Best Thread US day traders thread.

[PitBull]

Meet Up

I've had a fantastic response so far and it looks like it could be well worth it for those who have to travel quite far, as there will be quite a line up of pro traders attending.

I think the ideal location would have to be London, as it is central and easily accessible to.

Any ideas about venue are welcome.

Thank you for your interest
Lee

 

[dvdh]

I've had a fantastic response so far and it looks like it could be well worth it for those who have to travel quite far, as there will be quite a line up of pro traders attending.

I think the ideal location would have to be London, as it is central and easily accessible to.

Any ideas about venue are welcome.

Thank you for your interest
Lee

I've never been in London before. So I don't have a clue!

-Dave.

 

[Gadgetman]

I've had a fantastic response so far and it looks like it could be well worth it for those who have to travel quite far, as there will be quite a line up of pro traders attending.

I think the ideal location would have to be London, as it is central and easily accessible to.

Any ideas about venue are welcome.

Thank you for your interest
Lee

How many people you expecting so far Lee? Could affect venue suggestions.......

 

[PitBull]

10-15 so far

 

[dvdh]

10-15 so far

Very nice!

 

[samtron]

Ok guys, lets go for another exciting week on the Nasdaq Roller Coaster ride

Vice President Dick Cheney taken to hospital might effect the index

May the force be with you!, good luck. everyone.

 

[PitBull]

I hope you had a piece of NTES action. Moved $5 in an hour. Got in at 61.29, based on GSCO holding and raising the bid, would of liked to get in at 60 when it broke but was looking at something else and scanner alerted me to it. Exit 64.92, +$3.63. See chart attached

 

[Gadgetman]

I hope you had a piece of NTES action. Moved $5 in an hour. Got in at 61.29, based on GSCO holding and raising the bid, would of liked to get in at 60 when it broke but was looking at something else and scanner alerted me to it. Exit 64.92, +$3.63. See chart attached

You're supposed to tell us BEFORE it happens, not after

Well done..........

 

[PitBull]

I don't have a crystal ball

 

[samtron]

I don't have a crystal ball

ah, but you can afford to buy one or two now :cheesy:

Nice to hear about the use of L2 in that trade!

well done Lee.
I am afraid I wasn't watching that stock

 

[Gadgetman]

I don't have a crystal ball

I did look at it early in the day but there were wide spreads which put me off. Just goes to show

 

[samtron]

Guys I'm still having a job understanding price spikes on the Nasdaq.

When you get a minute could you take a look at the MSFT chart for Friday

what caused that spike at 14.11 est 26.70 to 27.70 and back again?
Was it a large institution trying to buy a large block of stock and not being bothered by the price?

I just don't get it

 

[Gadgetman]

Guys I'm still having a job understanding price spikes on the Nasdaq.

When you get a minute could you take a look at the MSFT chart for Friday

what caused that spike at 14.11 est 26.70 to 27.70 and back again?
Was it a large institution trying to buy a large block of stock and not being bothered by the price?

I just don't get it

Hi Samtron
Not sure about the time you mean? Wouldn't 14.11 est be 19.11 gmt?
I've had a look and can't find any spikes on my chart at all (TradeStation): MSFT ranges between low 26.76 and high 27.04, so looks like it could be data corruption from your supplier.......

 

[Trader333]

Samtron,

What datafeed are you using ?


Paul

 

[PitBull]

NTES now above 67 and ready for afternoon run. GSCO is the man to watch!!

 

[Slapshot]

Samtron, are you using CMC by any chance? If so the spikes are quite common

 

[samtron]

using IB feed and Quote Tracker at the moment.
I'll post a chart latter, looking for set-ups at the minute

thanks guys

 

[samtron]

Hi gang.

Chart below of MSFT (IB feed with QT)
Friday and today to show the price spike i was referring to in an earlier post today.
Two price spikes one friday one today.
Comments appreciated.
Also I have noticed that the backfill facility with IB can often can give a "backfill busy message" which makes it difficult to pull up a new chart of a stock you haven't been watching all day!

 

[Gadgetman]

Hi gang.

Chart below of MSFT (IB feed with QT)
Friday and today to show the price spike i was referring to in an earlier post today.
Two price spikes one friday one today.
Comments appreciated.
Also I have noticed that the backfill facility with IB can often can give a "backfill busy message" which makes it difficult to pull up a new chart of a stock you haven't been watching all day!

I reckon it's definitely corrupt data! I used to work for Knight-Ridder & Bridge when they provided this sort of data. They had teams who would go through historical data manually amending it when either spotted or notified. Wouldn't be surprised if those spikes disappear in a couple of days.

Only my opinion, could be other valid reasons.

 

[PitBull]

Hi gang.
What order types do you use when you enter, exit and exit on stop?

I use limit to enter, limit to exit (or if I want a quick exit i would use a market) for stops I tend to use market .

I would be interested to know what other people use.

Hi Samtron

Thought I would answer your post as a very relevant question which is often neglected by newbies as they first have to grasp this trading lark, but using precision execution is a must if you aspire to making it.

At first we are all guilty, not on purpose but through ignorance, of the potential to use the Direct Access Level 2 platform to its best abilities.

For the 100 share traders I don’t think finding liquidity on L2 is an issue, but sometimes with a market order, you’ll get routed to an MM who will fill you at the worst price possible. Errrrggh!!

I was guilty of always using market orders, but found slippage too great, even when using smart routing. Market orders are used due to impulse, limit orders are used because of planning.

However, I do use market orders in certain circumstances. Sometimes to take a profit or as a Stop.

Whilst the action is slow on L2, I will be planning my entry and putting limit orders where I want to get filled. Mostly between the bid and ask price.

When entering a trade to go long, and a stock is trading strong to the upside and the offers are fading fast, I will be going high bid by posting a leading limit order a few cents above the best bid.

When selling and bids are fading fast I will again use a leading limit order or will be hitting the bids. Sometimes if not filled and I want out then I will use a market order routed through ARCA or ISLD. I find ISLD best in very fast moves.

One problem I have found when trying to enter fast moving stocks is that they can quickly run away from you and you won’t get filled. Often, when you do get filled, the stock has reached a resistance area where buying has subsided and selling pressure has increased. The move may well be over, and you are now too late to take the trade. I will only give it 2 chances to get filled, i.e. use another leading limit order to get in and if not filled, I will not enter again. This way you are not chasing stocks.

Hope this makes sense.

Regards
Lee
p.s. BRCM and MRVL were stated as King and Queen of the tech sector last night by Jim Cramer. Traded up pre-market so worth watching them today