight consolidation range. However, this could break either way, but the bias has been up.
As always, opinion counts for nothing when daytrading, so trade what you see not what you think.
PitBull
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OK people, I hate to say it, but I've had a blinder of a day today.
3 shorts, 1 long and all profitable.
Firstly, SHORT ABT on 3 bar break, even though they were wide apart, the candles were too big to ignore. Entry @ 43.10 exit 42.55 = +0.55
SHORT GENZ on range breakout, entry 76.76 exit 76.31 = +0.45
SHORT GILD on three bar breakout, entry 53.28, sold half at 52.77, stopped out rest @ 53, therefore +0.51 for first half and +0.28 second half = average +0.39
Finally, I think I have to pick myself up from the floor but, did you see Computer Sciences Corp (CSC) fly. It was going to the moon and I jumped aboard after 3 bar break and entered LONG @ 54.55 and sold out in full @ 56.59 before it fell hard. = $2.04
If my sums are correct, today has been my best so far, $3.43.
See attached charts. As always, if I have time I will copy a chart of the entry but otherwise it will be soon after I have closed the position.
I hope you've had a good day too!
3 shorts, 1 long and all profitable.
Firstly, SHORT ABT on 3 bar break, even though they were wide apart, the candles were too big to ignore. Entry @ 43.10 exit 42.55 = +0.55
SHORT GENZ on range breakout, entry 76.76 exit 76.31 = +0.45
SHORT GILD on three bar breakout, entry 53.28, sold half at 52.77, stopped out rest @ 53, therefore +0.51 for first half and +0.28 second half = average +0.39
Finally, I think I have to pick myself up from the floor but, did you see Computer Sciences Corp (CSC) fly. It was going to the moon and I jumped aboard after 3 bar break and entered LONG @ 54.55 and sold out in full @ 56.59 before it fell hard. = $2.04
If my sums are correct, today has been my best so far, $3.43.
See attached charts. As always, if I have time I will copy a chart of the entry but otherwise it will be soon after I have closed the position.
I hope you've had a good day too!
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PitBull
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Gadgetman
I know tempting isnt it!
My strategy is to increase size when I'm right >60%. Looks like at the moment that could be quite soon. However, I'm keeping my feet firmly on the ground and won't be getting cocky, as been there and done it before a few times.
HD looks like a nice short at the top with a shooting star candle.
I know tempting isnt it!
My strategy is to increase size when I'm right >60%. Looks like at the moment that could be quite soon. However, I'm keeping my feet firmly on the ground and won't be getting cocky, as been there and done it before a few times.
HD looks like a nice short at the top with a shooting star candle.
Hi all
Don't know about the rest of you but I'm finding the afternoon/evening sessions very tough to trade.
Has anybody got any thoughts on the pros/cons of trading each session.
It seems to me that you have a better chance of picking the big moves in the morning session.
Good luck all
AC
Don't know about the rest of you but I'm finding the afternoon/evening sessions very tough to trade.
Has anybody got any thoughts on the pros/cons of trading each session.
It seems to me that you have a better chance of picking the big moves in the morning session.
Good luck all
AC
PitBull
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Raider1
I don't want to seem unhelpful, but I can't disclose the full method, as this is what is taught by the Nasdaq coaches, whom lots of us have paid for to have tuition. If you have a chart package you could enlarge the candles at my entry point.
Picking stocks based on major news stories.
Hope OK
I don't want to seem unhelpful, but I can't disclose the full method, as this is what is taught by the Nasdaq coaches, whom lots of us have paid for to have tuition. If you have a chart package you could enlarge the candles at my entry point.
Picking stocks based on major news stories.
Hope OK
PitBull
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Timaru
Due to a lucky break at work, i.e. being able to trade the open, then I haven't been able or willing, due to morning successes, to trade the evening session, but I would say, IMHO that the morning does seem to offer the best opportunities thus far, due to earnings and news. Therefore, the stocks selected in the morning may not set up for the evening session. Unless that is when they are on an all day run. Therefore look for higher lows and highs across lunchtime for the afternoon run. the opposite for short.
This is the only set up I have looked for in the evenings, with a hammer candle after two down bars around the 6.30 - 7pm UK time.
Would appreciate peoples input into evening session set ups.
Due to a lucky break at work, i.e. being able to trade the open, then I haven't been able or willing, due to morning successes, to trade the evening session, but I would say, IMHO that the morning does seem to offer the best opportunities thus far, due to earnings and news. Therefore, the stocks selected in the morning may not set up for the evening session. Unless that is when they are on an all day run. Therefore look for higher lows and highs across lunchtime for the afternoon run. the opposite for short.
This is the only set up I have looked for in the evenings, with a hammer candle after two down bars around the 6.30 - 7pm UK time.
Would appreciate peoples input into evening session set ups.
Hi PPitBull said:
Yeah I tend to agree, I find better setups in morning than evening. Managed one loser and two breakevens tonight on RIMM and CTSH.
Thought both may have been ready to break but both traded sideways.
Oh well 4 out of last 5 nights profitable so can't complain too much I suppose.
Will be able to focus on trading morning setups in the new year.
Was pleased with my RIMM entry though as it was a long entry straight from Level II at the Low.
PitBull
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Timaru
My thoughts on RIMM. Had a good morning run, but afternoon was a bit directionless therefore, I would of steered clear. If it was making higher lows then it would of been on my radar. The morning looks like a different story. Perfect 10am break for quick $1 run.
Glad that you are too being profitable.
My thoughts on RIMM. Had a good morning run, but afternoon was a bit directionless therefore, I would of steered clear. If it was making higher lows then it would of been on my radar. The morning looks like a different story. Perfect 10am break for quick $1 run.
Glad that you are too being profitable.
PitBull said:
Hi pitbull
Re RIMM, the reason I went long was that it started making Higher lows after it's attempt to go through the 50% retracement level (for the day) failed.
Also was watching the level II and saw good support at 67.30 so went long with a tight stop.
Filled at 67.33 and took trade to breakeven at first 67.50 attack, however never got past this level.
Maybe next time
Cheers
Trader333
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timaru69 said:
It is true that the morning session (between 2.30pm and 4.30pm UK Time) you get larger moves but by the same token they can be more difficult to trade because of this and in many ways more skill is needed to do this.
By contrast the evening session (6.45pm to 9.00pm UK Time), is easier to trade in my view because the moves are less volatile and just as much profit can be made but it may take longer to get the same result.
Paul
PitBull
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Candles
Coached by Alan Rich.
Still working normal job, unfortunately. Don't have the passion for 9-5 anymore, at present, all I'm thinking about is trading, from the time I get up to the time I go to bed.
Yes took the plunge. Not regretting it one bit.
Best wishes
Lee
Coached by Alan Rich.
Still working normal job, unfortunately. Don't have the passion for 9-5 anymore, at present, all I'm thinking about is trading, from the time I get up to the time I go to bed.
Yes took the plunge. Not regretting it one bit.
Best wishes
Lee
