Breakout Trading using Time and Sales

This is a discussion on Breakout Trading using Time and Sales within the Trading Journals forums, part of the Reception category; Good to see the thread is back up and running Amit. I hope the studies went well. I had visions ...

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Old Sep 8, 2010, 11:46am   #136
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Re: Breakout Trading using Time and Sales

Good to see the thread is back up and running Amit. I hope the studies went well.

I had visions of predictable moves giving 20-30 cent moves each and every day but it seems the Futures and the index charts are just flat these days giving me less of a hint as to a stock's direction.

I'm reassured to hear that you are finding it hard too as you are definitely a few (hundred) steps further on than i am! Hopefully when everyone is back from their summer hols, things will pick up again.

Thanks for your e-mail advice. I have just started to trade real money in 100 share trades and the thought of losing real cash has made me very cautious. Paper trading just made me take any old trade as it meant nothing. Some will disagree and i'm not advocating it to anyone. We'll see how it goes.

Keep the journal going! Its a good read and valuable for the little gems of info a beginner like me can glean. (CREE, CRUS, BIDU etc now on favourites list for evaluation)

thanks Again
Coop
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Old Sep 8, 2010, 2:20pm   #137
 
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Re: Breakout Trading using Time and Sales

amit1986 started this thread Thank you for the kind words, Coop!

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Originally Posted by coopster View Post
Good to see the thread is back up and running Amit. I hope the studies went well.

I had visions of predictable moves giving 20-30 cent moves each and every day but it seems the Futures and the index charts are just flat these days giving me less of a hint as to a stock's direction.

I'm reassured to hear that you are finding it hard too as you are definitely a few (hundred) steps further on than i am! Hopefully when everyone is back from their summer hols, things will pick up again.

Thanks for your e-mail advice. I have just started to trade real money in 100 share trades and the thought of losing real cash has made me very cautious. Paper trading just made me take any old trade as it meant nothing. Some will disagree and i'm not advocating it to anyone. We'll see how it goes.

Keep the journal going! Its a good read and valuable for the little gems of info a beginner like me can glean. (CREE, CRUS, BIDU etc now on favourites list for evaluation)

thanks Again
Coop
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Old Sep 8, 2010, 2:21pm   #138
 
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Re: Breakout Trading using Time and Sales

amit1986 started this thread Got quite a few stocks on the watch list today, more than the usual amount these days. Perhaps markets are starting to pick up again...I guess we'll find out soon enough! Anyways, the following could have some nice moves:

PVH, ALTR, ANGO, BP, ARMH, NRGY, UDR, TLB, HPQ, COST, SLAB, and V.
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Old Sep 8, 2010, 7:32pm   #139
 
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Re: Breakout Trading using Time and Sales

amit1986 started this thread It seems the markets are coming back to their usual self, presenting good moves. Took many trades today, including one just now on CREE for +40 cents per share.

Children in the U.S. and Canada have their first day back at school today, so participation in the markets was likely to be good today. It's about time as I was getting annoyed at scalping for only 7 cents per share over the last couple of weeks. Hopefully this kind of behavior continues!
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Old Sep 9, 2010, 7:38am   #140
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Re: Breakout Trading using Time and Sales

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Originally Posted by amit1986 View Post
It seems the markets are coming back to their usual self, presenting good moves. Took many trades today, including one just now on CREE for +40 cents per share.

Children in the U.S. and Canada have their first day back at school today, so participation in the markets was likely to be good today. It's about time as I was getting annoyed at scalping for only 7 cents per share over the last couple of weeks. Hopefully this kind of behavior continues!
Can you screen shot chart of CREE?
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Old Sep 9, 2010, 2:18pm   #141
 
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Re: Breakout Trading using Time and Sales

amit1986 started this thread Hi D70,

None of my trades yesterday were breakouts, but rather, based on other setups that I use. Uploading a screenshot of these setups would not be fair to those who have paid for that information. However, when I do take my next breakout trade, I will post an image of it here.

Perhaps I should change the title of this thread to something more than just breakouts...not exactly sure how to do so though!

Amit
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Old Sep 9, 2010, 2:20pm   #142
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Re: Breakout Trading using Time and Sales

How come you only took 40 cents? Did you get the entry a little late?
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Old Sep 9, 2010, 2:25pm   #143
 
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Re: Breakout Trading using Time and Sales

amit1986 started this thread
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How come you only took 40 cents? Did you get the entry a little late?
Entry was perfectly fine, but the stock reached an area which I thought would give it trouble (several layers of resistance), so as soon as I saw some selling pressure building, I decided to exit, knowing full well that a 40 cent move in a summer's afternoon is quite large.

I was wrong about the exit, as it continued to go up another 20 cents. Nevertheless, I am glad I was able to get a nice bite out of it.
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Old Sep 9, 2010, 2:28pm   #144
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Re: Breakout Trading using Time and Sales

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Entry was perfectly fine, but the stock reached an area which I thought would give it trouble (several layers of resistance), so as soon as I saw some selling pressure building, I decided to exit, knowing full well that a 40 cent move in a summer's afternoon is quite large.

I was wrong about the exit, as it continued to go up another 20 cents. Nevertheless, I am glad I was able to get a nice bite out of it.
ok, apologies, i thought your trade was a short at the start of the day. A buy on that stock looked pretty hard apart from off the big 5.0. !

Well played.
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Old Sep 9, 2010, 2:29pm   #145
 
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Re: Breakout Trading using Time and Sales

amit1986 started this thread
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ok, apologies, i thought your trade was a short at the start of the day. A buy on that stock looked pretty hard apart from off the big 5.0. !

Well played.
No need to apologize!

I actually found that stock off a scanner around mid-day, so I missed that nice short early in the morning.

Best luck trading today!
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Old Sep 9, 2010, 4:07pm   #146
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Re: Breakout Trading using Time and Sales

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Perhaps I should change the title of this thread to something more than just breakouts...not exactly sure how to do so though!
Hi Amit,
If you want to do this, just PM the revised title to me and I'll change it for you.
Tim.
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Old Sep 9, 2010, 4:30pm   #147
 
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Re: Breakout Trading using Time and Sales

amit1986 started this thread
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Hi Amit,
If you want to do this, just PM the revised title to me and I'll change it for you.
Tim.
Thanks Tim! I'll think of an appropriate title soon and will let you know. If there are any suggestions out there, I am open to hearing them.

Amit
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Old Sep 10, 2010, 5:51pm   #148
 
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An example of how a simple swing-trade setup can turn into a scalp-like trade

amit1986 started this thread An interesting setup occured on CSTR today. The stock had been falling all day, so I was looking for a possible reversal trade.

It finally showed some signs of reversing, but I didn't take it on the initial green candle with a large bottom wick. Instead, I decided to wait and see if I could get a nice swing out of it.

It started to head back down (possibly because the overall market was falling at that time), paused, then started to show signs of continuing a move upward. From the chart, this formation was a small double-bottom.

I then drew a trend line which I would use a worst-case stop loss (i.e., if price penetrated that trend line, then it would mean that the stock wasn't doing what I thought it would do and I would close out my position).

Long entry taken on the horizontal blue line at 40.955. I drew a red horizontal line at around 41.18 as a possible exit. This area was the entry price + ATR.

Price continued to tick up slowly until some strong selling pressure on level 2 told me to get out. Furthermore, the Nasdaq futures also started to fall, so I closed my position at 41.03, yielding 7.5 cents per share.

In this choppy environment, it's important to be flexible and know when to close out a position even if an exit signal does not come. At least you're able to walk away with some sort of profit. Had I stayed in this trade, I would have been stopped out and lost 6 cents per share.

Amit
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Old Sep 15, 2010, 4:02pm   #149
 
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Re: Breakout Trading using Time and Sales

amit1986 started this thread I guess I was wrong about the markets picking up steam. Today is a very choppy environment...picking up small scalps here and there.
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Old Sep 15, 2010, 4:26pm   #150
 
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Re: Breakout Trading using Time and Sales

I hear you !
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