Best Thread US day traders thread.

[PitBull]

Timaru

As another filter to go with it. It should of had higher highs through lunch, but nevertheless, a low risk trade indeed and using level 2 as a guide for support.
Well done

Done some thinking and reading on afternoon plays last night and one that I do like is the sideways base over lunch looking for a late day breakout. This is the criteria:

Using a 5 min chart
1)Stock must be up on the day and trading higher than the prior day's close
2) The stock must be trading at or above its opening price
3) the stock must be currently basing sideways at or near the day's high
4) The sideways base must be at least 1 1/2 hour in length
5) Look to buy when it trades over the days high on the breakout
6) protective stop just below sideways base

 

[PitBull]

Good afternoon

Stocks watching today

SNDK
INSP
RHAT
TEVA
QCOM
COP
AMZN
IMDC
HANS

Good luck

 

[Gadgetman]

Good afternoon

Stocks watching today

SNDK
INSP
RHAT
TEVA
QCOM
COP
AMZN
IMDC
HANS

Good luck

Look out for the $47 high on AMZN (see daily chart).....
Added: Doesn't look like we'll have to worry about that today.....

 

[PitBull]

Bit of a tough one today as not much happened at the open, probably due to a raft of economic data and fed speech.

However, HANS pulled it out of the bag for me.

4 trades, 1 loss and 3 in profit.

Firstly, let me deal with the loss. INSP gapped down and I went to go long after it broke its range, it then reversed and I got stopped out for -0.19.

SNDK was downgraded to sell today. It gapped down and I went long at the hammer @ 57.8
Sold half @ 58.3 and got stopped out the rest @ 53. Average = +0.35

COP sharebuyback program. Nothing really happened at the open. It went up, came down, then went up again. As soon as it took out the highs I was long @ 64.07. Whole number breached comfortably. It then took off and I sold half @ 64.4 and got stopped out the rest @ 64.3. Average = +0.28

So, at this stage I'm thinking today is pretty tough. However, a quick look at Hans and its making a clear textbook ascending triangle after gapping up strongly. It's also at record highs, but it was having trouble with 70.25. Bang! Resistance went and in LONG @ 70.71. But I made a mistake. As it was a breakout, I should of waited for the pullback, it pulled back alright but my stop was OK as used a wider than usual stop on this one due to its volatility. Trailed my stop up to 71.22 and again to 71.94 before exiting @ 72.41. Therefore, +$1.70

Total = $2.14

See attached charts.

 

[Mr. Charts]

I hope people here were in a least a piece of SFCC ;-)))
Richard

 

[Gadgetman]

I hope people here were in a least a piece of SFCC ;-)))
Richard

No, D*mn!
Maybe I'll catch it on the way back up
Dave

(When it hits about $5.......)

 

[Mr. Charts]

$7 in 25 minutes

Here's my trade in SFCC.
I'd had a very good trading session earlier this afternoon and decided to have a break.
When I returned I found this one as I went through my routine search for gold nuggets. Had I stayed at the screen I would have got it earlier - a very expensive coffee and mince pie......
However, it gave me a rather nice $7 when I did enter so I shouldn't regret the break too much.
After all, there's always another good trade to find..........just bide your time till it comes along.
I tracked SFCC as usual by chart and micro-analysis until it offered me a high probability trade then shorted at 29.75.
The exit was triggered 25 mins later again by chart and micro-analysis.
The first screen shot was taken when I shorted and the second shot a couple of seconds after covering.
Method, routine, method, routine; never is routine more fun than routine trading ;-)
Richard

 

[samtron]

Here's my trade in SFCC.
I'd had a very good trading session earlier this afternoon and decided to have a break.
When I returned I found this one as I went through my routine search for gold nuggets. Had I stayed at the screen I would have got it earlier - a very expensive coffee and mince pie......
However, it gave me a rather nice $7 when I did enter so I shouldn't regret the break too much.
After all, there's always another good trade to find..........just bide your time till it comes along.
I tracked SFCC as usual by chart and micro-analysis until it offered me a high probability trade then shorted at 29.75.
The exit was triggered 25 mins later again by chart and micro-analysis.
The first screen shot was taken when I shorted and the second shot a couple of seconds after covering.
Method, routine, method, routine; never is routine more fun than routine trading ;-)
Richard

I just pulled the stock up on IB charts (to try to analyse the trade further ), and the platform says market data for this stock has been halted?
Is this a common occurrence with NASDAQ stocks??

 

[tokio]

Hi Mr Charts, excellent trade. Was SFCC one of your news stocks or do you have another method for scanning during the day?

Thanks,

T.

 

[Mr. Charts]

hi tokio,
You have email
Richard


PS samtron,
very occasionally
now trading again

 

[Mr. Charts]

I've explained a bit more on my blog and examples of trades will be regularly added.
Richard

 

[PitBull]

Mr C. What a trade! Hats off to you sir.......

Quiet but still profitable day today.

Couldn't trade the open, so made two trades tonight. Apologies to those waiting for my watchlist. Both trades profitable.

Two similar set ups around 7.30pm UK.

First was a breakout on YHOO. Entry 39.75, Exit 39.94 = +0.24 Would of like to have caught this one earlier at about 39.40. had trouble getting through 40. So exited.

Second was better. SNDK. Breakout from ascending triangle. Entry 56.80, exit 57.50 = +0.70. Felt sorry for the bugger who bought 1500 shares @ $2 above the current price @ 59.8. Saw it flew by on my L2 screen. Oh dear!

Total +0.94

Charts attached.

 

[Mr. Charts]

Nice trades, PitBull
I traded YHOO too this evening. Also AAPL and AGN - which was a rather nice evening's work.
Good to see your enthusiasm!
Richard

 

[PitBull]

Mr C
Just read your blog on your website. An excellent summary of how its done. Like driving a car

 

[Mr. Charts]

PitBull,
I think it's a reasonable analogy. People ask how can you possibly do several things at the same time, but we all multi-task to some extent. Playing a musical instrument is another example.
Driving though involves changing gear, steering, braking, accelerating, signalling, avoiding radar traps, ANTICIPATING THE ROAD AHEAD, READING ROAD SIGNS ETC.
Once learnt, confidence grows with experience.
Of course there are some who can't multi-task well, like former US President Gerald Ford who famously tripped up because he tried to chew gum at the same time as walking down some aircraft steps
Richard

PS The SNDK trade you refer to hasn't shown up on the chart - or maybe (s)he wasn't using smart routing ! )))

 

[PitBull]

Very good Mr C

I think I'm just getting the confidence thing, and starting to see the traps and signals, but would like to get better at anticipating the road ahead. I assume it comes with experience.

All the best.
Pitbull

 

[JonnyT]

You cannot teach Clairvoyance.

 

[timsk]

Hi Richard,
Excellent SFCC trade! One question if I may though: I'm surprised you didn't exit earlier on the large spike - the one that plunged through $26.00? It would certainly have sent me scrambling for cover had I been in the trade!
Tim.

 

[dvdh]

Sfcc

Naz,

did you get SFCC through the Via-Trader scanner?

-Dave.

 

[PitBull]

Timsk

I wonder if you could clarify why you would scramble for cover when your'e in a profitable trade, you've trailed your stop, but with enough room to not get stopped out. Would it be fear of losing those profits?

Just curious of your thought process in a great trade like this one.
Many thanks