Starting over, margin account did not provide $100,000 buying power! Switched to Portfolio Margin which does!
Traded Twitter today, there's a huge head and shoulders formed on the 15 minute chart, that definitely said twitter will fall, executed a sell trade with 2000 shares. Then I seen aother formation showing prices will fall, added to a sell trade 1000 shares, got out with over $700 in profit! Facebook trade was a test to make sure buying power is there!
Good job! But it wasn't a twitter thing, the whole market was in a meltdown mode and that's why your head-n-shoulders worked. Single stock head-n-shoulders? If the company is a dog or has bad news weighing it down than yes. Just my two cents.
Yes your right, but, if the technical's are saying the same thing, and I didn't go from just the head and shoulders pattern, H&S and many more. Price action came up, retested a previous resistance area, which was a pivot point level, got rejected by it, and started heading down, railway tracks formed on the 5 minute chart, confirming a move lower. We also have a low being taken out by price action. Then on the one minute chart another head and shoulders pattern formed, that's when I added another 1000 shares to the position. What ever price is doing, it will let you know what its doing, just have to wait for it!
Good morning to all. Its an interesting morning! Its 10:04, I'm done trading for the day. I had executed 3 trades today! Lets start with the first one! Micron Technology was my first sell trade! This stocks price action has come up to retest a pivot point level, which was a strong resistance area, price action did break through it, but, it closed below the pivot point level, confirming that price got rejected by that resistance area, and will now look to head lower! Then price action started to head lower and broke a trend line. After price action broke the trend line, it came back up to the trend line, retested it, got rejected by the trend line in the form of railway track being formed right on the trend line. That's a very strong indication of lower prices. As soon as price action took out the low of the broken trend line, I executed a sell trade of 2000 shares at $46.61, the low was $46.63! Trade was closed at $46.39 netting over $400. My 2nd trade was Intel Corporation. Price action has also broken an important trend line. That trend line was deemed important because it was visible even on the 4 hour chart, including all the lower level time frames! When the trend line was broken, price action came back up and retested this trend line, a classic move just before continuation of the prevailing direction. Price action got rejected by the trend line, in the form of a spinning top on the 5 minute chart. The spinning top respected the trend line perfectly, alerting me that price are going to drop! This was a quick trade, but still netted over $100! I could of stayed in the trade for a little longer, but, when I have made some profit already, it plays on you not to loose it, even though you know your correct in the direction! Non the less, its a successful trade! Sell trade executed $51.05 and made flatten at $50.98 The 3rd trade was more of the same! It was a continuation pattern on Micron Technology. After MU dropped a little, it came back up again to retest a previous resistance level. Price action reached that resistance level, formed a double top formation with the previous peek, and started heading down, forming another type of railway tracks, which confirms to us that price will head lower! Sell trade executed $46.29 and got out of the trade $46.17 netting over $200! Total day profit $785.00 Lots of stocks are falling, but, we still need a reason to get into a trade, cant get into a trade just cause its falling or heading higher!
Traded facebook today. Price has shot up over $14 dollars because of yesterdays earnings, so I was watching facebook real close this morning! Price action started to form lots of technical signals, supporting a move higher! On the 5 minute chart I started to see an inverted head and shoulders pattern, or a cup and handle, as some call them! I love trading this pattern. Usually, when this type of pattern is forming, you can find other supporting patterns and formations, if the head and shoulders are valid! Then we have the formation of railway tracks forming right at a pivot point level, meaning price action found support at that pivot level and started heading higher! On the 10 and 15 minute chart, we have the formation of a spinning top (reversal indication). On the 15 minute chart we have another railway tracks forming, so we have 2 now! We have 2 important trend line breaks, price action has broken through the trend lines, and then came back down to retest the trend line, found support at those trend lines, and started to head higher! The high of the peak was also taken out, giving us more confirmation of higher prices! A buy trade was executed at $173.90 with 550 shares, trade was closed out at $175.30 netting over $700!
CRK trade was meant for another account in TD. TDAmeritrade has margin account and portfolio margin! Mixed up accounts, bottom line is, trading one account is all!
What qxr said plus a trader should be ambivalent about going long or short but simply take signals according to a tested and defined trade plan and manage those speculations according to the rules of that plan.
Today's trade is Facebook! Once again, we have price action forming my favorite pattern, the head and shoulders! We have price action heading higher after the open, looks like price was testing a resistance area, which was R1 pivot point level, price broke through it, but, still found resistance there and started to head lower. We have a head and shoulders on the 5 minute and the 1 minute chart, so its a strong signal! We have a double top formation, which price used to boost prices lower! We have a trend line break and a neckline break, both signals confirm a move lower! Profit target will be 173.74, which is the next support level! I have collected enough information to know where prices are heading, this important information Facebook has provided on the charts! Sell trade executed at $174.82 with 550 shares, and profit target has been reached! Got out of the trade at $173.70 netting over $600! Way to go facebook, thanks for sharing the info!
I know you said something, and probably meant well, I just have no clue what it is you said, or meant!