here's a good trade NE just follow the OIH everyday nice slow mover whoever said you cant scalp $.15 a day is crazy and probably really doesn't watch the market. Everyone fails the first couple years and then they get the hang of it just like everything else. Funny people know how important school is but many dont even graduate high school and thats obvious, so please for the people with the "If it were so good everyone would be doing it" argument need to try harder you might actually make some money in the process.
PT, thanks for the introduction to ensign, I have spent over 20 hours navigating through and read up about the software functions as well as dachart.com articles. It is overwhelming but also refreshing. I wonder whether you can share with me your experience with using all the indicators, and what are the setups you use during a day trade. For the sake of saving me sometime, esp. after being convinced with your successful trading records, I will try to immitate first. Also, I am still in the process of evaluating ensign, they do not allow me to download the templates on their website. Is it possible for you to share your setup template with me for me to test drive it out? I am seriously considering tranferring my charting software to ensign; right now I use prophet, which has limited functionalities. Thanks.
yc47ib, (1) Tier 1 indicators - the price and volume action. Look at the trendlines, don't trade if there is no clear trend (on Ensign autotrend setup, I put the bar to 0 to capture every trend). Using trendline, dynamic support/resistence combined with fibonacci retracements/extensions (you can download template 1 in the link below). Looking for ascending triangle/descending triangle/symmtrical triangle. Looking for TA indicators for clue on which way it breaks. Volume change indicator - very imporrtant. Many free templates, look at Bline2XFinal, this is the most popular one. http://www.dacharts.com/templates/index.php (2) MAs, use MAs or market profile as a reference of where there majority of the trades took place, where the big $ is, use the them to serves as resistences/supports - this is another way to find R/S. (3) TA indicators - I believe the most useful indicator is stochastic (35). If stochastic (35) indicator is down, even the regular stochatic (14) is up, that's short-lived pop, same to a stock is trending up, even the short timeframe stochastic (14) is down, if stochastic (35) is up, it is safe to take/hold long even if your entry was somwhat higher.
Well, today is a very sad day. I got a call from China early this morning, my father-in-law (who lives in China) was diagnosed with late-stage lung cancer. He lived with us about two years ago in the U.S., at the time, he was fine. I could feel he wasn't feel too well when we visited China last year. We have planned to pay him a visit when the kids are off the school in June, I will take two weeks off too. Today I just cannot get over it, I keep thinking what a wonderful man he is. I guess I had to concentrate and work even harder from now to June, a lot of bills need to pay, include our recent cruise trip to Tulum Mexico. Life just cannot get easier, there is always something come up unexpectedly. May God bless him!
Today's performance is so so, I holded AMZN calls overnight, I messed up my trading plan when it tanked after the open, I lost my patience to hold it longer when AMZN dropped to $60s. I did play the bounce on the stock. Also I holded CEGE overnight, sold 1/2 CEGE for a loss. I should stick to my plan and not hold most stocks overnight esp when the stocks didn't look well in the last 30 minutes of the trading.
Here are some charts on AMZN for today, look at the trendlines, support/resistence/fib retracement levels (orange and pink and lines). With 150 tick charts, it measured the move quite accurate. Look smallcaptxx.png, these are my charts: http://charts.dacharts.com/2007-05-08/
PT, thank you so much for the information. I am so sorry to hear about your father-in-law. It is amazing that you can still compose yourself and trade well during the day! No wonder that you did not post anything during the trading day. I was in Buffy's chat room during the day, and saw your charts posting on dacharts.com. Hope all will be well with your family. Where will you be in China in June? I am from China and will be in Beijing in June for 10 days too.
Hi, yc47ib, Thank you for the kind words, glad to hear you're from China too. We'll be fine, we'll get over this shocking news. We will go to Beijing (airport) on 06-06-2007, then we will spend the next 20 days in Tianjin, we'll be back to the state on 06-26-2007. I wish you have a good time in Beijing. We probable have no time to spend in Beijing, we'll go directly to Tianjin from the airport. Regards,