"I wish I could find a place to discuss potential plays and exchange ideas with some intelligent traders. Plan ahead and make $$ together. I've been in several chat rooms, but most talks in these chat rooms are B.S. Few constructive discussions. I am wondering if ET has any good thread to discuss this type of trading. I see most just talk YM/NQ/ES/ER2 etc...." I do not know I am a good trader or not but I trade for living for past 25 years. Now trade QQQQ and its off shoots. Your format is a Journal so there is little one can suggest, I am open to discussion. I do not trade penny stocks never did so I am no help there. I do read your journal regularly, its fun, I used to do that, I still do but with 5k lot of QQQQ or QID, QLD. I use a system with some modification, adopted from IHUB http://www.investorshub.com/boards/board.asp?board_id=2462 It is called NERS, It is easy and fun. If you have time keep writing, we can share Ideas if you post on your picks at night during the day it is late and most energy is used for trading. Good luck. Farooq
Farooq, Thanks so much for the link. Very interesting and it's a very active board. I'll lurk and read the board. Interesting enough, a few years back when I trade futures, I studied Woody's CCI and Dr. Bob's CCI extensively, eventually, I developed a CCI trading system. I did well when ride along longer timeframe charts with 1 or 2 contracts, has little fear and risk. When I started to gamble big with 20-30 contracts per trade, I didn't trade on charts anymore, I just used one or two tick quick scalping, in and out fast with DOME without even looking at the charts, big mistake and big lessons learnt. I still have that CCI system. I called it Wave and Trend system. You won't see this system anywhere The Wave is CCI 14, the trend is CCI 50, I've removed CCI 6 because it is too noise. I added auto-trendlines to CCI 14 and CCI 50. I found the trendline breaks happen on the CCI first, then on the price, it gave you at least one bar ahead. Under the Trend, the CCI 50 line is very smooth because I use a HMA as the data point instead of using the regular (H+L+C)/3 , when it breaks the downtrend line, go long, when it breaks the uptrend line, go short, quite simple too. I might try this tomorrow on QID/QQQQ and see if it works QID 15 minutes:
It must be a coincidence that I also use hma along with EMA 3/8 and for trend catching ride SMA 34. I am using CCI 144 on 5 min chart, which become 48 on 15 min and 24 on 30 min chart and 12 on hourly chart. 1 min chart have too much whip saw. I use RSI 14 and standard MACD histogram. If possible can you post a chart of QID and QLD using PYRAPOINT, I do not have that studies in my charting software, 30 min chart and a daily chart. TIA. Good luck. Farooq
Thanks for sharing your setup, looks like it worked for you like a charm. I have HMA30 and WMA - 34 and 60 on my CCI system. I use several HMA-based ADX cross-overs to generate these buy/sell signals as you saw on my charts, often it works well when the stock is trending or with momo volume, the signals are only for reference when volume is light and price action is in whip saw. Here are the Pyrapoint charts for you on QID/QLD: http://charts.dacharts.com/2007-05-03/smallcaptrade_38.png http://charts.dacharts.com/2007-05-03/smallcaptrade_34.png http://charts.dacharts.com/2007-05-03/smallcaptrade_37.png http://charts.dacharts.com/2007-05-03/smallcaptrade_36.png
QID 30 minutes, ADX cross-over. Last sell signal was formed two days ago. Buy signal is forming (not finished). When it is trending, ADX lines hook to the top or bottom. Maybe I should trade 30 minutes chart and do swing trading on the signals, it can save me a lot more on commissions, but what would I do during the day, would be even boring
Thanks a bundle, I appreciate it very much. I will study them in detail. Seems good charting software. Good luck. Farooq
Okay, sold the DNDN calls and sold the stock (bought in premarket). I think I should just be happy and relax for the day, don't overtrade. May buy back some calls on a hard dip.
ASF - $36.4, the gap is filled, about to touch the upper trendline. It is very close to a short entry, wait for the resistence is established and confirmed.
how are the options best trading smoothly on DNDN? i'm thinking of buying puts if the stock goes up hard beforehand, but last time i traded, the ITM puts were much less active (and therefore had larger spreads) than the wacky OTM ones.