How To Make Money Trading The Markets.

This is a discussion on How To Make Money Trading The Markets. within the Stocks forums, part of the Markets category; I said in post #8 I would show the chart of the trade I did on Wednesday. Here it is. ...

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Old Sep 5, 2008, 10:14am   #25
 
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Mr. Charts started this thread I said in post #8 I would show the chart of the trade I did on Wednesday.
Here it is.
Again I think it is worth looking back at the other charts and you can see the similarities.
If you are going to test out this method for yourself, I think it is much easier to have these examples so you can identify the set up by visual comparison with what you see on your own screen as you find the possible stocks live.

This trade produced a profit of $1.10 per share. That's $2200 for 2000 shares, $1100 for a 1000, $550 for 500, and so on.

As always the entry is on the red X hairs and the exit at the time of the screenshot.
Again the exit candle proved to be the swing low on the 1 minute chart and the decision to exit was based on a growing sense during that minute that this might be a volume blow off and then when the selling seemed to stop, I exited immediately.
Again I was exactly right, but I'm not always right.
Sometimes there can be a pause and the stock can continue its move.
Sometimes I'll scale out of the move, sometimes close it completely.
When I'm proved wrong and the stock continues its move I have no regrets as I've traded on the evidence in front of my eyes and no-one can do better or ask more of themselves than that.
No certainty, only high probability.
Anyway, I've banked profits and it's time to keep an eye on the same stock for further opportunities and also look elsewhere for others.
On the occasions when level 2 T&S doesn't give me any clues - and it often doesn't or there is so much noise it's of little use, then I will exit on the chart rule as described in an earlier post (post #4).
Richard
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Old Sep 5, 2008, 10:26am   #26
 
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Mr. Charts started this thread
Quote:
Originally Posted by timsk View Post
Hi Richard,
Great to see a new Mr. Charts thread!
Do you welcome subscribers to it to post charts of trades they've taken using the set up you describe so that you can then comment good / bad etc. (a la the pin bar set up on Trader_Dante's thread), or do you want the thread kept 'clean' with minimal red herrings and cul-de-sacs? I'm just trying to gauge how much audience participation - and of what kind - is welcome or unwanted.
Tim.

Thanks, timsk,
To be honest I'd prefer the thread kept clean without other people's charts so anyone reading it can see what I do and not get confused with the way other people do things.
They can then decide, uncluttered, if they want to test out this technique for themselves.
I'm prepared to clarify any points about this particular technique as long as I haven't already done so earlier in the thread.
Also my micro-analysis approach is beyond what I want to talk about in detail here.
I want to keep it chart focused.
There is simply no way I have time with my other trading commitments to comment or analyse other people's charts, I'm afraid.
Off to get some breakfast now - my two finger typing is very slow and I need my coffee and my wife's apple cake !
Richard
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Old Sep 5, 2008, 12:12pm   #27
 
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It looks like a good system you have Mr Charts.
What do you actually use for entry rules?
Michael
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Old Sep 5, 2008, 12:29pm   #28
 
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Mr. Charts started this thread See posts #4 and #24, but more entry rules for this particular method, one of about a dozen methods I use, will be posted when I've got time, as will stop loss rules, position sizing etc.
Scan for big movers, apply rules in posts #4 and #24, check example charts to aid identification.
To be continued....
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Old Sep 5, 2008, 1:01pm   #29
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hi mr charts,

can i ask as trending only happens around 15% of the time, what are you using as your stop?

I take it the stop has to be very close, what is your strikerate for this method? if you do not mind anwsering.


regards,
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Old Sep 5, 2008, 1:29pm   #30
 
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Quote:
Originally Posted by jayjay121 View Post
hi mr charts,

can i ask as trending only happens around 15% of the time, what are you using as your stop?

I take it the stop has to be very close, what is your strikerate for this method? if you do not mind anwsering.


regards,
jj,
Very little time as preparing for the markets.
I can find a trending STOCK most of the time. Even if the index is not trending, there are usually many stocks which are.
As I said, stops will be dealt with in a later post.
Strike rate is very high. If I posted it openly I'd just get disbelief so I won't bother.
If you EMAIL me, I'll tell you. I no longer read PMs.
Richard
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Old Sep 5, 2008, 11:48pm   #31
 
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I agree with Mr Charts, even on days when the market is flat or range bound, oportunities are always out there.

I am curious about your dislike of GOOG Mr Charts. It can be chopy but when it trends it trends well I think. Even when it is range bound that 30c spread is nice to catch and often low risk when rangebound.

In my opinion.
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Old Sep 6, 2008, 10:49pm   #32
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I love you Mr Charts!!!!!
How many times a day do you trade?
I know it's really hard to keep discipline in day trading,What instruments do you use? Any broker suggestions?
Thank you
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