Would you like to make $1million per week in the stock market? ME TOO!! But, my grandpa used to tell me to take a crap in one hand and wish in the other then see which one was full Most of my trading is based on statistical info about gaps and breakouts of one type or another and the reactions to either. I try to make a little bit most days and play defense until a good breakout day comes and then I will play very aggressively. Each night I will post the trades from Mainstreet. I will either lose money and look like a jackass or make some in which case I can be accused of being a snake oil spam vendor who is only here to promote his website. So, oil those snakes and lets have some fun eh Brandon PS, I have a thread here on ET where I give real time ideas as well. It is located at http://www.elitetrader.com/vb/showthread.php?s=&threadid=17118 Also, be sure to become familiar with the basics http://www.elitetrader.com/vb/showthread.php?s=&threadid=17707 and finally, don't forget the free seminar that will be help (most of the day) Saturday in the ET Chatroom.
Today did not really go as I expected it would, but I reacted well anyway and I'm happy. Most of the time following a very strong trend day like we had yesterday the following day is pretty sloppy so I will play smaller and very defensively. HMY Open swingtrade. Long from $13.35 ICOS Daytrade Long. $34.20 to $34.99 NPSP Daytrade Long. $28.15 to $28.87 ONXX Scalp Long. $12.70. Avg Exit $12.70 UNTD Daytrade Short. $24.25. Stops $24.50 Brandon PS, I will post some charts and stuff latter. Obviously one of the points of this thread is promotion, but another is education so I will explain what I am doing as much as I can reasonably do. I will also post a swingtrade pick or two (before hand) as they appear.
Given that the market has been up 12 days in a row now and we had a very large gap up at the open I have had a number of members ask me "where can I got short". Certainly you can go short anyplace you want, it just might not be the wisest thing you have ever done for yourself. When you have a very large gap, your automatic bias should be to trade in the direction of that gap, this is the only way to put the odds in your favor. We will certainly have pullbacks, and its likely that later in the day we will get an avalanche or 2b shorting opportunity, but do not go out and try to "nail" the top. The only thing that will get nailed is your account. So far today we have had some nice stock trades long in THQI and NVLS. I do want to play a little defensively due to the "overbought" state of the market right now though. Play safe, don't try to be a hero.
Probably going to call it a day. I have been very lucky. Have not followed my plan well, just ran around like a stupid chicken with my head cut off and somehow still managed to make money. I should have done much better. Here is the trades. NVLS Long 39.87. Average exit 40.55 Gain of $0.68 THQI Long 16.90. Exit 17.70 Gain of $0.80 SMH Long 32.45. Stopped out 32.18 Loss of $0.27 AMZN Short $35.35. Average Exit $35.28. Gain $0.07. This and XLNX both where my stupidest trades of the day. There was no reason to get out and I did anyway. XLNX Short $30.48. Stopped out $30.55 . Loss of $0.04 ES Short 1002. Out 1001. Gain of +1 NQ short 1264. Average exit 1255. Gain of +9 Brandon
todays low [10:29] <brandon> http://www.tradingfrommainstreet.com/img/June6NQ1.gif [10:29] <brandon> bring this chart up when you get a chance [10:31] <brandon> The 2b Rule: [10:32] <brandon> In an uptrend, if a higher high is made but fails to carry through, and then the price drops below the previous high, then the trend is apt to reverse. This observation applies in any of the three trends, short term, intermediate term and long term. [10:32] <brandon> try to really burn this into your brain[10:32] <brandon> its one of the better setups out there [10:32] <brandon> you tend to have a very small risk [10:32] <brandon> because by definition you are looking for a place where the new high fails [10:32] <brandon> it wont likely go more then a few points over the prior high [10:32] <brandon> and your risk reward tends to be 3 to 1 or better on this setup [10:33] <brandon> it stops out a lot [10:33] <brandon> more then 50% of the time [10:33] <brandon> but you make up for it easily on the way down [10:33] <brandon> so what you see here in the NQ [10:33] <brandon> we had the highs made in the Nasdaq early in the am [10:33] <brandon> then it kinda floundered [10:33] <brandon> the nasdaq has been underperforming the ES a lot [10:33] <brandon> and so I was looking for weakness there [10:33] <brandon> so [10:33] <brandon> dont try to short the highs [10:33] <brandon> try to short weakness [10:34] <brandon> and the nas was showing that [10:34] <brandon> about 1015 we had the new highs made [10:34] <brandon> but again, just barely [10:35] <brandon> so then you are looking for the prior highs price to be traded under [10:35] <brandon> that being 1264 [10:35] <brandon> and we had our short setup
so far we have EBAY long from 97.49. Average exit 98.06. XLNX long 28.70, stops 28.58. NQ shrt from 1206 to 1203 and NQ long from 1203.5 to 1207.5 average exit [08:49] <brandon> nice way to start the day methinks
[10:52] <brandon> http://www.tradingfrommainstreet.com/img/ADBEJune9.gif [10:52] <brandon> bring this chart up please [10:54] <brandon> ok here we have a daily and five minute chart of ADBE [10:54] <brandon> you always want to start big and work small [10:54] <brandon> have as many things going for you as possible [10:55] <brandon> so find something going on in a big timeframe [10:55] <brandon> then find something to enter it on a small timeframe [10:55] <brandon> big on ADBE we had the trap come into place [10:55] <brandon> this is in the circled area [10:56] <brandon> traps are very consistant [10:56] <brandon> you always want to put yourself in peoples shoes [10:56] <brandon> and here there are a lot of bag holders [10:56] <brandon> what are those people going through [10:56] <brandon> what will they do [10:56] <brandon> so here you have an opportunity [10:56] <brandon> so look for something small [10:56] <brandon> down on the five minute chart we had a few things going on [10:56] <brandon> ADBE was I think the 6th weakest stock in the nsd100 [10:57] <brandon> so its doing the right thing [10:57] <brandon> you can see the flag area [10:57] <brandon> we had a very shallow bear flag setup [10:57] <brandon> and as that setup [10:57] <brandon> it was majorly underperforming the 100 [10:57] <brandon> the nas was rallying [10:57] <brandon> but this did not [10:57] <brandon> so we had the relative weakness too [10:57] <brandon> and when the short setup [10:57] <brandon> it was good
I think I'm going to call it a day. Its been a good one. here are the trades. EBAY long $97.48. Out $98.06. +$0.58 XLNX Long $28.70. Out $28.58 -$0.12 ADBE Short $35.20. Out $34.74. + $0.46 CYBX Long $22.28. Out $22.35 $0.07 ( I screwed up my mgnt on this one and should have done a lot better) Ivica also had OGGN a few times and CAT short, Im not sure whatelse but everyone is jabbering about them. NQ short 1206.5 to 1203 +3.5 NQ long 1203.5 to 1208.5 +5 NQ short 1197 to 1197 Even Brandon
The seminar logs are now available at http://www.elitetrader.com/ch/index.cfm Thank you all for taking the saturday to be with us. Hope you enjoyed it. Brandon