Naz
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i just want to show this chart of MSFT.
If you were trading the Nasdaq index.Wasnt the point on fri evening when you would realy have wanted a 2 level 2 screens .Even if you were spread betting the index.
When MSFT was holding $44 and at the same time INTC (intel) was holding $17.I've also shown the 50% fib retracement on MSFT.The key for me were that the two largest players in the Nas 100 were at whole number support and MSFT was at a key 50% fib level.The two level 2 screens showed exactly the story of that index.This ensued a great entry with a possible run into the close which occured.
AS the three major indices in the US often act in unison this set up can often help judging the possible direction of the Dow which may help some traders on this board.
If you were trading the Nasdaq index.Wasnt the point on fri evening when you would realy have wanted a 2 level 2 screens .Even if you were spread betting the index.
When MSFT was holding $44 and at the same time INTC (intel) was holding $17.I've also shown the 50% fib retracement on MSFT.The key for me were that the two largest players in the Nas 100 were at whole number support and MSFT was at a key 50% fib level.The two level 2 screens showed exactly the story of that index.This ensued a great entry with a possible run into the close which occured.
AS the three major indices in the US often act in unison this set up can often help judging the possible direction of the Dow which may help some traders on this board.
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stuff
Have you checked out interactive brokers for a 1000 share order the price for the transaction is 5$ or 0.05$C per share, bargain.
At the moment I'm paying around 3 times that, has anyone else used this borker it seems popular with our US friends?
Also I think Friday's late NAS surge was down to short covering.
Have you checked out interactive brokers for a 1000 share order the price for the transaction is 5$ or 0.05$C per share, bargain.
At the moment I'm paying around 3 times that, has anyone else used this borker it seems popular with our US friends?
Also I think Friday's late NAS surge was down to short covering.
Spamula, IB provides fast and cheap direct access software only (execution excellent – customer support crap).
You need to get real-time charting from elsewhere.
I believe that http://www.crontech.com/ and http://www.sierrachart.com/ provide charting using IB’s data feed.
I prefer to use alternative data feed (eSignal) as a price confirmation because in fast market quotes can lag.
You need to get real-time charting from elsewhere.
I believe that http://www.crontech.com/ and http://www.sierrachart.com/ provide charting using IB’s data feed.
I prefer to use alternative data feed (eSignal) as a price confirmation because in fast market quotes can lag.
Naz
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Crikey,i've just come back from my hols and started reading the posts and didnt know where to start replying so i thought i'd come here t add my two pennyworth.
SB co's offer a service which suit certain people,but after a while i feel others see the light and want to move on. Alan Farley (author of The Master Swing Trader) recently did a course and from what i hear after listening to him many thought the only way to get a head was on the US market and i'm pleased that some of that group have been in touch for a chat about direct access trading with Nasdaq level 2 (Smart people!)
Trader Pattern and myself have often gone on about Taking scalpers entries for swing trades on the Nasdaq using level 2 direct access.As the market has changed this type of trading seems to becoming more and more profitable and popular.You dont need a $25k account for this style of trading if you keep the trades down.
The key points are to understand your level 2 screen,boosted by your direct access skills, then add your t/a swing trading skills.I'm sure you would like an example?
The key is to look for set ups using the charts and keep them on an intraday watch list.Here is NVLS setting itself up with a head and shoulders.The high of the last shoulder being a fib retracement.Now the problem is where to take the entry without getting stopped out at the wrong time.This is where i just follow my level 2 screen and stalk the stock.Who is in control,what are the best orders for me to use get in.Are there any tricks i can get up to?
The next day the stock is still on my watch list along with some others.I've now learnt a lot from the day before about how my stock behaves.When it pulls back to the neck line,wow the primary and secondary ax are sellers.Next time it happens on the run up and they're sellers i'm short on island hiding at the front of the queue,with a hidden island order and get filled on the ask saving the spread.I can see the poor guy i'm going to hit and exit if this entries wrong.But the primary and secondary ax rule and down we eventualy go.
The whole day is governed by by the 3 cycle US day and after the lunch time chop i'm looking for the move into the close.I've moved my stop down and when we start the afternoon run i use the ax on the level 2 screen to dictate my trailing stop levels.Closing out near the close makes about 9% profit on the day.if your trading isnt doing this for you maybe its worth looking at the Nasdaq?
Below is the chart which alerted me to the set up.
SB co's offer a service which suit certain people,but after a while i feel others see the light and want to move on. Alan Farley (author of The Master Swing Trader) recently did a course and from what i hear after listening to him many thought the only way to get a head was on the US market and i'm pleased that some of that group have been in touch for a chat about direct access trading with Nasdaq level 2 (Smart people!)
Trader Pattern and myself have often gone on about Taking scalpers entries for swing trades on the Nasdaq using level 2 direct access.As the market has changed this type of trading seems to becoming more and more profitable and popular.You dont need a $25k account for this style of trading if you keep the trades down.
The key points are to understand your level 2 screen,boosted by your direct access skills, then add your t/a swing trading skills.I'm sure you would like an example?
The key is to look for set ups using the charts and keep them on an intraday watch list.Here is NVLS setting itself up with a head and shoulders.The high of the last shoulder being a fib retracement.Now the problem is where to take the entry without getting stopped out at the wrong time.This is where i just follow my level 2 screen and stalk the stock.Who is in control,what are the best orders for me to use get in.Are there any tricks i can get up to?
The next day the stock is still on my watch list along with some others.I've now learnt a lot from the day before about how my stock behaves.When it pulls back to the neck line,wow the primary and secondary ax are sellers.Next time it happens on the run up and they're sellers i'm short on island hiding at the front of the queue,with a hidden island order and get filled on the ask saving the spread.I can see the poor guy i'm going to hit and exit if this entries wrong.But the primary and secondary ax rule and down we eventualy go.
The whole day is governed by by the 3 cycle US day and after the lunch time chop i'm looking for the move into the close.I've moved my stop down and when we start the afternoon run i use the ax on the level 2 screen to dictate my trailing stop levels.Closing out near the close makes about 9% profit on the day.if your trading isnt doing this for you maybe its worth looking at the Nasdaq?
Below is the chart which alerted me to the set up.
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Naz
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MSFT is an important stock so i thought it would be wise to show the following charts.The left hand one shows MSFT at a 50% fib retracement of its last major move down in the daily charts.The right hand one shows an island that has just formed at that fib level and we all know what islands have been doing to stocks on the Nasdaq in the last few months!
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Naz
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Quick piece written by Dan Chesler.
"History tells us that we will experience a retest of the July 24 lows. Every significant market bottom, from the 1970s through the 1990s, has had one. This means we could see a nasty retracement anytime soon, one that would take us all the way back down – or nearly all the way back down – to the July lows. Thirty days (from July 24) and over 20% up (from the low) put this market well within the time/ price windows of previous retests.
The technicals have been solid so far. Breadth, volume, momentum, and the penetration of key resistance levels all suggest we are witnessing an important and possibly even primary market bottom. We have also seen a relative out-performance by the Nasdaq market in the past few weeks. The NASDAQ traditionally leads at turns in the market, both up and down.
"History tells us that we will experience a retest of the July 24 lows. Every significant market bottom, from the 1970s through the 1990s, has had one. This means we could see a nasty retracement anytime soon, one that would take us all the way back down – or nearly all the way back down – to the July lows. Thirty days (from July 24) and over 20% up (from the low) put this market well within the time/ price windows of previous retests.
The technicals have been solid so far. Breadth, volume, momentum, and the penetration of key resistance levels all suggest we are witnessing an important and possibly even primary market bottom. We have also seen a relative out-performance by the Nasdaq market in the past few weeks. The NASDAQ traditionally leads at turns in the market, both up and down.
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Hello there, does anyone know the limits for the US regulations (PDT I think it's called) ?
If I trade 5 -10 times a week (thats 10 - 20 transactions) , holding intraday, max trade size say $15,000, would I have problems with the rules ?
Thanks in advance.
If I trade 5 -10 times a week (thats 10 - 20 transactions) , holding intraday, max trade size say $15,000, would I have problems with the rules ?
Thanks in advance.
Mr. Charts
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SEC regs insist on minimum $25k account for a Pattern Day Trader. Without that you cannot trade as you descibe.
I understand it's against the US stock trading rules, to do more than 3 daytrades in 5 days, with less than $25,000 cash in the account.
1 daytrade = buy and sell on same day.
You can swing trade with less than $25,000.
However, say you want to swing trade, and you go long on 2 stocks, then before the market closes that day they both hit your stop loss, so you exit. The 2 swing trades became 2 day trades.
Next day same thing happens, now you have 4 day trades in 2 days!
Barry
1 daytrade = buy and sell on same day.
You can swing trade with less than $25,000.
However, say you want to swing trade, and you go long on 2 stocks, then before the market closes that day they both hit your stop loss, so you exit. The 2 swing trades became 2 day trades.
Next day same thing happens, now you have 4 day trades in 2 days!
Barry
Naz
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I talked to options direct when this $25k rule came out and at that time they didnt know the answer but seemed to think it wouldnt apply to anyone trading the Nasdaq through a UK broker.
Since then GNI have come out with their version of Nasdaq level 2.So does anyone trade with them using that platform and if they do are the rules different when trading the Nasdaq from over here?
Since then GNI have come out with their version of Nasdaq level 2.So does anyone trade with them using that platform and if they do are the rules different when trading the Nasdaq from over here?
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Naz
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With this statement from good US market commentators.Its always worth looking at what the Nasdaq doing.This can help you spot early moves. However you do your homework and spot the change in trend for however long it lets it run for.I've found a good way of riding it is to pick a number of stocks that could benefit from this change in trend.Good liquidity,decent participation on the level 2 screen and then use solid trading techniques to manage the trades.The reason this seems to work for me is that you can never pick the realy best stock to be in for the run but by running a few you can manage them by weeding out the weak ones and let the strong ones run for the mega bucks.
