With the help of Grey1

[samtron]

I JUST SPOKE TO STEVE ( FIBBO ) WE WILL BE IN PALTALK ROOM ON THURSDAY 1.30 UK time for market analysis PRIOR TO MARKET OPEN . PLEASE BE THERE IF YOU HAVE ANY QUESTIONS...ANY QUESTION YOU CAN ASK FROM FIBBO YOURSELF as i am sure some of you still want to know how his learing process is going and what was the major mistakes he was making before coaching by myself ?

ROOM NAME = TECHNICAL TRADER

I have got to take a family member for a hospital appointment on Thursday afternoon so won't be able to make it. but if anyone could tape the session I would appreciate it. :idea:

The fact that Grey1 also lost on Joyg today is encouraging!!!!!!!!!!!!!!

 

[gulam]

MY ERROR WAS THINKING MARKET WOULD PULL BACK TO 30 ish from 60

Grey1, what do you mean by market pullback to 30 from 60, which indicator you looking at?

Also the BRCM trade at 16.51 what was the reason for that long, any technical reasons? You really piled up on that trade.

Look forward to Thursday.

 

[moreagr]

You could try moving to Europe until you are confident in your trading ability.


Paul

I think I'll try a little more before i make that big of a jump.. leaving my family would be hard i think. at least I am close to break even and still live with my parents. SO it could have been alot worse :| thank God. I defiantly will consider travelling to the UK and other countries when i get the time off from work.. health insurance is a good thing to have.

thanks Paul

 

[moreagr]

Okay fellas I just Downloaded paltalk...

If the room is closed at night will it show up under the business site? or only when open?? and no password?

I'll try to make it in the morning. If not next time

thanks Grey and Fibbo

 

[Grey1]

MY ERROR WAS THINKING MARKET WOULD PULL BACK TO 30 ish from 60

Grey1, what do you mean by market pullback to 30 from 60, which indicator you looking at?

Also the BRCM trade at 16.51 what was the reason for that long, any technical reasons? You really piled up on that trade.

Look forward to Thursday.

$INDU was 60 at the time and i was expecting to pull back to 30
I had a VWAP ENGINE SIGNAL @ the time for the BRCM Trade

Grey1

 

[Grey1]

Okay fellas I just Downloaded paltalk...

If the room is closed at night will it show up under the business site? or only when open?? and no password?

I'll try to make it in the morning. If not next time

thanks Grey and Fibbo

The room will only be shown when it is open which is going to be 1.30 Uk time

Grey1

 

[moreagr]

thank you Grey1

 

[evostik]

MY ERROR WAS THINKING MARKET WOULD PULL BACK TO 30 ish from 60

Grey1, what do you mean by market pullback to 30 from 60, which indicator you looking at?

Also the BRCM trade at 16.51 what was the reason for that long, any technical reasons? You really piled up on that trade.

Look forward to Thursday.

Hi Gulam

I was wondering about the BRCM trade at 16.51 too. Have you managed to work it out perhaps by looking back at your chart? I have tried but I can't. I attach my screenshot of BRCM at the time. The white lines are (supposed to be anyway!) the Upper and Lower MPD bands. Would you mind seeing how this stacks up with your version of the chart because either I am missing more key points of understanding than I was hoping or my indicator and settings are way wrong! On my chart, the stock was trading a little above VWAP at the time of entry.

Any feedback (from anyone) would be much appreciated.

Thanks in advance,

Steve

 

[LevII]

Hi Gulam

I was wondering about the BRCM trade at 16.51 too. Have you managed to work it out perhaps by looking back at your chart? I have tried but I can't. I attach my screenshot of BRCM at the time. The white lines are (supposed to be anyway!) the Upper and Lower MPD bands. Would you mind seeing how this stacks up with your version of the chart because either I am missing more key points of understanding than I was hoping or my indicator and settings are way wrong! On my chart, the stock was trading a little above VWAP at the time of entry.

Any feedback (from anyone) would be much appreciated.

Thanks in advance,

Steve

Steve,
Look at post #25 above. It was a signal from the VWAP engine.

 

[gulam]

Hey Evostik,

G1's VWAP signal, but as I recall from G1's threads, we don't look at VWAP trades when the market is trending.... I find prices don't respect the MPD lines. BRCM was highly correlated with the market, best long was on Monday when the market went up.

I find when a stock has taken a beating say for 3 days, and the market goes up on the 4th day, those stocks go up well with it, anyone else see this?

Thx

Hi Gulam

I was wondering about the BRCM trade at 16.51 too. Have you managed to work it out perhaps by looking back at your chart? I have tried but I can't. I attach my screenshot of BRCM at the time. The white lines are (supposed to be anyway!) the Upper and Lower MPD bands. Would you mind seeing how this stacks up with your version of the chart because either I am missing more key points of understanding than I was hoping or my indicator and settings are way wrong! On my chart, the stock was trading a little above VWAP at the time of entry.

Any feedback (from anyone) would be much appreciated.

Thanks in advance,

Steve

 

[gulam]

Strategy 3

Guys, I have seen strategy 3 work good. The other day, I made some good points from VLO.
I have to be honest MACCI 3 mins was only at 80, but 1 and 5 min was overbrought.

One of the challanges I found was when to pull the trigger and take the trade, the Dow might go more higher despite it being overbrought and price follow.

The challange if you wait and suddenly the stock turns you miss the trade.

What I do now is place a sell/buy stop for entry. If the stock is moving higher I place the sell stop say 5 to 7 cents below the price. So when the stock does turn, you get filled in the trade. For me that takes emotions out of pulling the trigger.

 

[gulam]

G1, you mean market was at 11, 460 or the MACCI was at 60?

$INDU was 60 at the time and i was expecting to pull back to 30
I had a VWAP ENGINE SIGNAL @ the time for the BRCM Trade

Grey1

 

[evostik]

G1, you mean market was at 11, 460 or the MACCI was at 60?

Gulam

I don't wish at all to answer for Grey1 but from memory, the 30/60 comment could relate to how many points the $INDU (DOW) was up from open at the respective times.

I must admit I am still scratching my head over BRCM though.

Cheers

Steve

 

[LevII]

Gulam

I must admit I am still scratching my head over BRCM though.

Cheers

Steve

Remember VWAP engine signals are NOT based on VWAP or the MPD bands. In directional trading the bands are merely risk levels not trading bands.

Hope that stops you digging a hole in your head!

LII

 

[evostik]

Remember VWAP engine signals are NOT based on VWAP or the MPD bands. In directional trading the bands are merely risk levels not trading bands.

Hope that stops you digging a hole in your head!

LII

Thanks LevII - I have stopped digging that particular hole. Still got a few other holes in progress though!!!

Thanks again,

Steve

 

[Grey1]

Thanks LevII - I have stopped digging that particular hole. Still got a few other holes in progress though!!!

Thanks again,

Steve

Thanks LEVII

You have answered evostic's question . BTW let me know when you sorted out ur MIC.

thanks again

 

[Grey1]

G1, you mean market was at 11, 460 or the MACCI was at 60?

Gulum

I meant INDU was up 60 . sorry about confusion

thanks

 

[Grey1]

Guys, I have seen strategy 3 work good. The other day, I made some good points from VLO.
I have to be honest MACCI 3 mins was only at 80, but 1 and 5 min was overbrought.

One of the challanges I found was when to pull the trigger and take the trade, the Dow might go more higher despite it being overbrought and price follow.

The challange if you wait and suddenly the stock turns you miss the trade.

What I do now is place a sell/buy stop for entry. If the stock is moving higher I place the sell stop say 5 to 7 cents below the price. So when the stock does turn, you get filled in the trade. For me that takes emotions out of pulling the trigger.

Strategy 3 is awesome . I have said it all along .. IN LONG TERM YOU WILL KICK ASS. I USE IT MYSELF


grey1

 

[fibbo]

Tuesday 12th september

Hi all
First my thoughts on the JOYG trade…….Because we were expecting the market to pullback we shorted what we decided was the weakest stock on our blotter……the market did not pullback as expected and JOYG did not fall.
Now to the point …..Because JOYG was a counter trend trade we did not have a full position, and because the pullback did not come we closed the trade, and the money lost was not a great deal. (We won`t mention the fact that I added to my position instead of closing it, so my loss was an extra 50% shhhhh)
When the market pulls back, a strong stock is one that does not pullback as much, this was the case with BRCM and that was the stock we went long….
Market strong, BRCM strong = a recipe for profit, its also the trade where we take a full position and even though I was in the red and partialed in and out two times I was fully positioned when the market and BRCM did eventually break out and the profit there easily made up for JOYGs loss. If the market is strong and we are in a strong stock the stock will move faster than the market when it does eventually move.
We still closed BRCM a little too early and that’s where Grey1 gave me a lesson in scalping.
Two times BRCM and once both LRCX (had taken one scalp earlier on) and KLAC
I made $1010…first time I made that magic number day trading. I would never have done that without Grey1s help.
I would like to mention one thing about the stocks you have on your blotters. In the 3 days now I have traded with Grey1 I can tell you he really knows his stocks, he knows what to expect from them how much and quick they can move as well as a lot more. These are things that no one can teach us this is something we have to learn ourselves if we want to fully succeed.
I want to finish by citing something Grey1 said to me which I think is worth remembering.
“When you are not sure which way the market is heading, let the market decide for you (take the risk) then we follow the crowd. We do not lead the crowd.”

See you in PalTalk later.
Steve

PS: sorry for the delay

 

[vegas]

Tuesday 12th september

Hi all
First my thoughts on the JOYG trade…….Because we were expecting the market to pullback we shorted what we decided was the weakest stock on our blotter……the market did not pullback as expected and JOYG did not fall.
Now to the point …..Because JOYG was a counter trend trade we did not have a full position, and because the pullback did not come we closed the trade, and the money lost was not a great deal. (We won`t mention the fact that I added to my position instead of closing it, so my loss was an extra 50% shhhhh)
When the market pulls back, a strong stock is one that does not pullback as much, this was the case with BRCM and that was the stock we went long….
Market strong, BRCM strong = a recipe for profit, its also the trade where we take a full position and even though I was in the red and partialed in and out two times I was fully positioned when the market and BRCM did eventually break out and the profit there easily made up for JOYGs loss. If the market is strong and we are in a strong stock the stock will move faster than the market when it does eventually move.
We still closed BRCM a little too early and that’s where Grey1 gave me a lesson in scalping.
Two times BRCM and once both LRCX (had taken one scalp earlier on) and KLAC
I made $1010…first time I made that magic number day trading. I would never have done that without Grey1s help.
I would like to mention one thing about the stocks you have on your blotters. In the 3 days now I have traded with Grey1 I can tell you he really knows his stocks, he knows what to expect from them how much and quick they can move as well as a lot more. These are things that no one can teach us this is something we have to learn ourselves if we want to fully succeed.
I want to finish by citing something Grey1 said to me which I think is worth remembering.
“When you are not sure which way the market is heading, let the market decide for you (take the risk) then we follow the crowd. We do not lead the crowd.”

See you in PalTalk later.
Steve

PS: sorry for the delay

Steve,

Congratulations on a great result !

I really appreciate how you are relating your learning and coaching with Iraj for all our benefit. It is a very useful insight for novice traders like myself and I wish you well.

Regards.

Unfortunately I am unable to attend tomorrow's session due to work committments, but like Samtron was wondering if there is an ability to have the session recorded ?