A limo driver would be cheaper, all kidding aside. Look at what happened since I left at about 11:15. Trades I would have made. PD Short off 11:18, would have been Stopped for $100 loss. PDShort off 11:34 for a .46 cent gain on 1,200 shares or over $400. PD Long off of 11:58 bar, didn't trigger until 12:12 bar, high of .24 FCX Short off 11:16 bar, 500 shares for a .30 cent gain. NEM Short off 11:20 1,500 shares for a max gain of 50 cents or $750. NEM Long off 11:52 1,500 shares for a gain so far of .32 I could have bought a LIMO, LOL.
Hi F-Trader Great ades today..I was paper trading your 2 minute bar method today..and made some nice profit on paper.. if you don't mind me asking do you look at $nya composite chart or sector of stock you are trading in your decision making...trading NYSE stocks are new to me..I have only trading Nasdaq in the past ...do you find you get fills quickly? I appreciate any help..thanks Jim
I have an S&P chart up, I monitor it but nothing more. I trade off sector charts such as GOX (Chicago Board Options Exchange Gold Index) and the COMEX GOLD current month which is August, next is October. I trade thru ECNs and I trade High Volume stocks, no less than 4 Million shares per day. I normally get filled wihtin 4 seconds, if not quicker.
Thanks for the insight. I usually set tight stops when trading GLD or GG but wasn't sure how to approach PD since the bars are much longer. My biggest problem to date has been avoiding the consolidation chop zone. I do well on the big moves but loose much of my gains during the consolidation. Setting tighter stops may be the answer. I also entered PD off the 10:44 bar and jumped ship at 11:10 for a .30 gain. My only trade today, other than entering GLD off the 15:06 bar. Still waiting to see how that one turns out. In any case, I appreciate your taking the time to respond.
When I notice we are in a consolidating period, I walk away. I will then wait until the stock makes it's next move, after this move I will look to enter a trade. Did you catch PD off the 15:20 bar? 5 cent risk, so far UP .40 Damn, PD fell out of bed at the close.
No I didn't catch that one and I am kicking myself. I was busy watching my GLD and missed PD. I am only using one monitor and I had the PD chart minimized. My chart times might be a little different than yours. At 15:20 I am shoping a high of 80:40 and a low of 80:32, a .08 range At least I got out of the GLD with a small profit. Did you get out of the PD before it took a dive at 15:52?