End of day rally

Discussion in 'Trading' started by inks2002, Sep 18, 2008.

  1. Got a newb question, I only swing trade, holding for about a week at most. Recently I've been watching stocks intraday on 3m and 1m charts. Today for instance I watched C thought it would be a good idea to buy in at 14.85 at the open as it was heading up. Then it tanks, then it surges on an afternoon rally. Totally lost my mind, way better at breakouts and charting swing trades, defintely give credit to you day traders there.

    Obviously you can't answer saying you ALWAYS know when, but is there anyway or indications that show an afternoon rally might happen?

    Was C just testing previous week or day lows and highs and when it broke them rallied?? Thanks for the insight!
  2. rumors
  3. dsq


    nothing applies this week except for price action...its friggin waves of buying and selling....its crazy action...im burnt out...
  4. I think it's generally a better idea to wait until later in the morning, and not buy at the open. Especially considering the overall shitty sentiment these days (don't trust a rally for too long, most seem to sell into them). Even then, if you've seen it make a low, these days...that guarantees exactly nothing.

    The irony is that I am very bad at following this advice. Then again, I'm not a trader, except in the sense that I haven't had a job since January, and have enjoyed losing thousands since I started actively managing my own money.
  5. its ALWAYS about price action, not just this week. But this week has seen a lot of news breaking intraday that has really moved the mkts. Gotta be nimble.

  6. what was the news this afternoon? recently this week i've noticed that almost every afternoon theres been a rally, well except yesterday
  7. I had a losing a position in ENER, being a schmuck that chases upswings when he knows better. I could have sold off slightly in the green during the morning rally, but didn't. Waited all day, but no rallies took me high enough to exit. Of course, I chased again and buried myself a bit deeper.

    Then the Paulson/RTC rally comes along and saves me. I tried unloading a bit, but couldn't because my "max session limit was exceeded". What the fuck? I have to restart all the time because of this, and I don't know why. Probably a memory issue.

    I flipped and started throwing things against the wall, including my phone for the second time (put a hole in the wall). Amazingly, once I put it back together, it still works.

    Luckily, the restart delay worked in my favour.

    I fucking hate Power E*Trade Pro.
  8. irucken


    Today is the hardest of days
    ie. massive reversal.

    Lots of money to be made of course ... and lost.

    You cant really perfectly predict these kinds of moves, except to just be aware that a major reversal will happen after about 100 pts of S&P selling ... just a matter of when & where.

    Days like this are rare .... but one must all be weary.

    Be like water
  9. IF you are having trouble trading, then stick to one vehicle and get very good at it. I would suggest GLD and SLV. Reason? They are commodity related(Gold and Silver ETF's). Basically GLD works to the inverse of the US Dollar. If you do not have a futures data feed to where you can get the EuroDollar contract, then get a free Forex feed(they are everywhere, or place $250 in a Forex account and get it for free for good). Then on one chart place the eur/usd and then a chart of spot gold and silver and then during the US trading hours the GLD and SLV on a screen. You can also use the Dollar Index chart as a reference as well.

    You will notice how Gold and Silver work to the inverse of the strength and weakness of the US Dollar. Once you get enough screen time, you will see what pivots they work off of, the time of day they run up and down, etc.

    Trading a financial vehicle(GLD) that has a whole other vehicle as a indicator(USD/EUR) will give you more of a safer bet than just trying oscillators. The 1 hour, 15m, 5m and 1m all work, I like the 1m and 15m myself. Good Luck to ya!:)
  10. todays action formed a market bottom...
    #10     Sep 18, 2008