Gadgetman said:
Dave,
Are you referring to the float, see below and definition of insiders. Also worth googling for floatanalysis.
robq
http://biz.yahoo.com/f/g/ff.html
Best Thread US day traders thread.
Dave,
Are you referring to the float, see below and definition of insiders. Also worth googling for floatanalysis.
robq
http://biz.yahoo.com/f/g/ff.html
Trader333
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Share or stock allocation is not the same as available stock to trade. It is eminently possible to have a large stock allocation but very little available stock to trade. This can, and does, happen when someone has been engaging in stock accumulation with the deliberate intention of reducing the available supply. There have been many discussions on this subject on T2W and it is a good idea to familiarise oneself with this subject as it has much more relevance to likely market direction than probably anything else. Have a look for threads on trading by price and volume.
Paul
Naz
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dvdh said:
Hi Dave, All the best for the New Year and to the others on the thread that i know.
Re level 2.
I've always been interested in Level 2 and indeed this was my introduction into the US markets when i started trading it full time back in 1999.In the end i became a level 2 trader/ instructor that added charts.I like to think that over the years i've persuaded many including Mr charts that the two can go hand in hand and give anyone an edge when trading the Nasdaq.
The full title is Level 2 direct access.Many people use level 2 and then take the trade with a broker inspired smart order.Negating half of the platform.This is fine when a trader is trading smaller size and liquid stocks,but in my pinion it stops them developing their level 2 skills.
Skills that can be of the essence when trading the fast post market results plays.
Naz
Naz said:
Yeah, I never use smart orders. I do have some self defined routings to get in a trade real quick. But that doesn´t always work as you said in illiquid stocks with a 15 cent spread! So then you gotta use the Level II.
I actually never traded pre or post market. So I´m gonna try that now in the earnings season, with some small size to start out with of course!
But yes, I think Level II is a big edge, since I sort of know how to use it. Sometimes I´m looking at a chart and I see a nice set-up. I get in and look at the level II and never look back at the chart anymore, because Level II gives you just way more information!
I even traded in GOOG when eSignal was out, so I had no charts only Level II from my broker. And it were good trades. So I´m definately a big fan of Level II Direct Acces Specialist Micro-Analysis! :cheesy:
-Dave.
Naz said:
Hi Alan
Interesting.
I'm just starting out down this road and did some investigation into Level 2 platforms. I currently have an IB account and was looking for something that has full level 2 direct access functionality that can be directly linked into my IB account (so that I don't have to change account). (By this I mean something that does the required range of order types etc etc). I know that IB does have a level 2 platform. I understand that this is not the best, although I don't know the specific reasons. Is it to do with the quality of data/ data delivery?
E- Signal does have an interface that links into an IB account but is very basic. You can, as I understand from the e-signal website, see the ECN books if you ask for the functionality. (I need to check this out further, as I didn't ask specifically, and get confirmation either way).
I also looked at Charles Schwab Level 2 direct access. This is unavailable to UK residents unfortunately (so I had to draw a line there). I don't know about Dutch residents!
Then there is Direct Access Elite (DAE) which is the benchmark I was comparing against. To use this you would need an account with them in the US. They don't currently have a UK office as far as I can see.
So, unless anyone knows better (!), if you want to use someone with a UK office and have the full functionality of DAE then you are restricted. So is requiring UK representation a barrier which is, how shall I say, valid or illusory? Or are there indeed other routes?
Naz
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I use DAE and find it very good.In my opinion if you trade pre and post market you need to be good at your direct access skills and have a decent platform.DAE is great for this.
The post market results moves are just brilliant,capturing the move early before the crowd come in the next day. Like RIMM before Christmas.
I keep getting told that a new Level 2 cfd platform with the broker based in the UK is excellent.I haven't tried it but i am in the New Year.Anyone that wants any info on it or any general level 2 info and dosn't want to post can pm me or e mail me at [email protected]
Naz
The post market results moves are just brilliant,capturing the move early before the crowd come in the next day. Like RIMM before Christmas.
I keep getting told that a new Level 2 cfd platform with the broker based in the UK is excellent.I haven't tried it but i am in the New Year.Anyone that wants any info on it or any general level 2 info and dosn't want to post can pm me or e mail me at [email protected]
Naz
Hi guys,
I see from the news over the holidays, that UK shares out performed the housing market for the first time in years last year (16% v 3%)
What do you think might happen this year, will the Nasdaq Rock and Roll?, if so it might be a good idea to have a normal account aswell as a daytrading account to catch the swing
I see from the news over the holidays, that UK shares out performed the housing market for the first time in years last year (16% v 3%)
What do you think might happen this year, will the Nasdaq Rock and Roll?, if so it might be a good idea to have a normal account aswell as a daytrading account to catch the swing
samtron said:Hi guys,
I see from the news over the holidays, that UK shares out performed the housing market for the first time in years last year (16% v 3%)
What do you think might happen this year, will the Nasdaq Rock and Roll?, if so it might be a good idea to have a normal account aswell as a daytrading account to catch the swing
I think it will be a good year for equities. I'm not talking about upside potential. Just about volatility, because:
- Bernanke is gonna replace Greenspan!
- Will the FED keep raising rates?
- What will happen with Energy?
- What about the EUR/USD?
- Will the housing market bubble burst?
A lot of things that are gonna move equities this year, just IMHO though!
So, buckle up!
LOL.
Good luck today guys,
-Dave.
PitBull
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Samtron
IMO the market looks toppy. Over the past few weeks the market has risen on light volume and declined on heavy volume. This is an indication of institutional distribution. The big boys are unloading stock on the unsuspecting public while artificially propping up the market. This kind of action is many times seen near tops.
The rally that began in October was unable to generate significant breadth numbers and the last few weeks have done nothing to help this. The market has remained afloat thanks to a few large caps. This is evidenced by the underperformance of the Nasdaq and the Russell 2000 versus the S&P 500. Incidentally, the performance of all indices has historically been better when the Nasdaq leads the S&P.
Lastly, several measures of sentiment are just too bullish right now. Nevertheless, I expect to be a volatile year for US Equities.
All the best guys
IMO the market looks toppy. Over the past few weeks the market has risen on light volume and declined on heavy volume. This is an indication of institutional distribution. The big boys are unloading stock on the unsuspecting public while artificially propping up the market. This kind of action is many times seen near tops.
The rally that began in October was unable to generate significant breadth numbers and the last few weeks have done nothing to help this. The market has remained afloat thanks to a few large caps. This is evidenced by the underperformance of the Nasdaq and the Russell 2000 versus the S&P 500. Incidentally, the performance of all indices has historically been better when the Nasdaq leads the S&P.
Lastly, several measures of sentiment are just too bullish right now. Nevertheless, I expect to be a volatile year for US Equities.
All the best guys
well quite a bit of negative sentiment in the market this morning- The MM must still be getting over there new year hangovers!.
the ndx has pulled back a little but I think it may just go sideways for a couple of hrs so i might pop out to star bucks for a couple of hrs.
what do think guys?
the ndx has pulled back a little but I think it may just go sideways for a couple of hrs so i might pop out to star bucks for a couple of hrs.
what do think guys?
Gadgetman
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Yes!
Although talking of Starbucks, VLO has been a nice SB trade today (long)......
Started with a 30 cent trailing stop, now at 20 cents. It's just trying to break through the upper trendline on 1 min/5 min charts as I type. Where's the smilie for crossed fingers?
Added: It didn't break through and reversed. Just hit my stop @ 54.08.
Still, a nice steady run from the start, although VLO has quite a large intraday range for me it seems to move quite steadily normally.
Now we'll see if I should have adjusted my stop to just below the round number - but trying to stick to my rule of never adjusting a stop away from the price.
Although talking of Starbucks, VLO has been a nice SB trade today (long)......
Started with a 30 cent trailing stop, now at 20 cents. It's just trying to break through the upper trendline on 1 min/5 min charts as I type. Where's the smilie for crossed fingers?
Added: It didn't break through and reversed. Just hit my stop @ 54.08.
Still, a nice steady run from the start, although VLO has quite a large intraday range for me it seems to move quite steadily normally.
Now we'll see if I should have adjusted my stop to just below the round number - but trying to stick to my rule of never adjusting a stop away from the price.
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Gadgetman
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Great afternoon run!
What a good afternoon. Too many stocks too choose from. Here's a copy of my core stock lists showing those breaking new highs of the day, at 15:08 ET - green lights everywhere
Anyone else catch the later LRCX break? It was almost flatlined on the 1 min chart for ages then took off and is still trying to hit $37.00
What a good afternoon. Too many stocks too choose from. Here's a copy of my core stock lists showing those breaking new highs of the day, at 15:08 ET - green lights everywhere
Anyone else catch the later LRCX break? It was almost flatlined on the 1 min chart for ages then took off and is still trying to hit $37.00
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TrendTracker
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Long SNDK / needing a level 2 broker
Sandisk trends nicely today...
I've started to move from position trading into daytrading and find that I'm in a need for a good level2 broker. CMC Markets does not give volume/market depth for US stocks and I find it very inconvenient. It's like wandering in a forest nearly blinded... Please, could someone recommend me a better broker.
I've read a lot of this thread on the recommendation of my good friend dvdh. It has been very valuable. Big Thanks to all those contributing to it!
Those with more experience in Level2, please help me to grasp the following. Some five years I got exited about Level2 screen that I saw a broker using but his comment was a bit off putting: "if order book was of any use we'd all be rich".
I.e. don't waste your time studying the order book. This guy was the head of research at one of the best known CFD brokers in London. Therefore I took he knew what he was talking about. But know most of you seem to reckon he was wrong and level two/order book is THE most important tool a day trader should have. Have I missed something here?
Sandisk trends nicely today...
I've started to move from position trading into daytrading and find that I'm in a need for a good level2 broker. CMC Markets does not give volume/market depth for US stocks and I find it very inconvenient. It's like wandering in a forest nearly blinded... Please, could someone recommend me a better broker.
I've read a lot of this thread on the recommendation of my good friend dvdh. It has been very valuable. Big Thanks to all those contributing to it!
Those with more experience in Level2, please help me to grasp the following. Some five years I got exited about Level2 screen that I saw a broker using but his comment was a bit off putting: "if order book was of any use we'd all be rich".
I.e. don't waste your time studying the order book. This guy was the head of research at one of the best known CFD brokers in London. Therefore I took he knew what he was talking about. But know most of you seem to reckon he was wrong and level two/order book is THE most important tool a day trader should have. Have I missed something here?
Gadgetman
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TrendTracker said:Sandisk trends nicely today...
I've started to move from position trading into daytrading and find that I'm in a need for a good level2 broker. CMC Markets does not give volume/market depth for US stocks and I find it very inconvenient. It's like wandering in a forest nearly blinded... Please, could someone recommend me a better broker.
I've read a lot of this thread on the recommendation of my good friend dvdh. It has been very valuable. Big Thanks to all those contributing to it!
Those with more experience in Level2, please help me to grasp the following. Some five years I got exited about Level2 screen that I saw a broker using but his comment was a bit off putting: "if order book was of any use we'd all be rich".
I.e. don't waste your time studying the order book. This guy was the head of research at one of the best known CFD brokers in London. Therefore I took he knew what he was talking about. But know most of you seem to reckon he was wrong and level two/order book is THE most important tool a day trader should have. Have I missed something here?
There seem to be 2 main schools of thought on this board that I've seen so far, 1 set say it is vital for trading, the others that it is another useful tool.
I'm personally starting to subscribe to the "useful tool" set. I don't have a lot of Level 2 experience and have recently decided that I'm spending far too much trying to analyse it and have been neglecting what the charts are telling me. I am checking where the ax(e) is sitting just before I enter a trade and do use it to determine if there is going to be a reversal (or at least try!) It does give even a novice like me an edge in that respect.
One trader I know uses Direct Access Elite and another the L2 provided by Interactive Brokers. Don't get me started on Interactive Brokers and how crap their support is in relation to money management, though - PM if you want to know more. I use the facility built into my trading platform (TradeStation) and for my level of trading it seems to be fine.
TrendTracker
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Thanks Dave,
I'll check out those two you mentioned. As we are in the subject would you know (or someone else) if Etrade direct access is any good?
http://www.etradeprofessional.co.uk/cfds_etrade_cfds.asp
Cheers!
I'll check out those two you mentioned. As we are in the subject would you know (or someone else) if Etrade direct access is any good?
http://www.etradeprofessional.co.uk/cfds_etrade_cfds.asp
Cheers!
PitBull
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Looks good Dave, yes some good movers after the FOMC minutes. QCOM and CEPH were very kind to me today. I think DVDH had another blinding day!
TrendTracker. Welcome aboard. I think you'll find the best L2 broker is DirectAccessElite.
L2 is useful in a number of ways and IMO, on a very short term basis, i.e. scalping, you can't do without it, but on the bigger moves, it is too dynamic and is ever changing to make any sense of it and you become too distracted, as Dave says. Its great for seeing support and resistance at round numbers etc and whether they are gonna give, i.e. the AX faking support by puling his bid, but I think its real benefit comes down to elimanating the entry risk. i.e. if LONG, you want enough support at all price increments to suffer a small loss if it goes against you. You don't want any price gaps!!! as these are the blackholes that we get swallowed up by (price vacuums) if the move quickly goes against you.
Another handy hint is highlighting the AX and just concentrate on how he is playing a move (breakout), also who'se holding support and resistance. This is easily identifiable as you'll see the MM's holding these price levels.
All the best
Lee
TrendTracker. Welcome aboard. I think you'll find the best L2 broker is DirectAccessElite.
L2 is useful in a number of ways and IMO, on a very short term basis, i.e. scalping, you can't do without it, but on the bigger moves, it is too dynamic and is ever changing to make any sense of it and you become too distracted, as Dave says. Its great for seeing support and resistance at round numbers etc and whether they are gonna give, i.e. the AX faking support by puling his bid, but I think its real benefit comes down to elimanating the entry risk. i.e. if LONG, you want enough support at all price increments to suffer a small loss if it goes against you. You don't want any price gaps!!! as these are the blackholes that we get swallowed up by (price vacuums) if the move quickly goes against you.
Another handy hint is highlighting the AX and just concentrate on how he is playing a move (breakout), also who'se holding support and resistance. This is easily identifiable as you'll see the MM's holding these price levels.
All the best
Lee
