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; Market is general is falling like a rock which helping my MON trade. Price currently at 67.35...

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Old Oct 30, 2009, 5:28pm   #49
 
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amit1986 started this thread Market is general is falling like a rock which helping my MON trade.

Price currently at 67.35
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Old Oct 30, 2009, 5:29pm   #50
 
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amit1986 started this thread Closed half my position at 67.38.

Usually when prices fall this fast, there's an equally fast retracement to follow. We'll see what happens with my remaining position.
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Old Oct 30, 2009, 5:36pm   #51
 
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amit1986 started this thread Position closed at 67.30 due to significant buying pressure on the Time and Sales.
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Old Oct 30, 2009, 7:27pm   #52
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Hi Amit,
Any chance of some charts showing entry and exit (a la Mr. Charts) - a picture paints a thousand words etc. Lots of peeps won't have access to data for U.S. equities but, nonetheless, will be interested in your journal and the only way that they'll see the trade is if you post a chart of it here. On the other hand, perhaps you think there's little point as you appear to be more of a tape reader than a chart reader?
Tim.
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Old Oct 30, 2009, 7:47pm   #53
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Quote:
Originally Posted by amit1986 View Post
If I understand your question correctly, then check out ACI, AEM, AIXG, and CHK.

Hope it helps,

Amit
How did these stocks perform today?.It is very important for you to know.

What is the net result for the day from the time you posted?Profit for each short and loss for each long?

I asked for stocks in a downward trend .

O D T
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Old Oct 30, 2009, 7:49pm   #54
 
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amit1986 started this thread Hi Tim,

I did not think of that. I will try to post charts as well now, however, it will have to be after I close a trade. Over the last two days, I've been writing my trade entries and exits moments after entering and exiting my trades. While I am in a trade, as you know, I must manage that trade. But I do understand your point and will post charts as well.

I do pay a significant amount of attention to the tape, but I also place a strong emphasis on the charts. I only take trades on those charts that are clean and trending. By "clean", I mean charts that upon a quick glance, you can tell the direction.

Thanks,

Amit


Quote:
Originally Posted by timsk View Post
Hi Amit,
Any chance of some charts showing entry and exit (a la Mr. Charts) - a picture paints a thousand words etc. Lots of peeps won't have access to data for U.S. equities but, nonetheless, will be interested in your journal and the only way that they'll see the trade is if you post a chart of it here. On the other hand, perhaps you think there's little point as you appear to be more of a tape reader than a chart reader?
Tim.
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Old Oct 30, 2009, 8:01pm   #55
 
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amit1986 started this thread Hi ODT,

These were just a few of the stocks I had on my watch list today. I'm not quite sure what it is you are asking, but most of those stocks are down currently as the whole market in general has experienced significant selling pressure.

Here are the results of the trades I took today:

MON: +45 cents per share
X: +5 cents per share
AEM: +3 cents per share
CHK: -5 cents per share

Net result: +48 cents per share

I did not take any long positions, all of my trades today were shorts. No point in going against the markets trend as it decreases the probability of a trade working out.

I stopped trading just before 1:00pm EST which is why I only had 4 trades for the day.

Amit


Quote:
Originally Posted by oildaytrader View Post
How did these stocks perform today?.It is very important for you to know.

What is the net result for the day from the time you posted?Profit for each short and loss for each long?

I asked for stocks in a downward trend .

O D T

Last edited by amit1986; Oct 30, 2009 at 8:08pm.
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Old Oct 30, 2009, 8:16pm   #56
 
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MON Trade

amit1986 started this thread Here is a picture of my MON trade. The NYSE E-Mini Futures were falling sharply at the time I took this trade, which increased the probability of this trade working out.

Time and Sales was showing excellent momentum just prior to the breakout.

I wrote the details of the trade incorrectly on the attached picture. It should be as follows:

Entry @ 67.80
Half-Position Exit @ 67.38
Remaining Half-Position Exit @ 67.30 (as can be seen on the picture from the red cross hairs)

Stock did go to my original target of 67.00, but from experience, I know that as stocks fall this fast, there's usually an equally large retracement. No point in waiting to see what it does and hoping your profits won't disappear. There was money on the table and I took it off.

Amit
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