Trading the US the Naz/Mr. Charts Way

[tradesmart]

agreed - relaxing on a tropical beach - I hope

Could be, but I noticed that he was very interested in subliminal messaging.....

Perhaps he's on a course to perfect his technique.....?

and will very likely return soon to demonstrate his prowess in conjunction with posting some successful trades.....

I hope so..

 

[timsk]

Salty,
I second that sentiment entirely.

Mr. Charts will be missed by many, none more so than me. If his detractors were honourable folk, they would 'resign' from these boards and pursue their mischief elsewhere. Richard might be tempted to return under such circumstances and then the very large number of members who value his skill and knowledge could continue to learn from him and be inspired by him. However, I doubt this will happen and the development of many traders will be curtailed because of the selfish actions of a minority. It's a massive blow to t2w which won't ever be the same without him.
Tim.

 

[Salty Gibbon]

Shame about the ESRX trade Tim but I know what you mean about being paranoid.

It frequently happens that I enter a trade on the only non-runner in the race.

 

[wal]

Following on from my ESRX post above, here's a boast you won't see very often, I hope. Of the 19 stocks on my watch list, I could have been short on 17 of them at exactly the same time as the ESRX trade and I'd be in profit, and very handsomely so in some cases. I don't believe luck plays a big part in trading, but that is bad luck, isn't it? In fact, was anybody short of any stock at the same time as me and managed to lose? Bet I'm the only one. Just because you're paranoid Tim doesn't mean they're not out to get you . . . !
Tim.

Murphy would be proud of you Tim!

 

[Trader333]

What happened to Richard ?

Is he on holiday or has he finally got fed up with his detractors ?

This was the best thread on T2W while he was posting his trades.

I will be surprised if he does not return as there can be any number of reasons why people have a break from posting.


Paul

 

[Trader333]

timsk,

It would have been very interesting to have seen what was happening on the Level II screen during this spike. In my experience it is likely 2 things could have happened:

Time and Sales would have been accelerating just prior to the spike which in itself is a clue that something like this may happen.

There would have been a sudden change in key MM activity from the Bid to the Ask just prior to the spike which would have given a clue to what was about to happen.

Of course I am theorising here because I didnt actually see this happen but I have seen similar situations in the past.


Paul

 

[Salty Gibbon]

Hmmm, I wish I could get to grips with Level II.

Might stop me backing the non-runners.

 

[Effkay]

Hi naz and mr. charts (if you read this)

I have seen both of you live now and had a chance to talk to naz pre seminar a few weeks ago. I have gradually become more and more interested in this type of trading and was wondering whether you both trade in the same way or are there differences. From what I recall of mr charts it was more chart based (may seem obvious!) and naz was more Level 2 based, is this the case?

This is also to anybody else who may know the answer!!

I am considering 1-2-1 coaching with you guys and was therefore wondering who's style would suit better (if there is a difference?)

Thanks

(Not trying to bring you 2 to blows over business or anything!!! )

 

[Trader333]

Effkay,

Your best bet is to email each of them with your "exact" requirements and then make a decision afterwards based on who you consider to more closely match your needs.


Paul

 

[Naz]

I certainly hope Richard hasn't left the board and got fed up with any detractors.

Normally detractors are people that cant do it and find fault with everyone else instead of looking at the real problem which is themselves.

Effkay,
The reason that this thread was started was because our trading is very similar but with subtle differences.I believe that Richard approached it from being a chartist and added level 2 to the equation.Where as i was a level 2 trader who added charts to the equation.

So the end result is that we use both charts and level 2 in reading the moves but each with our own interpretation.So the very best of everything would be to spend a day with both of us and thats what many people have done.

The one thing that we both know is that if you want to daytrade from UK one of the best markets to do it on is the Nasdaq.

 

[Mr. Charts]

I've had a lot of emails asking me to start posting again so I will see what happens.
If the nonsense starts again I simply won't bother. I have a couple of people on "ignore" which also stops their pathetic PMs and the anonymous email addresses are blocked. This means none of my time is wasted reading the drivel, though I admit some of it has been quite funny.

I have a number of set-ups and then triggers before I take a trade and am always looking to adapt and find new ones as market conditions change.
Until I have a sample of 100 live set - ups (NOT back tested, but actually live) and 70+ have proved profitable using my normal exits and position management I don't start trading them myself or include them in the range of patterns/triggers in my coaching or mentoring.
On Friday I reached 100 cases with 77 winners so this pattern will be traded and taught along with the others.

1. Look at the daily new 52 week highs.
2. Remember there are many traders out there who buy these break outs the following day - an apparently logical swing trader play.
3. There are people out there like me (and MMs) who are looking to fade this move ESPECIALLY on a market down day.
4. The MMs (and perhaps some pre-market traders) often gap these up on open to encourage buying.
5. IF there is no follow through buying and the opening range breaks down below the previous day's high, these are very good shorts. Why? The buying hasn't materialised, the overall sentiment is negative, the buyers on the break out day and the buyers in the opening range see failure and loss and many want out so sell. The MMs are often happy to see (and encourage) a fall to shake out the weak hands and buy stock at lower and lower levels before turning the stock around for a profit.
6. Sometimes the fall lasts intra day only, sometimes the shake out continues for a few days. However, 77% of the time it is profitable intra day. The 100 I've watched beyond intra day sometimes do continue lower but I have not seen a behaviour pattern which is tradeable.

I've attached the image of the hundreth test.
Thanks to everyone who emailed and phoned. This is for you guys.
Test it for yourself first, of course, then make money from it once the evidence you've seen for yourself confirms what I've posted above.
Richard

 

[TheBramble]

I've had a lot of emails asking me to start posting again so I will see what happens.
If the nonsense starts again I simply won't bother. I have a couple of people on "ignore" which also stops their pathetic PMs and the anonymous email addresses are blocked. This means none of my time is wasted reading the drivel, though I admit some of it has been quite funny.

Richard, great to see you posting again. Don't let the idiots put you off.

 

[Salty Gibbon]

Ok Richard, it gaps up and you short it on a break-down through the previous day's high ?

Where does the 52 week high come into the equation ?

Or have I totally misunderstood this ?

 

[Salty Gibbon]

Ok , I think I see.

This only applies to stocks making a new 52 week high the previous day ?

 

[Mr. Charts]

Ok Richard, it gaps up and you short it on a break-down through the previous day's high ?

Where does the 52 week high come into the equation ?

Or have I totally misunderstood this ?

Hi Salty,
It is the list of 52 week highs from the previous day's trading which places the stock on the watch list to see how it behaves if the market turns negative on the current day.
HTH
Richard

 

[Salty Gibbon]

Gotcha.

Many thanks

 

[Salty Gibbon]

Richard, does it work the other way for 52 week lows ?

 

[Mr. Charts]

Salty,
No, I can't remember the figures and didn't keep them. I started looking at that but found a poor success rate so didn't follow through to the 100 live tests.
It might be that in a different market environment the success rate would be different , but intra day bounce backs from the 52 week lows were short lived and unreliable.
Richard

 

[timsk]

Yo Mr. C'
Great to see you again. Welcome back to the fold - YOUR fold! Stuff the detractors, they are in the minority and should never be allowed to gain the upper hand as it gives credence to their methods and warped ideologies. Not only that but, without you, Naz would have to plough a very lonely furrow and I'm sure that you wouldn't want to inflict such a fate upon him. :cheesy:
Tim.

 

[TheBramble]

I have a number of set-ups and then triggers before I take a trade and am always looking to adapt and find new ones as market conditions change.
Until I have a sample of 100 live set - ups (NOT back tested, but actually live) and 70+ have proved profitable using my normal exits and position management I don't start trading them myself or include them in the range of patterns/triggers in my coaching or mentoring.

This is similar to my approach also. I don't necessarily have a fixed number of 'tests' for those stats and crietria I am testing, but usually get convinced to bin it or use it within that sort of number of samples.

Certainly beats back-testing which IMO is not a particularly valid or useful tool - especially for intraday setups.