Great New Pattern

"he showed 100k to buy and was hit while trying to gun it"... Praetorian2, Do I need to use LII quotes to pick up on this MM activity or can it be seen in the prints?

One other question: I've been trying to use limit orders and missing the moves. Are you putting in Market orders? Thanks

 

I almost always use market orders. The only time I use limit orders is when I'm trying to catch a large block. I got 2k at 14 flat (low of day) by using at 14.01 limit order. That way he has to fill me. When something is making a move, you have to use market orders. Cause you want in fast. Saving nickles has never been my style.
As for the 100k thing, he was very long, and trying to move it up to sell. So he bid .25 for 100k and opened the offer to .4. He was immediately hit, so he went 100k offer, and tried to dump them. He did this 3 times. The third time, he wasn't hit for the 100k bid. He then went 50k bid at .3. He wasn't hit. He then did 100k at .35, wasn't hit. It sat there like 5 mins, and people too the offer all the way to .49. Then he just swept all the offers all the way to 15.1 when the first size offer appeared. You definately need a l2 screen to see the specialist and read him.

 

I'm also still watching LH for a short. I got stopped out last week with a couple point profit, but in addition to the stock sitting in a major resistance area, it has completed its split run, as it splits at the end of trading tomorrow, and like rtharp I am looking for weakness to re-enter on a short position and a decent post-split retracement.

 

WMS is another candidate due for a retracement

 

re: ELY.
For those of you who were critical on this trade, I just let go 7k at just over .7. 12k more of these babies, I want about 1.5 profit on the rest. I made 1.3 avg on the first unload.

 

No criticism from me... just pure admiration.

 

I also unload half at .71. holding the rest for 16ish, can we see the target today?

good luck and good trading

 

All out now. Good for a 1.25 pop. I'd like to thank BEST for the upgrade. I owe you man!

 

We finally have our chat room set up. It is mainly for great new pattern plays in real time, but we will have other plays with people posting ideas all day. I am under the nick hkuppy.
http://clubs.yahoo.com/clubs/elitetradinginaction

 

Closed out LH for a profit of a few points.

I was ready for a bigger drop. I did double my size after the split so that my risk would be the same. I'm going to start a new threads to post my shorts on.

Looks like everyone has moved to the Yahoo board.

rtharp