Scalper 101

Discussion in 'Journals' started by coolweb, Aug 12, 2006.

  1. jtnet


    what program is this and indicators that you use? u trade on more than 15min chart for scalping?
    #21     Aug 13, 2006
  2. Wave59/custom coded Qscripts/6min charts mostly w/GLD

    scale-in and out 5-20 times daily. Lots of great gaps and the equity is very forgiving and liquid.

    I call it macro scalping. Works for me with less chop and fees.

    I started last year looking for instruments like GLD. Fine tuned my platform and scripts by just watching day after day.

    Then I jumped-in with two(2) shares:D and learned how to run the gauntlet.

    Now I go in with alot more size several times daily. Very predictable and profitable yet I always remind myself the beast has teeth.:D
    #22     Aug 13, 2006
  3. I definitely agree, though I do think tape readers have an edge in identifying those movers before the size is shown in printed volume. You can tell just by the way a stock spreads and prints sometimes that a larger player is there, before 50k shares goes off.

    Have you ever looked into a <a href=,3181,1184,00.html>market profile</a> overlay on your charts? Besides an ADX histogram, the only indicators I use are volume based. My trading career turned when I started analyzing volume. If you use eSignal, I can give you an excellent PV study for your charts.

    Anyway, I wish you the best of luck. You seem to have the tenacity and drive to carve out your own niche and succeed.
    #23     Aug 13, 2006

  4. I use esignal and would love to incorporate the PV study into my trading that you mentioned. Can you post it or pm it to me please?
    #24     Aug 13, 2006
  5. jtnet


    i trade GG, NEM, GLD all day long, using SPY futuere as an indicator as well.
    #25     Aug 13, 2006
  6. I have decided

    to lower my piker status to paper trading status using IB REALTIME simulator account for the first week.

    Lets figure all our intial problems out in the first week without losing a dime :)

    I will simulate 300 shares of scalping in and out.
    #26     Aug 14, 2006
  7. I could not get off one trade today,
    No shorts in the morning because of rally
    No shorts in the afternoon because of...
    No avaliable shorts within my risk parameters

    I realized I don't even have a scalping strategy, my whole premise is still on swing trading from a 15 min chart,


    The coolest quote I have learned recently well, re-heard on this board , probably from Master scalper tarvek is:

    Most of the money is made in between , not at trend changes.
    I have to sit down and re-think that because I figured out how to apply it correctly today.

    Some interesting thoughts went through my head and it goes like this:

    1. Cumaltive all your best entries , may it be futures or stocks, but the right entry, with the reward , does not always come on the same instrument.

    as you know I stare at futures when trading stocks, so I know when futures are about to move, so I Was looking high and low for a stock to short, 300 tickers on my screen, none to be found.

    I would have shorted the futures, or SPY or DIA, but the thought did not come through my mind, because I banned myself from trading futures.

    I guess we have to open our opportunties for the best entry open, so we when actually see a great opportunity we will take advantage of it.

    Some days it will be CSCO jumping 5% ontop of a 10% gap
    Some days it will be FUTURES with a 99% downtrend with a 8 tick risk and a 50 point reward.
    Some days it will be something else,

    but I should have all my "entrys" open for trading.

    Because I never know what I will get each day, not everyday is a futures entry to be played, not everyday is a stock entry to be played.

    We should play the opportunities that come IN PLAY!
    #27     Aug 14, 2006
  8. Today I added 1 new FUTURES entry
    into my entry "treasure box"

    Very leverageable ( most important)

    This entry appears once every week. (4x a month)

    You'll see it when I post it here.

    This day was a good day, I usually have my best trading ideas on days I don't execute one single trade.
    #28     Aug 14, 2006
  9. And why the hell not?

    Get 'em!!!

    No guts, no glory. (Greed kills - be smart)

    #29     Aug 14, 2006
  10. jtnet


    how could u not get a trade off on AAPL, it went down all afternoon if you are just trying to look for shorts, even scalps there was an opportunity in the morning, look at 1min or 5min charts.
    #30     Aug 15, 2006