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; -6 cents per share (1000 shares) WAG reversal. Saw some buyers come in after the steep fall so went long. ...

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Old Feb 15, 2012, 4:15pm   #401
 
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Re: Breakout Trading using Time and Sales

amit1986 started this thread -6 cents per share (1000 shares) WAG reversal. Saw some buyers come in after the steep fall so went long. It quickly reversed though
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Old Feb 15, 2012, 4:21pm   #402
 
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Re: Breakout Trading using Time and Sales

amit1986 started this thread -2 cents per share (1000 shares) ZNGA breakout failed...

a bit choppy now...need to be more careful
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Old Feb 15, 2012, 4:42pm   #403
 
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Re: Breakout Trading using Time and Sales

amit1986 started this thread +24 cents per share (1000 shares) ZNGA breakout to new lows..

was watching the 3-minute chart...the stock was restricted, so could only short it on an uptick...at one point, it started weakening on level 2 and time and sales, so just hit the short button...it ticked up, I got filled and then plummeted down.

I'll post a chart of this trade a little later. exit was a bit pre-mature though as it is still falling.
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Old Feb 15, 2012, 5:01pm   #404
 
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Re: Breakout Trading using Time and Sales

amit1986 started this thread can't find any momentum anywhere else at the moment...so going to take a break for a bit
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Old Feb 15, 2012, 5:29pm   #405
 
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Re: Breakout Trading using Time and Sales

amit1986 started this thread still cant find anything...
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Old Feb 15, 2012, 5:53pm   #406
 
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Re: Breakout Trading using Time and Sales

amit1986 started this thread Two trades on TRIP:

1) -2 cents per share (1000 shares) breakout failed
2) +10 cents per share (1000 shares) breakout to new highs

small crumbs so far
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Old Feb 15, 2012, 6:11pm   #407
 
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Re: Breakout Trading using Time and Sales

amit1986 started this thread ZNGA breakdown trade. Based purely on Mr. Charts' setup on falling candles, retracement, and then entry. This one was slightly different as it had moved up, formed an opening reversal, broke down to new lows, minor retracement, and then another breakdown.

I don't recommend this type of a setup for newbie traders as the initial move up decreased the probability of a fall down, but for those with experience in reading level 2, it was a no-brainer short. The only tough part was the timing because the stock was restricted and thus, could only be shorted on an uptick. But as soon as sellers appeared, I hit my sell market order, got filled a few seconds later and then it simply plummeted. When it stopped going lower and started ticking higher, I got out.

Upon getting filled, if the selling pressure had stopped, I would have simply exited for a few cents per share loss.

Short Entry: 12.53
Exit: 12.29
Net Profit: +23 cents per share
Attached Thumbnails
znga_chart.jpg   znga_broker.jpg  
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Old Feb 15, 2012, 6:11pm   #408
 
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Re: Breakout Trading using Time and Sales

amit1986 started this thread Done for the day...good trading to all!
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