Best Thread US day traders thread.
Early bath for me today. IMCL does the business pre-market and after the open. Shows that trying to anticipate is a waste of time (albiet interesting). I was expecting it to break up out of the pre-market range, but instead it broke down out of the opening range. Tried a similar trade long on ADTN, but stopped out at entry, well for a small loss to be honest.
The treatment for returning profits to the market is to unplug now.
Cheers
Mark
The treatment for returning profits to the market is to unplug now.
Cheers
Mark
Attachments
Yes I did miss it, but I think it's very interesting. I was thinking about new setups - a pattern that I think looks promising (just from observation, not properly tested) is when a set-up of the cup and handle type forms - and then the bids collapse and the price heads down. I read a phase in a magazine article by Bo Yoder where he said that he based his TA setups and the principle that 'if it should go up, it should go up'. This was with a view to taking the other side if the TA setup fails.
This seems to work really well with these type of setups on Nasdaq stocks intraday, and you can get an idea of the real support on the L2.
So I think ADTN looks like a failed cup and handle (with the eye of faith).
Did you get on it ? Ironically I almost went long above the hammer at 15-30 but decided to stick with what I had. Looking at it I think I would have got my stop to BE in time.
Mark
This seems to work really well with these type of setups on Nasdaq stocks intraday, and you can get an idea of the real support on the L2.
So I think ADTN looks like a failed cup and handle (with the eye of faith).
Did you get on it ? Ironically I almost went long above the hammer at 15-30 but decided to stick with what I had. Looking at it I think I would have got my stop to BE in time.
Mark
Gadgetman said:So you'll have missed the run adtn is just having then - down from 29 to 27.20 as I speak........
Dave
I use alerts as well. I set them at a level near where I would like to trade, like say a breakout of the pre-market range is at 80, I'll set it for 79.90. I always like a nice little pullback in anycase. I guess the problem here is with sharp unexpected moves. I don't follow too many stocks and I keep scrolling through them all as well.
Today it was IMCL, ADTN, SYMC and the perrenials AAPL & SNDK.
I think that this is probably a slightly different (more conservative) style than using a scanner on many stocks - I can't keep tabs on much more. I like to be able to look at the chart with the sector and the market as well, and have a little time to think where important support and resistance might be.
Markets selling off a little with aapl and the hwi looking a bit weak, wonder if they'll bounce - no - no more trades today!!!
Cheers
Mark
I use alerts as well. I set them at a level near where I would like to trade, like say a breakout of the pre-market range is at 80, I'll set it for 79.90. I always like a nice little pullback in anycase. I guess the problem here is with sharp unexpected moves. I don't follow too many stocks and I keep scrolling through them all as well.
Today it was IMCL, ADTN, SYMC and the perrenials AAPL & SNDK.
I think that this is probably a slightly different (more conservative) style than using a scanner on many stocks - I can't keep tabs on much more. I like to be able to look at the chart with the sector and the market as well, and have a little time to think where important support and resistance might be.
Markets selling off a little with aapl and the hwi looking a bit weak, wonder if they'll bounce - no - no more trades today!!!
Cheers
Mark
Gadgetman said:Nope - I'm good at spotting them when it's just too late! That's the problem with alerts, the move is already under way a lot of the time
Hi
Looks good - you've kept the losses nice and small, and let the winner run by the look of it. Are you using a technical stop (swing low/fib/L2 support/res) or a money management stoploss ?
If (from you comment) you are quite new to this be careful with the pre-market stuff. I feel happy with it when I'm trading a 'breaking' piece of news like an earning/revenue because I think that even if the 'smart money' has anticipated the results there's usually an initial wave of buying/selling - I've been trying to catch this just after it's started on the 1 mins chart and L2 screen, and then get out quickly. It's not nice when it goes hard against you. I always try and make a judgement re liquidity, and I trade with 1/4 of my usual position size. I'm sure others are 'braver'.
Regards
Mark
Looks good - you've kept the losses nice and small, and let the winner run by the look of it. Are you using a technical stop (swing low/fib/L2 support/res) or a money management stoploss ?
If (from you comment) you are quite new to this be careful with the pre-market stuff. I feel happy with it when I'm trading a 'breaking' piece of news like an earning/revenue because I think that even if the 'smart money' has anticipated the results there's usually an initial wave of buying/selling - I've been trying to catch this just after it's started on the 1 mins chart and L2 screen, and then get out quickly. It's not nice when it goes hard against you. I always try and make a judgement re liquidity, and I trade with 1/4 of my usual position size. I'm sure others are 'braver'.
Regards
Mark
jimmy1jag said:
Hi Mark,
My money management rules are fairly pragmatic. I like to keep losses at a maximum of 20c, tighter ideally. Also depends on S/R levels, fib levels (if relevant), where the ax is... All depends on what's going on in that particular, anticipated trade. I also monitor the trade closely until I can put a stop in at break even, or if it looks on L2 (eg ax moved against me) that circumstances have changed and the reason I took the trade is no longer valid, then I'll get out, no question. I can always get back in in the future.
For me, at the moment, it's a bit like going out driving by yourself, not long after taking your test. The circumstances of the SNDK trade were such a no brainer for me that I left it on overnight, not something I do habitually, only if all my criteria are satisfied. And I slept like a babe
My money management rules are fairly pragmatic. I like to keep losses at a maximum of 20c, tighter ideally. Also depends on S/R levels, fib levels (if relevant), where the ax is... All depends on what's going on in that particular, anticipated trade. I also monitor the trade closely until I can put a stop in at break even, or if it looks on L2 (eg ax moved against me) that circumstances have changed and the reason I took the trade is no longer valid, then I'll get out, no question. I can always get back in in the future.
For me, at the moment, it's a bit like going out driving by yourself, not long after taking your test. The circumstances of the SNDK trade were such a no brainer for me that I left it on overnight, not something I do habitually, only if all my criteria are satisfied. And I slept like a babe
Gadgetman
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In the news again
IMCL replacing CEO for 2nd time in 3 months and talking about sale or merger.
Good one to watch again today........
No real post-market opportunity on PIXR last night, gapped up immediately then stayed constant, wonder if it will move today?
IMCL replacing CEO for 2nd time in 3 months and talking about sale or merger.
Good one to watch again today........
No real post-market opportunity on PIXR last night, gapped up immediately then stayed constant, wonder if it will move today?
Gadgetman said:
Hi Dave
Do you input it manually or is it a copy and paste job? If it's a manual input, I'd say it's a lot of work. If you've got the link to the source data maybe just post that. It's up to you of course. Just thinking of your time and fingers!
Regards
James
Hi
Very much what I do now. The more I've traded Nasdaq stocks the more I've moved to tighter stops and re-entering if I was wrong. Was initially difficult for me as I'm from more of a swing/position trading background where wide stops and a tolerance of being in the red were important.
NFLX was good post market last night, again in and out in about half an hour.
I sometimes hold stocks overnight if I've taken an intraday entry and the stock looks very strong and gives a 'daily' entry as well.
Cheers
Mark
Very much what I do now. The more I've traded Nasdaq stocks the more I've moved to tighter stops and re-entering if I was wrong. Was initially difficult for me as I'm from more of a swing/position trading background where wide stops and a tolerance of being in the red were important.
NFLX was good post market last night, again in and out in about half an hour.
I sometimes hold stocks overnight if I've taken an intraday entry and the stock looks very strong and gives a 'daily' entry as well.
Cheers
Mark
jimmy1jag said:Hi Mark,
My money management rules are fairly pragmatic. I like to keep losses at a maximum of 20c, tighter ideally. Also depends on S/R levels, fib levels (if relevant), where the ax is... All depends on what's going on in that particular, anticipated trade. I also monitor the trade closely until I can put a stop in at break even, or if it looks on L2 (eg ax moved against me) that circumstances have changed and the reason I took the trade is no longer valid, then I'll get out, no question. I can always get back in in the future.
For me, at the moment, it's a bit like going out driving by yourself, not long after taking your test. The circumstances of the SNDK trade were such a no brainer for me that I left it on overnight, not something I do habitually, only if all my criteria are satisfied. And I slept like a babe
PitBull
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laytonm said:
Too true, only pick ones with good intraday volume and you know the whole world are watching these companies results. Like your AAPL's. EBAY's, QCOM's, etc. and the spread is good.
I tend to focus more on the ECN's and look where liquidity is. If it means selling at a worse price, then I just hit a bid lower down on L2. Better to get out than have it go against you quick, as no buyers around!!
PitBull said:
just a thought, I'm not sure if its practical, instead of routing it to the selected ECN use smart routing (ib has it, not sure about other brokers) then you should still get filled, but you might even get a better price than the price offered by your selected ECN.
As a novice I'll be steering well clear of the pre/post market stuff for the time-being
Good luck today gang
