Evening trading US shares

[Grey1]

Hello there...Long time lurker first time poster. Just thought I would bump this thread as it has a tendancy to go quiet from time to time. I have learned much from various postings here and would like to keep it alive. I trade the evening session using similar methods to Grey1 with a bit of Mr Charts mixed in. Just 1 trade for me this evening on OMTR feeling lazy and dont want to give it all back............manage your greed.

Have a good weekend all.

This is me tonight ,,, A very predictable market I have two over night postions LONG FRG SHORT RECN for Monday ,,, I hope traders are taking advantage of the current market situation ,, It must be one of the easiest trading conditions to make $$$$..

FRG in 365$ profit RECN in 220$ loss as seen ,,


Grey1

 

[Dasnaq]

Another stella performance Grey1.
Grey1 do you watch the same core stocks every day? How often do you change the list? Is it dependant on their individual market phase?

 

[Grey1]

Another stella performance Grey1.
Grey1 do you watch the same core stocks every day? How often do you change the list? Is it dependant on their individual market phase?

I have a few lists of stocks ..
List 1 includes Volatile LOW spread High volume stocks such as RIMM, AAPL ,, This list is for fast scalping , My Auto Trader uses this list/ The trading period for these stocks is any thing between 5 MIN to an hour ...

List 2 Includes Fundamentally/technically ( A subset of CAPM ,, capital asset price modeling + inclusion of regression analysis ) weak or strong stocks . I use this list to trade stocks with with much higher time frame in mind ,, I could hold these potions up to 3 days,,, TMA, CFC,MTG,ODP ( weak ) NTES, BCE, ( strong ) .


List 3 .. Mix ,, all new arrivals including IPOs, Recommended stocks research from my previous work place . others

 

[dcraig1]

I put together a little equally weighted index of the stocks on grey1's TWS page to give myself a bit of an insight into his stock selection. What an ugly looking bunch :cheesy:

With the exception of FRG, they are all very technically oversold.

Which brings me to a couple of speculative questions for Grey1.

You are looking for a completion of a market cycle with these stocks.

Question: which were long prospects and which were short prospects ?

Question: Around the completion of a "cycle" price may become a little indecisive for a few days, possibly leading to tendency to revert to mean (or more likely VWAP) intraday, more so than during the strongly trending phase of the cycle. Is this a factor in your selection for intradday trading ? Perhaps this could be better put as stocks reaching the end of some sort of volatility cycle on daily data.

The index chart:

 

[Grey1]

I put together a little equally weighted index of the stocks on grey1's TWS page to give myself a bit of an insight into his stock selection. What an ugly looking bunch :cheesy:

With the exception of FRG, they are all very technically oversold.

Which brings me to a couple of speculative questions for Grey1.

You are looking for a completion of a market cycle with these stocks.

Question: which were long prospects and which were short prospects ?

Question: Around the completion of a "cycle" price may become a little indecisive for a few days, possibly leading to tendency to revert to mean (or more likely VWAP) intraday, more so than during the strongly trending phase of the cycle. Is this a factor in your selection for intradday trading ? Perhaps this could be better put as stocks reaching the end of some sort of volatility cycle on daily data.

The index chart:

Hi

Yes they are UGLY. This is my UGLY or weak list , FRG should not be on that page actually . FRG is strong because of the Autumn bidding season for Uranium ,,

None of the stocks mentioned are LONG Candidates,,
If I decide to LONG them they have to be pair traded ,, I wont take LONG in any of them alone.. I have discussed this many times.. NO SINGLE directional trade on VWAP Strategy They MUST BE PAIR TRADED..

I will publish my LONG list as soon as IB Platform Boots up ,,


EXAMPLE
LONG MTG SHORT NTES as a PAIR TRADE ( VWAP STRATEGY )
SHORT MTG on turn of the cycle on Daily chart ( NOT A PAIR TRADE )
LONG NTES on turn of the cycle on daily chart ( NOT A PAIR TRADE )


Hope this helps


grey1

 

[timsk]

Real Time P&F?

Hi All,
I have eSignal on trial at the mo' which has the reputation for being the bees knees for day trading U.S. equites. Sure enough, the streaming real time prices in bar and candle charts are fantastic - eSignal delivers! However, this is far from the case when one switches to their P&F charts which, by contrast, are a complete mess. They take ages to load and sometimes fail in the process, look ugly and, worst of all, caused my computer to crash twice in one session. Fortunately, as I'm still getting to grips with the programme, I wasn't trading at the time. So . . . can anyone recommend a good real time data feed / come charting software provider for U.S. equities with drop dead gorgeous P&F charts?
Tim.
(I've also got Updata on trial - whose P&F charts are superb - but they're very U.K. oriented. They do offer a package with a data feed from eSignal (some irony in there somewhere), but this seems like a rather inelegant and expensive solution.)

 

[Grey1]

This is me to day ,,

Shorting the market @ open as seen and then taking few convergent and divergent parallel trades as well as few directional trades which basically resulted to around $800 ish.


I also took an over night MBI short trade which after market sell off it resulted in 600ish profit. I might keep MBI for 3-5 days and not just as an OVER NIGHT ,..

All in all a good trading day as the maximum drawdown with 6000 Pos size was not greater than $300 if i am not mistaken or it could have even been around $200 during early trading ,,,

 

[Grey1]

This is me to day ,,

Shorting the market @ open as seen and then taking few convergent and divergent parallel trades as well as few directional trades which basically resulted to around $800 ish.


I also took an over night MBI short trade which after market sell off it resulted in 600ish profit. I might keep MBI for 3-5 days and not just as an OVER NIGHT ,..

All in all a good trading day as the maximum drawdown with 6000 Pos size was not greater than $300 if i am not mistaken or it could have even been around $200 during early trading ,,,

The over night short on MBI has paid a tidy sum of 4000 ish,, Added 900 intra day and also shorted CHS @ open

no more trading ( opening a new postion ) as I am involved in a more difficult task of baby sitting

Grey1

 

[TheMoneyMachine]

The over night short on MBI has paid a tidy sum of 4000 ish,, Added 900 intra day and also shorted CHS @ open

no more trading ( opening a new postion ) as I am involved in a more difficult task of baby sitting

Grey1

Grey1

If you don't mind me asking what was your rationale for the MBI trade?

Regards

TMM

 

[Grey1]

Grey1

If you don't mind me asking what was your rationale for the MBI trade?

Regards

TMM

hi

MBI was an over night trade as seen ( POST NO 927 ) ..


There were few reasons for shorting MBI,

1) Technical reason ,,, MBI sold off from high of the day on WEDNESDAY nearly 3 $,, while market was up 300 points,,, This is extremely bearish ,,,
2) Fundamentals,, Bill Ackman is known amongst fundamentalists as a very risk conscious fund manager , He runs some thing like 7 Billion hedge fund firm and is no monkey . He shorted the stock for charity and is expecting to get 500 million return from his action ,,.. many traders are not professionals and are part time traders so they come home reading about BILL's decision after market close and what they do is to sell their holdings first thing in the morning and momentum trader all wanting piece of the action they short resulting in a chaos, or capitulation as known in TA ,,, SO i decided to be ahead of them and short OVER NIGHT ,,, I shorted 2000 shares but to be quite honest I would be happy with 2000$ but soon into the day I realized there is more meat in the trade.


I do this job for living ,, I have to know how other traders think and think ahead of them .

Other reasons for shorting MBI was, After market rallying 300 points it would be very unlikely for market to rally again against me hence shorting MBI,,

I took a nice profit and said MUCHAS GRACIAS Mr market,,, Have I answered your question ?

grey1

 

[TheMoneyMachine]

hi

MBI was an over night trade as seen ( POST NO 927 ) ..


There were few reasons for shorting MBI,

1) Technical reason ,,, MBI sold off from high of the day on WEDNESDAY nearly 3 $,, while market was up 300 points,,, This is extremely bearish ,,,
2) Fundamentals,, Bill Ackman is known amongst fundamentalists as a very risk conscious fund manager , He runs some thing like 7 Billion hedge fund firm and is no monkey . He shorted the stock for charity and is expecting to get 500 million return from his action ,,.. many traders are not professionals and are part time traders so they come home reading about BILL's decision after market close and what they do is to sell their holdings first thing in the morning and momentum trader all wanting piece of the action they short resulting in a chaos, or capitulation as known in TA ,,, SO i decided to be ahead of them and short OVER NIGHT ,,, I shorted 2000 shares but to be quite honest I would be happy with 2000$ but soon into the day I realized there is more meat in the trade.


I do this job for living ,, I have to know how other traders think and think ahead of them .

Other reasons for shorting MBI was, After market rallying 300 points it would be very unlikely for market to rally again against me hence shorting MBI,,

I took a nice profit and said MUCHAS GRACIAS Mr market,,, Have I answered your question ?

grey1

Grey1

Very much so, thanks for the insight!

What initially drew your attention to the stock? Were you looking for stocks that sold off strongly from their intraday high after the strong rally or did you place the stock on your radar due to the fundamental news regarding Bill Ackman or maybe something else?

Regards

TMM

 

[Grey1]

Grey1

Very much so, thanks for the insight!

What initially drew your attention to the stock? Were you looking for stocks that sold off strongly from their intraday high after the strong rally or did you place the stock on your radar due to the fundamental news regarding Bill Ackman or maybe something else?

Regards

TMM

I have a program written in Tradestation which triggers stocks that break down from high of the day . This is part of the VWAP engine which I have been using around 3 years now, The software power in this day and age is a must . Bill shorting the stock based on fundamental was just another confirmation ,,




Grey1

 

[TheMoneyMachine]

I have a program written in Tradestation which triggers stocks that break down from high of the day . This is part of the VWAP engine which I have been using around 3 years now, The software power in this day and age is a must . Bill shorting the stock based on fundamental was just another confirmation ,,




Grey1

Grey1

Thanks for the explanation.

Do you look for this criteria on all Nasdaq stocks or just the stocks that make your VWAP short list?

Regards

TMM

 

[Grey1]

Grey1

Thanks for the explanation.

Do you look for this criteria on all Nasdaq stocks or just the stocks that make your VWAP short list?

Regards

TMM

On both NASDAQ and NYSE stocks..

In fact most of the stocks that I am currently short in my long term portfolio are from NYSE. I am short Financial long Technology

grey1

 

[timsk]

The over night short on MBI has paid a tidy sum of 4000 ish,, Added 900 intra day. . .

Hi Iraj,
Just a quick question regarding the MBI short if I may. Just looking at the chart today and notice that it closed at $36.51 yesterday (Friday 30th). I sure hope you covered on Thursday, otherwise the fantastic profit will have turned into an almighty loss!
I admire greatly anyone who swing trades U.S. stocks successfully and manages to get a good night's sleep!

Tim.

 

[dcraig1]

I admire greatly anyone who swing trades U.S. stocks successfully and manages to get a good night's sleep!

Tim.

Position sizing, market neutrality, basket trading, diversification and so on. If a stock is only 5% or less of your account, then it's not such a big deal if it gaps 20% overnight.

 

[belflan]

Hi Iraj,
Just a quick question regarding the MBI short if I may. Just looking at the chart today and notice that it closed at $36.51 yesterday (Friday 30th)

Tim.

Good price for a short early next week???

 

[timsk]

Position sizing, market neutrality, basket trading, diversification and so on. If a stock is only 5% or less of your account, then it's not such a big deal if it gaps 20% overnight.

Hi dcraig,
I hear what you're saying and, broadly speaking, I agree with you. These are the kinds of measures necessary to combat large unexpected overnight gaps. And to be fair to Iraj, as anyone on his private forum will testify, he emphasizes the importance of risk management continually and outlines methods for implementing such strategies. Nonetheless, in the case of his short MBI trade, he doesn't mention specifically that he covered it on Thursday. If I've understood the screen shot in post #928 correctly, (a BIG if, I know!) then Iraj is short 2900 shares with an average entry price of $30.21. If he's still holding the stock, as of Friday's close he's down -$18,270.00 and, even if he managed to cover the trade at the low of Friday's trading at $34.33, he'd be down -$11,948.00. I hope and expect that he closed the trade on Thursday for a handsome profit. Even if he didn't and is nursing the sorts of losses outlined here, he's probably hedged the position in the manner you describe, so it's no big deal. Even so - and this is my point - you need gonads of steel and a stomach lined with lead to trade this way, IMO. All credit to those that can do it, but I know I can't!

Tim.

 

[belflan]

Good price for a short early next week???

still good price for short ??

View attachment 31482

 

[TheMoneyMachine]

On both NASDAQ and NYSE stocks..

In fact most of the stocks that I am currently short in my long term portfolio are from NYSE. I am short Financial long Technology

grey1

Thanks for the info Grey1.

Great trading also!

Regards

TMM