Best Thread US day traders thread.

[schoe]

Some very inspiring posts on this thread recently i'm staggered by the returns you guys are making forex traders would be turning green with envy.

Question for DaveandenHeuvel,Do you use Level two or time and sales?

Do you look at volume?

Which charting software do you use?

What criteria are you using to determine when to buy and sell ?

I understand if you don't want to answer all these questions but some pointers would be much appreciated.

Many thanks.

 

[Gadgetman]

slow day today, except for RIMM.
My trades:

Total for today: 467

I think I'm gonna call it a day. It'll probably be quiet the rest of the day.
But what a week have we had. !!!

-dave

Hey Dave - well done. That's a heck of a lot of trades, I hope you get a good brokerage rate

ALL: Have a good holiday tomorrow and btw -am I right in thinking that the market closes early on Friday? Couldn't find anything on Briefing.com but thought I read somewhere they shut 13.00 ET?

 

[dvdh]

Some very inspiring posts on this thread recently i'm staggered by the returns you guys are making forex traders would be turning green with envy.

Question for DaveandenHeuvel,Do you use Level two or time and sales?

Do you look at volume?

Which charting software do you use?

What criteria are you using to determine when to buy and sell ?

I understand if you don't want to answer all these questions but some pointers would be much appreciated.

Many thanks.

I don't mind answering at all.
I definitely use level II and time&sales. Wouldn't know any different.
I look at volume all the time. Very important thing forex traders don't have access to.
I use eSignal for charting.
Criteria to buy and sell: Level II, cup and handle, volume, head and shoulders, previous highs and lows, triangles everything that looks a bit reliable.

But the most important thing is scanning the market for trades. You need to have some kind of system to do this. Alan's new via-trader is gonna be good i think for this.
Cuz that's the biggest edge I'm missing.

Hope this helps?

-Dave.

 

[dvdh]

Hey Dave - well done. That's a heck of a lot of trades, I hope you get a good brokerage rate

ALL: Have a good holiday tomorrow and btw -am I right in thinking hat the market closes early on Friday? Couldn't find anything on Briefing.com but thought I read somehwere they shut 13.00 ET?

My brokerage rate is 0.005 per share. I gotta negotiate. Cuz I know people getting 0.0015 rates. That would be better. LOL

Good holiday to you too. I know for sure that futures are closed tomorrow and they have only an early session on friday. So i think it's the same for the naz. I'm sure it's the same. no index no trading i suppose.

 

[schoe]

Yes those answers are very helpful thanks D,

How long did it take you to get used to reading T and S and Level two do you look for the Ax or are you looking at the depth of market ,support and resistence that type of thing ,and how do you know if a move is genuine or being faked with the bids and offers are being pulled at the last minute?

Regards Mark.

 

[dvdh]

Yes those answers are very helpful thanks D,

How long did it take you to get used to reading T and S and Level two do you look for the Ax or are you looking at the depth of market ,support and resistence that type of thing ,and how do you know if a move is genuine or being faked with the bids and offers are being pulled at the last minute?

Regards Mark.

It took about two months, before I started to understand it a little bit. It's sort of a language. You can see a lot by what the market makers are doing? If you know marketmakers bought a move, then you'll see a lot of them selling when the move is about to end. You can also see that in the volume. Let's say the trend is up. You sometimes see a big spike on HUGE volume. Then you just know, there are a lot of sellers into the buying. Or a little spike and then selling on big volume. So the bar (in any timeframe) you're looking at closes lower than in opens. An upthrust. Fake bids are usually used by marketmakers that wanna trigger some prices. Wanna push higher or lower or they put a big bid in the market. The market goes up a couple of cents. and they have sold on the offer. This is trick used by them to get short. When they're filled they cancel their bid. Or when prices come too close to it.

Sometimes you see a lot of market makers on an even number. Of course that is resistance or support, but it's taken or given very easy. But if it hits it a couple of times and then pulls back. This can happen a lot of times within a minute. Then that can also mean the end of a move.

Almost all marketmakers use reserve orders. That means they show 1 lot(100 shares). But as soon as it's given or taken there comes another one.
Only UBSS (UBS) usually gives the full size. BTRD (bloomberg tradebook) and MLCO (merrill lynch) sometimes, usually reserve orders.

I'm sure Mr.Charts can tell you a lot more about level II. This is just what I've seen happen many times.

Hope this helps?

Best Regards,

Dave.

 

[schoe]

Yes very helpful thanks Dave. I have done some training with Richard but we didn't get the chance to cover level two, I may have a look at it again in the future.

Many thanks ,Mark.

 

[dvdh]

Yes very helpful thanks Dave. I have done some training with Richard but we didn't get the chance to cover level two, I may have a look at it again in the future.

Many thanks ,Mark.

You are most welcome. Level II is an edge. You definitely gotta take a look at it!.

-Dave.

 

[samtron]

Davev,
Thanks indeed for your post on your use of Level II, a very generous contribution if I might say so.

I am only now getting to grips with L2, and must admit when doing my homework on the subject, I found conflicting views about is usefulness, some seam to swear by it whilst I have seen others dismiss it as next to useless, on the grounds that MM nowadays tend to use it as a game of poker with joe blogs, and also because todays L2 is apparently weighted much more heavily in the favour of of MM when compared to the L2 of 5 or 6 years ago.

One day I HOPE to be able to read it as-well as Naz and Mr Charts.

 

[dvdh]

I understand what you mean. The people thay say it's not important. They don't know how to use it. You can definitely get a lot of usefull data out of you level II screen.
I just traded that SHORT in SNDK only with level II data. No charts to enter the position, since e-signal crashed. I took about 80 cents in it. And it wasn't a gamble.I bought back half of my position on 49.08. the low of that move was 49.
So it's a very useful tool.
And I'm sure Naz and Mr.Charts speak fluent L2. LOL

-Dave.

 

[PitBull]

I've attached some charts from todays trading. Just finished the evening session and got a $1 fall out of CMED.

That makes $4.22 for today

 

[dvdh]

I've attached some charts from todays trading. Just finished the evening session and got a $1 fall out of CMED.

That makes $4.22 for today

Great trades and a great day again.
I couldn't stay away, luckily! More action than I expected.
My trades this afternoon:
goog +15
klac +2
sndk +20
sndk +81
sndk +50
sndk -10
yhoo +6
yhoo +5
rimm +27
rimm +18
Total this afternoon: 214
That makes 214+467=681.

Great day again. My best week ever.

Happy thanksgiving.

-Dave.

 

[PitBull]

$$$$$$$$$$kerching!!!!

 

[dvdh]

$$$$$$$$$$kerching!!!!

What is kerching???????????????

 

[dvdh]

What is kerching???????????????

hahah i get it now. ka-ching you mean. haha.

Yes indeed, ka-ching!!!
You 2.

 

[nesyo03]

Hey Dave, by 214 this afternoon, you mean $214 right? How much capital do you have to play with in your account?

 

[badtrader]

He would need about 100k account to trade all them. I think he is telling you all porkypies.

 

[Quercus]

These numbers are cents or dollars, so .45 would be a 45cent move and 214 is a $2.14 dollar move. The number of shares you trade is personal.
Margin is your friend AND enemy in this game too so a/c sizes can vary!
Q

 

[boy]

He would need about 100k account to trade all them. I think he is telling you all porkypies.

What would be unusual about having 100k in a trading account?

 

[Quercus]

right on the money boy!
Let's hope we've seen the last of any "antoganisers"!
Q