Evening trading US shares

[Mr. Charts]

No, Russ, it's very common.
I don't think anyone should feel foolish venturing a reasonable prognosis. It's the people who make negative comments who make themselves look foolish.
US equities are a quite different business to index futures in many ways. Not only are they easier and more consistent in my personal experience, but in depth of market and volume behaviour they are like cricket and football, eleven player team ball games but only having limited commonalities.
Richard

 

[timsk]

I DID assume the candle had finished and that is instructive in itself.
Personally I like the "what happens next " - very instructional. Maybe more people don't respond for fear of being made to look foolish?
I am happy to say that the markets constantly make me look foolish.

Seconded
Tim.

 

[timaru69]

Hi all

In attempt to keep this thread alive I will post the odd chart or two of my trades that I take in the evening sessions. I work full time and am keen to trade full time but of course I need to ensure that I can consistently pull money out of the markets.

My approach is to come home from work, (between 1800 & 1830) review the futures charts, esignal scans and core stock list for trading oppurtunities. I tend to focus on 2 or 3 stocks and aim to only trade a max of three times an evening, only taking additional trades from money I have made from the market, although it has to be said that I have tended to give back profits by doing this so I will probably stop doing this.

Anyhow results tonight were a breakeven, profit (avg 50c)and loss (22c ) The 22c loss is at the maximum end of where I set my stops, normally 7c to 15c range initially. I set a wider stop on this particular trade because I had to leave the screens for an hour.

The profitable trade was LRCX.

 

[rdstagg]

Hi all


I set a wider stop on this particular trade because I had to leave the screens for an hour.

The profitable trade was LRCX.

Timaru - why would you set a looser stop when you're away from the screen?

 

[timaru69]

Timaru - why would you set a looser stop when you're away from the screen?

Hi rdstagg

Good question and one I asked myself when the trade was stopped out

Normally my stops are between 5c to 15c depending on the stock, price action etc.

In this case I had to attend to an urgent family need and I had already entered the trade, I simply placed the stop above the last swing high as the stock had been in a downtrend all day, the futures were heading south and I had momentum. With this particular stock I had previously been wiggled and giggled out of profitable trades in similar situations and as such I had also reduced my position size to reflect this.

In hindsight perhaps I shouldn't have traded this stock under these circumstances but I had already booked a profit and the worst that was going to happen was that I would have finished up with a smaller overall profit (which I did ;-)

Had been actively managing the position I probably would have been out for a breakeven trade.

Hope this answers your question

Cheers

Andrew

 

[rdstagg]

If it is of any use the very best thing I ever did in trading was forcing myself to NEVER move the stop and to have it entered mechanically.
Let me amend that slightly.
Once in a while I might nudge it a point or two simply because the computer doesn't think it just places it 2 points away.
If there is a big level right next to it I would logically accept a higher loss but only ever increasing my stop by 50%. (This really is rare)

What was really strange was the freedom it gave me psychologically - I no longer have to think should I stay in the trade. The answer is given by the market.
I still feel the same ( stressed, cold well of fear that kind of thing) - I just don't have to worry about decision making under those circumstances.

Edit - I trade futures not stocks btw.

 

[timaru69]

Edit - I trade futures not stocks btw.[/QUOTE]

Hi again rdstagg

What futures do you trade and over what time frame? I have been always interested in futures trading but mainly from an EOD basis.

Cheers

 

[Mr. Charts]

Hope you are in LRCX - trading nice and cleanly again ;-)
Richard

 

[timaru69]

Hope you are in LRCX - trading nice and cleanly again ;-)
Richard

Yeah go on rub it in, I'm still in the office...................tick, bash,tick bash..............

 

[Mr. Charts]

Give it up, man ! Trade for a living - you can do it ! ;-)
Richard

 

[timaru69]

Hi all

Some nice setups this evening, managed to hit my daily profit target plus change on the first trade of the evening.

HANS was trending up all day and I went long at 18:45. Managed an average 58c before final exit. Traded another three times on other stocks and managed to make profits of 23c, 9c and 16c, the final trade being a long on KLAC. In at $41.58 and wiggled out at $41.74. It then proceeded to run another 80c before the close. Oh well can't win them all.

Here is the HANS entry and exits.

 

[ammo]

TASR long 32.78
closed 32.71
for loss - 7

mr charts im no chart wizard but your tasr graph is a familiar 3 step chart where the stock falls to the bottom of he first step dow 1987 crash

 

[xpertstocktrader]

HI all.
I'm new here and my idea is to post some charts what I use for trading. I'm profesional trading and in this bussiness 7 years...so if that is ok..like to hear comments from other what they mean about them.

P.s. my pologies for english misstakes, sint my 1st language

Here are few ideas for today:

LONG:
Swing possibilities (ST-PT)

LRY long above: 45.00, stop under: 44.13, target: 48 areas ST http://www.swingcharts.net/Ivica/2006/07122006lry.jpg
RX long above: 27.10, stop under: 25.87, target: 28 areas ST http://www.swingcharts.net/Ivica/2006/07122006rx.jpg
IMH long above: 11.35, stop under: 10.80 (10.95 aggressive), target: open ST http://www.swingcharts.net/Ivica/2006/07122006imh.jpg

I'm breakout trader. Using technical analyst. Generaly idea is to buy strong and short weak stock, so I look for continuations. Also can buy weak stock but only if have reversal pattern.

Ivica

 

[timaru69]

Hi

Finally have some time to post the only trade I did on Friday. Thursday evening was a bit of a mare, ended down $70 after chasing my tail on a couple of stocks.

Friday only traded once primarily because my Level II went down for 20 mins. In hindsight perhaps not a bad thing as it focused my attention.

Went Long VLO at $64.53 after seeing higher lows on 5 min chart and attempt of breakthrough of previous days low. Support off 10 bar ema, and Level II showed the bids going up as well as offers with T&S green all the way.

Hit target and thought I would see if a further run was on but this failed at $65, should have been out earlier but was still happy with the profit.

Here is the chart

 

[timaru69]

Hi again, seems I am talking to myself but will post on regardless :|

VLO seems to be my favourite stock for the last couple of days. This was a short trade that I followed downuntil my target of 50c was reached. I cset a stop at $62.63 as I had to leave the PC. Came back to find that i was stopped out for a 50c profit.

I was having trouble with my Level II and Esignal charts and my connection seemed very slow tonight. I have had nothing but trouble with BT ever since I upgraded my 2mb connection to 8mb.

Anyway here is the chart.

Cheers

 

[timsk]

Hi again, seems I am talking to myself but will post on regardless :|

Hi timaru69,
I enjoy your posts - and I'm sure others do as well - so please continue if you want to. A small request though, can you add volume on your charts please?
Cheers,
Tim.

 

[timaru69]

Hi timaru69,
I enjoy your posts - and I'm sure others do as well - so please continue if you want to. A small request though, can you add volume on your charts please?
Cheers,
Tim.

Hi Timsk

Will try to add for next post, although I must admit I don't look at it myself. Interested in any tips on how it may be used to help with trading.

Cheers

 

[DavidS]

I'm always interested to see how others get on

Thanks for posting!

 

[timaru69]

I'm always interested to see how others get on

Thanks for posting!

Hi David

Well tonight was a loser, $50 down. Basically had some bad trades and one profitable one but still down all the same. Will post charts later.

Cheers

Andrew

 

[Mr. Charts]

Can't have you being lonely here, timaru
Here's one I've just exited with volume, Tim.
Profit $1.37 per share
Richard