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; No worries! Just focus on your other methodologies and setups until you get access to Time and Sales. Originally Posted ...

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Old Oct 7, 2009, 3:44pm   #21
 
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amit1986 started this thread No worries! Just focus on your other methodologies and setups until you get access to Time and Sales.

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Originally Posted by TAjammy View Post
i can't help but bullsh*t on forums, i got caught out again, i can't look at T&s on stocks with my demo , lol how embarassing
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Old Oct 7, 2009, 3:45pm   #22
 
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amit1986 started this thread I hope it helps trina!

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Originally Posted by trina View Post
I love how you explain your topics.
So informative and I get it!
Read it last night and today as well..but yes I got it

Yes...also don't disappear again!
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Old Oct 9, 2009, 11:22pm   #23
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So how are you handling your stops? I am familiar with momentum trading and know that in an ideal trade the price will continue to rise after your entry. Do you stay in if price starts to move against you? If so, are you basing these stops on ATR, last candle, fixed price? I am interested because I also trade based on momentum but am still working on the entry side of the equation. Thanks
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Old Oct 10, 2009, 6:06pm   #24
 
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amit1986 started this thread Hi ezreddy,

There's really no simple answer to your question regarding stop losses. Most of the time, if there's no viable areas of support/resistance, I place an emergency mental stop 10 cents before my entry (for long positions) or 10 cents after my entry (for short positions). However, these are what they are - emergency stops. Much like what Mr Charts says on his thread, why wait for your emergency stop to get hit? As you know, in momentum trades, you'll know fairly quickly if your trade has worked out. Therefore, if the price action reverses/goes against me, I close out of most of my positions. However, in some cases, price action may still go against me but Time and Sales is still strongly in my favor. In those cases, I stay in the trade with the 10 cent mental stop.

Once the stock goes approximately 10 cents in my favor, then I move my mental stop to 1 cent plus the entry (for long positions) or 1 cent minus the entry (for short positions) so if the trade turns around and goes against me, then I at least break even. After the EMA(10) goes past my stop, then I trail my stop using that EMA(10).

Obviously, if there are other areas of support/resistance, then I use those as stops. Consider the following example: A stock breaks at $36.50 and I get an entry at $36.55. The stock continues to go up several cents and I now place my mental stop at $36.56. If there are two or more candles that set the same low of $36.67, then I would move my stop to $36.66 because support at $36.67 is broken.

So basically, it's about identifying areas of support/resistance.

Hope this helps,

Amit
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Old Oct 28, 2009, 3:15pm   #25
 
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amit1986 started this thread Lots of stocks to watch today. Among them, some of the noteable ones that could present good moves include: V, APOL, CEPH, GRMN, HRS, and MT. There are many others as well!
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Old Oct 29, 2009, 4:45pm   #26
 
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amit1986 started this thread Open Position:

Long HGSI from $19.54.
Closed half my position at $19.77 due to selling pressure on time and sales.
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Old Oct 29, 2009, 4:54pm   #27
 
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amit1986 started this thread Latest two 5-minute candles have set the same low of 19.81 implying the existence of support at 19.81. Therefore, placing stop-loss for the remaining position at 19.80, implying a break of support. Price currently @ 19.90
Target: 20.00
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Old Oct 29, 2009, 5:03pm   #28
 
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amit1986 started this thread Price has gone through the $20 decade number. Watching Time and Sales very closely to signal exit. Price currently at 20.05
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Old Oct 29, 2009, 5:05pm   #29
 
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amit1986 started this thread Position closed at 19.99
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Old Oct 29, 2009, 5:26pm   #30
 
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amit1986 started this thread Watching ABB with a view of taking a long. Strong volume spike at the break of the previous days low. Price is consolidating around this area. What previously was resistance has now become support. NYSE E-mini futures hovering around the days high.
ABB High of day: 19.48
Target Entry price: 19.50 if Time and Sales confirms momentum.
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