Here is a run down of the six trades I have alerted in the chatrooms today. Additionally I have various threads on here and a one month free trial to ET members that you can use to find out what we do. My current thread is located http://www.elitetrader.com/vb/showthread.php?s=&threadid=14135 and I post my trades there most days. Chart. http://www.tradingfrommainstreet.com/img/Marc4SP.gif This is the chart of the SP500 from the first trade of the day which was a short in the ES. As you can see we opened the day into the moving average with a five minute bear flag. This set up resistence right away, and with the recent touch and go nature of the market I felt fairly sure it would not build the early momentum to take it out. So, that was our first trade. Simple bear flag. Chart http://www.tradingfrommainstreet.com/img/March4NVLS.gif Pretty much the same as the SP. NVLS opened up into the moving average with a bear flag. It had pierced its lower band which said to us that as it comes into the MA we are likely to be able to profit from shorts. Chart. http://www.tradingfrommainstreet.com/img/March4QCOM.gif Third trade of the day was a short in QCOM. As the morning moves on you want to be looking for the strongest and weakest stocks by % change since the open. At the time QCOM was forming this bear flag it was the 8th or 9th weakest stock on the NSD. This tells us that the momentum is on the short side, and that we are likely to be rewarded there. At the very least we will be taking less risk in shorting the weaker issues. The lower Kband was pierced which indicates there is a very good chance of testing the prior pivot low, so we took the short here. Chart. http://www.tradingfrommainstreet.com/img/March4CDWC.gif Another one that was very weak. This was in the top 20 weakest stocks on the NSD (I dont recall its location). The stock is in a very obvious downtrend in this timeframe. After it pierces its lower band it then moves up and forms a bear flag for shorts. Another nice trade. Chart. http://www.tradingfrommainstreet.com/img/March4NSD.gif This was our second index trade of the day. The market had not been showing any strength, so I wanted to keep an eye on it for short setups. I dont want to just chase it down though. Here we started to get a very small bear flag that you can see on the one minute chart. This setup the trade for us. Chart. http://www.tradingfrommainstreet.com/img/March4GENZ.gif This chart shows our trade in GENZ, which represtents the only stop we have had so far today. The stock has been a relative strenght leader all day. After shooting up out of the open it based nicely near its highs. Once it broke above that base we had a decent long setup. As it moved in our favor we adjusted our stops up to breakeven which hit. Brandon
Toni and Brandon have to get the Flak award for the year. The only fair thing for critics to do is to take the month trial and THEN post their comments. I have been in their room and I have found them to be fair and competent.
Also, folks... Brandon will be joining us in the Elite Trader Chat Room this Thursday, March 6th at 4:30pm. Using Multiple Time Frames: Most traders are so busy looking at their 1 minute and 5 minute charts that they neglect the big picture. Even those that do look at bigger timeframes tend to do it in the wrong way, costing them money and opportunities every day. In this special chatroom presentation to Elite Trader members Tradingfrommainstreet.com co-founder Brandon Fredrickson will show how to pull larger gains out of your trades while consistantly taking less risk to do this. Using real examples from his own trading and that of TFMS students Brandon will show you how to incorporate the bigger picture of the hourly, half hour and quarter hour charts to generate trading idea's with large potential for profits. Once you have learned this, you will learn how to go to the shorter timeframe 1 and 5 minute charts to get in before the trend has even changed in the bigger timeframe. This allows you to risk less and make more in your trading overall. The chat will begin on Thurs. March 6th at 4:30PM ET and will last 60 to 90 minutes including time for questions. André
First of all guys im sure that most of our "track records" have been decreasing....If you havnet noticed this market has gotten a bit harder to trade then it used to be.....and yes im a member of TFMS, but im also a presonal friend with Brandon and he is a great guy...very good trader. He is very consistant. Between him and toni the room is well worth it....alot of knowledge and fun ime in it...but im not going to rave and rave about the room....you will justhave to check it out yourselfs... -Joey
Not sure what others have gotten from the chat room but my experience is that the education is what it is all about. They teach you to be a trader. The calls are just to show you how to implement what they are teaching so you can learn to do it on your own. I was a break-even trader until I spent a few months in their room. For anyone who wants to learn to be a professional trader Toni and Brandon have a lot to teach. Try it for yourself. It's free for the first month. But watch out, you may learn something.
I think that our room probably takes some getting used to. We are definatly not like most other rooms, the pace is much slower. Our goal is not to give tons of trades every day, I think there are plenty of for fee and free rooms both that provide a ton of calls. For a trader calls have the least amount of value. What we do very well at though I think is education. One thing I take a lot of pride in is the fact that we are always getting a lot of people who are with us for 6 to 9 months and are then able to leave and trade successfully on their own. With our main focus being on education the room can be very slow. We will sometimes miss something because we are helping a member, but everyone is able to find the things for themselves after spending a little bit of time with us. The alerts serve as great examples (and profitable ones) for the education we provide. Brandon
Today ended up being one of the busier days trading wise I have had in some time. In addition to the six trades that I gave this morning, I also ended up doing four more (3 stocks, 1 Emini) after lunch. The results, while not as nice as the morning trades, still proved to be quiet profitable. The $9.75 daily charge membership rate defiantly got taken care of today Chart: http://www.tradingfrommainstreet.com/img/March4MSFT.gif Above is the chart from the short alert that I gave in the #stock room today for Microsoft. The first thing you should always make sure to notice in any stock you are about to trade is its general trend. This tells you which way the money is flowing and very quickly points you to the path of least resistance. In the case of Microsoft this trend is obviously down. As the lunch period was ending I started scanning for stocks showing relative strength and weakness. As I sorted the Dow Jones 30 stocks MSFT really stood out as one of the weaker issues. More important then that, it gave me a pattern to work with. In this case what was happening is that the stock was basing right on its low for the day. It is important to see something like this, and not just jump on board, because stocks do not move in a straight line. They will need to take periods of rest which occur as either flags or bases. After the stock has "recharged its batteries" then astute traders have a chance to get back on board that trend with minimal risk. Chart: http://www.tradingfrommainstreet.com/img/HONexit.gif While a proper entry will take care of a lot of your needs as a trader, knowing when to fold is very important as well. I gave HON as an alert to go short and after it setup it moved very slowly. This was the first thing that tipped me off that I would want to be paying more attention to this stock then I might do otherwise. After breaking down slightly to a new low you can see that HON started to put in a higher low and it came up to the price of its prior peak. Both of these are starting to tell me that the trend might be shifting here as they are reversal of trend patterns. As soon as we could see that it was in fact putting in the higher low breakeven stops where taken in HON. So this one cost us commissions. Chart: http://www.tradingfrommainstreet.com/img/HSIC.gif Relative strength is really everything in trading. You want to be long strong stocks, and short weak ones. Here you see a chart of HSIC was given a scalp buy alert in the #stock room. HSIC was one of the top 5 strongest issues on the NASDAQ today. When a stock is that strong and keeps on going you want to pay close attention to it for continuation patterns. In this case we got a very shallow retracment that formed a bullflag. As the stock stabilized we took our long positions. Chart: http://www.tradingfrommainstreet.com/img/March4NQ2.gif With the NYSE Trin having stayed very strong all day we knew that the selling interest was very strong in the market. Most of the time when the TRIN shows extreme action all day that will continue sharply into the close. With that in mind when the NQ continued to base near its lows even as the other indexes tried to mount a rally I felt comfortable taking a position short on the retracment. This trade represented our only trade of the day that was not a breakeven stop or a profitable trade. It was closed for a small loss. Brandon
I want to thank Toni and Brandon for explanation, for posting charts of their trades and I am looking forward to Brandon's online presentation here, on Elite at Thursday. I will be very busy at that time, is it possible to get logs of that class?
Yep, chat logs are usually loaded within a half hour after the end of the event. You can find a current list of our past chat logs here: http://www.elitetrader.com/ch/. The TFMS log will be found there as well. André