Breakout Trading using Time and Sales

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Old Oct 29, 2009, 4:05pm   #29
 
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amit1986 started this thread Position closed at 19.99
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Old Oct 29, 2009, 4:26pm   #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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Old Oct 29, 2009, 4:43pm   #31
 
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amit1986 started this thread Although ABB did break out and went up to 19.54, Time and Sales did not confirm an entry. Price is now at 19.49. Still watching ABB as it could still break out. NYSE e-Mini futures facing strong resistance at the 105500 area. A break of this area for the futures will be a good signal for entry in ABB.

ABB price is now at 19.48. Just shows you how important Time and Sales is in reading the order flow and keeping you out of trades that don't display enough momentum.
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Old Oct 29, 2009, 4:48pm   #32
 
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amit,
I didn't like ABB personally at all due to strong resistance at 19.53 (everyone is different) so didn't alert my members to it but I saw momentum and snatched a 5c scalp out of it exiting at 19.52.
Perhaps we see momo in different ways
Good trading to you.
Richard
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Old Oct 29, 2009, 4:55pm   #33
 
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PS Thanks for mentioning ABB

Very nice trade HGSI
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Old Oct 29, 2009, 5:06pm   #34
 
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amit1986 started this thread Hi Mr. Charts,

I did see strong buying pressure on the Time and Sales on ABB around the 19.48 - 19.49 area, however, I made the decision to enter the trade upon the break of the 105500 price level of the NYSE E-mini futures as well. I guess, in a way, I was not planning to scalp ABB, but was looking to hold it for a while, so that is why I did not take the entry. Momentum was strong around your entry point, however, it died around your exit. As momentum died around your exit, futures also turned around. The only difference is you were able to quickly take advantage of it, while I didn't.

NYSE E-Mini futures on their way back up now. I'm sure you have it on your watch list, but check out XOM, it might present a good move as the futures break that area.

Amit
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Old Oct 29, 2009, 5:08pm   #35
 
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Yes, and you watch LNC
Best wishes,
Richard
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