Hi everyone, I just wanted to give you an update for the Expo in NYC. As I mentioned before, I'd like to try and put together a meeting for us junkies. It looks like there is some interest, but I would like to touch base with everyone who is interested the last week of January. If you are interested, please email me: tony@tonyoz.com If you want to attend any of the free sessions you can find info here http://www.onlinetradingexpo.com/tutorials.htm I will conduct four sessions (the same session on Sunday and Monday) and two live trading sessions on Tuesday. On 11/28/01 I will be a guest speaker after the market closes here http://www.financialchat.com/events/# Trade Smart Everyone
Anyhow, I wanted to post a link to the original thread: http://www.elitetrader.com/vb/showthread.php?s=&threadid=2788 I'd like to get together on Monday Night. I think it will be easier to seat a large number of people. I understand that Tuesday is a trading day, so we cannot stay up late. We can do that on Sunday at the Marriott Bar See you soon, looking forward to it
TonyOz, I just wanted to congratulate you on the idea of " Tony Oz Attempt ", and I want to assure you of all my gratitude for writing the 3 books, that reflect the trading reality !!! I really think that Chris, does not deserve the "treatment" he has received... Any way, let us speak the polls... MD - doc a TonyOz fan
If you missed the chat, you can read the log in the following posts. Enjoy and Profit! Tony ----------------- Session Start: Wed Nov 28 2001 [15:36] <Tradeweb> Reminds me of the Elite days... Hi Tony [15:36] <newharry1> I'm from Austria - "was geht" - war nicht besonders schwer zu erraten, aus welcher Ecke Du kommst [15:36] <lester> Hi, Tony!! [15:36] *** Guest14301 is now known as stktrdr [15:36] <TonyOz> Hey Scott!!! [15:37] <wasgeht> jep [15:37] <scooterdog> Hi Tony [15:37] <symilarian> Loved your book Tony [15:37] <TonyOz> thnx [15:37] <wasgeht> hi Tony [15:37] <jimmy> yes, great book Tony [15:37] <BillyB> het Tony like your scan just started using it [15:37] <acns> hi serafina im Peter from Kens room [15:37] <Corky> Tony it's time [15:37] <DTU_Ken> hi Tony, invited all my room traders here to see ya too [15:37] <version7> I like all of his books... [15:37] <tradermatt> Is there sound? [15:37] <HillyBillyHoundDog> Ok give us some goods TZ [15:37] <monasaz> I ACNS [15:37] *** Tradesmart is now known as Guest94923 [15:38] <fobglobal> Tony, hello from Mexico [15:38] <monasaz> hi tony, your book is v.good [15:38] <ramsey> Hello from Switzerland [15:38] <rowen40> hi tony here´ holland [15:38] <tradermatt> Hello from Los Angeles [15:38] <tmt> no sound cards in my pc [15:38] <Miki> Hello from Croatia [15:38] <jpinkowski> Hi Tony, John Pinkowski here [15:38] <acns> hello from Belgium [15:38] <macsmith> macsmith from Hawaii - great books! [15:38] <CHAKA> hello from Compton [15:38] <CHAKA> LOL [15:38] <BillyB> hello from Atlanta [15:38] <Francesca> Hi Tony, I'm right brhind you. BOO [15:38] <wizbor> Howdy Tony from White Mts. NH [15:38] <dmacc> Hello from Canada [15:38] <Brixer> Hello from Norway [15:39] <makityrs> Is there sound??? [15:39] <rsm> birdy1 [15:39] <dale> hello from australia lol [15:39] <montyt> from ireland here probably the only daytrader in the country lol [15:39] <TonyOz> lol I'can't type fast enough to greet you all thanks for coming [15:39] <wasgeht> hi from germany [15:39] <rsheill1> hi from rsheill1 [15:39] <Segman> Hello from home [15:39] <Corky> Oklahoma City dont think there is any more Okies here [15:39] *** Guest94923 is now known as Capablanca [15:39] <CHAKA> lol monty [15:39] <newharry1> @was geht - it would be great if you could send me an email to newharry@gmx.at [15:39] <TonyOz> <------ blushes [15:39] <monasaz> ny here [15:39] <Scalper> Chicago [15:39] <lizabliss> hi from Edmond, oklahoma [15:39] <Tdav> Hi Tony from Seattle [15:39] <SanSoo> Hi; I'm on your balcany [15:39] <Wintrade> Scaramento [15:39] <HillyBillyHoundDog> Swahili [15:39] <howsafire> upstate ny. too [15:39] <version7> alright Seattle! [15:39] <Danwebzster> Muskegon, MI [15:39] <net> what does a sound card have to do with this [15:40] <echo2> Florida [15:40] <meetoo> Seattke here too! [15:40] <steve> North carolina [15:40] <scooterdog> Florida also [15:43] <TonyOz> Hi everyone [15:43] <TonyOz> Today, I'd like to cover the Oz Scanner and focus on a couple of scans that have been [15:43] <TonyOz> really great over the last couple of months. In my last visit to this chat (from chicago [15:44] <TonyOz> I covered Bottom Fisher and Sky Scraper and today I'd like to cover [15:44] <TonyOz> New kid on the Block and Power Trader and if we have some time left I can take questions [15:45] <TonyOz> on any of the four scans. First, let me tell you that if you do not currently subscribe [15:45] <TonyOz> to the Oz scanner, you may do so by either contacting RealTick or calling your [15:46] <TonyOz> broker and asking to add the scanner to your service. There is a $20.00 monthly fee, [15:46] <TonyOz> which is a bargain considering the fact that I used to pay more than $3,000 a month [15:46] <TonyOz> to run these scans in the past. Thanks RealTick [15:47] <TonyOz> At this time, I want to point you to my RealTick download page http://www.tonyoz.com/download.htm [15:47] <TonyOz> on this page you can find custom pages which include the scanner. This should [15:48] <TonyOz> give you an idea how I set things up. [15:48] <TonyOz> Next, I want you to be able to view [15:48] <TonyOz> both this chat and a a browser window. [15:48] <TonyOz> so please have a browser open "ready to go" [15:49] <TonyOz> What I will do in this session is enter [15:49] <TonyOz> a URL for a chart and then type the words into this chat. [15:49] <TonyOz> I will publish the log of this chat on my website in the Education center (section). [15:50] <TonyOz> Ready ??? Let's start! [15:50] <TonyOz> Unlike the Bottom Fisher which is used for long trades only or the Sky Scraper [15:50] <TonyOz> which is used for short trades only, both the Power trader Scan and [15:50] <TonyOz> New Kid on the Block Scan can be used both for potential long or short trade [15:51] <TonyOz> s [15:51] <TonyOz> with a long bias though. What I mean by that is that I will look for potential [15:51] <TonyOz> longs 85% of the time using these scans. [15:52] <TonyOz> Both The Power Trader and New Kid are very similar to the Usual Suspects Scan [15:52] <TonyOz> The Power trader scan filters the entire market searching for stocks that [15:52] <TonyOz> are moving up and are on PACE to trade higher than their average daily volume. [15:53] <TonyOz> The volume criteria of this scan is STRICTER than the Usual Suspects Scan. [15:53] <TonyOz> I also added stricter rules for the last price, gap open, and last trade as a percentage of the daily trading range. [15:54] <TonyOz> I use this scan to find stocks that are moving UP on relative high volume and are trading at the top of [15:54] <TonyOz> the dayâs trading range [15:54] <TonyOz> I try to detect the stocks early enough in the [15:55] <TonyOz> trading day, but I also look to see if any stocks from this scan are setting up at the end of the day. (I like to keep my eye on this scan during lunch time [15:55] <TonyOz> I found many great trades during that "dead" time that no ones likes to "commit" on [15:56] <TonyOz> The ultimate candidate is a stock that is making its first day of a move on relatively high volume [15:56] <TonyOz> Let's look at some examples that will illustrate how I use this scan, [15:56] <TonyOz> but before I continue, I have to say this: [15:57] <TonyOz> and "this" is extremely IMPORTANT [15:57] <TonyOz> 1. Not every stock that shows up on the scan is a GOOD potential trade! [15:57] <TonyOz> 2. I base my initial descision to enter a trade based on the DAILY chart! [15:58] <TonyOz> 3. If I like the daily chart, I will use the intraday chart to enter! [15:58] <TonyOz> 4. Please Read chapter 7 of the book How to Take Money from wall Street http://store.yahoo.com/marketwizard/index.html to learn more about [15:59] <TonyOz> preferred entry points based on intraday patterns. [15:59] <TonyOz> Currently, realTick is giving this book for free to all who subscribe to the scanner http://www.realtick.com/news/Send_oz_Data.asp [16:00] <TonyOz> 5. I use the scanner to find both swing trades and day trades and use both [16:00] <TonyOz> Power Trader and New Kid for swing and day trades. [16:00] <TonyOz> I always look at the daily chart [16:00] <TonyOz> first. Then I look at the intraday chart. [16:01] <TonyOz> as a side note I noticed that the users number is having major resistance at 200, anyone have the balls to short it [16:01] <TonyOz> ok here comes the meat [16:02] <TonyOz> IMAGE I [16:02] <TonyOz> The first image can be seen by clicking the following link http://www.tonyoz.com/chat/001.gif [16:02] <TonyOz> This image shows my P&L for the day. [16:03] <TonyOz> I traded three stocks today, all off the Oz Scanner. [16:03] <TonyOz> I made Money on two and lost on one as you can see in the close P&L column [16:03] <TonyOz> CHIR was a Bottom Fisher setup and I found it at 43.84 before it ran to 45. [16:04] <TonyOz> I played it twice on the long side and made money both times. [16:04] <TonyOz> IART was a New Kid on the block setup. I lost 0.27 on 1000 shares. My stop troggered [16:04] <TonyOz> at 10:44 AM. I will show the charts for these trades soon. [16:04] <TonyOz> I found APOL on the Power Trader and it was my big winner. [16:05] <TonyOz> 200 users major resistance [16:05] <TonyOz> breakout [16:05] <TonyOz> lol [16:05] <TonyOz> back to APOL [16:05] <TonyOz> I liked the daily chart I found it early enough in the day and scaled into it [16:05] <TonyOz> and scaled out of it. [16:06] <TonyOz> Before we I will go into these trades and setups in more details, it is important [16:06] <TonyOz> that you see that: [16:06] <TonyOz> 1. I trade off the scanner on a daily basis. [16:06] <TonyOz> 2. I find it to be my best trading tool [16:07] <TonyOz> 3. With the money I've made today, I can pay for it for the next 110 months [16:07] <TonyOz> 4. I don't make money on every trade. But I try to make sure that my losers are small [16:07] <TonyOz> 5. Discipline is a must. Plan the trades and take the stops!!!
[16:08] <TonyOz> There is one more thing I want to talk about that makes this tool so wonderful. [16:08] <TonyOz> In the "old" days I used to spend as much as 8 hours when the market was closed [16:08] <TonyOz> to plan potential trades for the next day. I will study charts, write out [16:08] <TonyOz> a trading plan, get up ealy in the morning to find out that OVER 50% of the time [16:09] <TonyOz> Gaps eliminated my trades. [16:09] <TonyOz> All my hard work overnight was for nothing. [16:09] <TonyOz> Now, I hardly ever do any overnight planning. [16:10] <TonyOz> The reason is that I use my realtime scanner to find potential trades in realtime. [16:10] <TonyOz> If something shows up on the scan and is looking good [16:10] <TonyOz> I can enter it right then and there. <way cool dude> [16:11] <TonyOz> I don't have to wait till the next day. [16:11] <TonyOz> This is a big difference. [16:11] <TonyOz> So beside being a money making tool, this scanner has given me much desired [16:12] <TonyOz> "free time" and Jodi and Jordan are thankful for it [16:12] <TonyOz> There are many days in which I start [16:12] <TonyOz> trading late or finish early, but because I trade off the scanner and know what I'm looking for [16:13] <TonyOz> I can actually find a good setup even if I traded "part-time" [16:13] <TonyOz> Anyhow, I don't want to bore you too much with why I think this tool is great [16:13] <TonyOz> and how it changed my life, so let's look at the charts. [16:13] <TonyOz> Image 2 [16:13] <TonyOz> http://www.tonyoz.com/chat/002.gif this is the intraday chart of IART. [16:14] *** tom is now known as meg [16:14] <TonyOz> I liked the daily hart because the stock bounced at the lower Bollinger Band and moved up yesterday after selling [16:14] <TonyOz> off sharply for a while. [16:15] <TonyOz> Today was not a first day of the move, but a potential continuational move. [16:15] <TonyOz> A smart Trader day http://www.tonyoz.com/sc1c.gif [16:16] <TonyOz> So go back to http://www.tonyoz.com/chat/002.gif [16:16] <TonyOz> I waited for the pullback and bought the [16:16] <TonyOz> stock as shown by the green arrow. [16:16] <TonyOz> I placed a stop below the previous low and it triggered. [16:17] <TonyOz> Took my loss, congratulated the trader on the other side and promissed to get him back next time [16:17] <TonyOz> back to the smart trader image [16:18] <TonyOz> now you can see why I'd rather be lucky than smart [16:18] <TonyOz> Image 3 [16:18] <TonyOz> http://www.tonyoz.com/chat/003.gif [16:18] <TonyOz> CHIR setup a bottom fisher. [16:19] <TonyOz> Bounce from oversold condition after a gap down. [16:19] <TonyOz> Shorts getting squeezed. ---- yeehaaa [16:19] *** morningstar is now known as Guest64774 [16:19] <TonyOz> I didn't have a great entry, so I played it small and placed an order to buy more shares at 43.65 [16:20] <TonyOz> should a pullbac occur, but it didn't. [16:20] <TonyOz> CHIR was strong, so I gave it room to run. Once it hit 45 it came [16:20] <TonyOz> down hard and my 0.50 trailing stop triggered. [16:20] <TonyOz> In hindsight, I gave CHIR more room than I should have [16:21] <TonyOz> but because I did not have a full position, I wasn't looking to sell half into momentum. [16:21] <TonyOz> The next trade I made on it was [16:21] <TonyOz> 1/2 position again. [16:21] *** Tradesmart is now known as Guest30859 [16:21] <TonyOz> I saw that the 43.75 level was holding well, so I bought it at 43.84. [16:22] <TonyOz> I placed my stop and watched it go up and then go down I took another small profit on this trade. [16:22] <TonyOz> The market was making me very nervous. I was long two stocks, but the market was pointing down. [16:22] <TonyOz> IMAGE 4 [16:23] <TonyOz> http://www.tonyoz.com/chat/005.gif [16:23] <TonyOz> 004.gif is missing the arrows oops [16:23] *** Guest30859 is now known as Capablanca1 [16:23] <TonyOz> APOL showed up on Power Trader. [16:24] <TonyOz> I bought in three phases and sold in two phases. [16:24] <TonyOz> I sold 2/3 rather than 1/3 because the market was making me nervous, and because I left too much on the table [16:24] <TonyOz> on CHIR. [16:24] <TonyOz> But since I had a full position here, I wanted to take some profit, so my first exit was at 43.46. [16:25] <TonyOz> I sold the last 1/3 when thge stock came down from 44 to 43.55-43.62. [
16:25] <TonyOz> Conclusion: [16:25] <TonyOz> The scanner is my bread and butter tool. [16:25] <TonyOz> I feel that Power Trader, New Kid on the Block, [16:26] <TonyOz> and your favorites Sky Scraper and Bottom Fisher are all you need to master. [16:26] <TonyOz> more info on all these scans can be found at http://www.tonyoz.com/usual.htm [16:27] <TonyOz> http://www.tonyoz.com/power.htm [16:27] <TonyOz> http://www.tonyoz.com/newkid.htm [16:27] <TNO-Michael> With such a large crowd here today, please send questions to Ed & Myself and Tony will try to answer in the main room. [16:27] <TonyOz> http://www.tonyoz.com/bottom.htm [16:27] <TonyOz> http://www.tonyoz.com/sky.htm [16:28] <TonyOz> Questions time [16:30] <TonyOz> one secpond trying to open the room [16:30] *** TNO-ED sets mode: -m [16:31] <TonyOz> please have mercy [16:31] <DTU_Ken> of all your scans, which would 2-3 would you recommend newer traders focus on first? [16:31] <tradermatt> Tony--Not that it's any of my business, but I always figured a guy like you would be trading a lot more than 1000 shares at a time. Is there a reason you have stayed at that size? [16:31] <jpinkowski> Great Presentation - Tony do you use screen capture software to record all your trades or just write the plan and outcome on paper? What software did you use to capture the screens? This looks helpful to analyze success and failure of trades...JLP [16:31] <visitor> What all will that interface with? Is it limited to Realtick, or would a Quote.com or esignal feed work with it? [16:31] <TonyOz> I use my risk management calculator to determine size [16:32] <TonyOz> I used hyper snap to capture the gif files [16:32] <makityrs> Tony, do you use just a 1 minute intraday chart to make your buy and sell decisions after looking at the daily?? [16:32] <TonyOz> Scanner works only with RealTick [16:32] <visitor> OK, thanks [16:32] <RichD> tony, how did you have the discipline to exit the IART position after only .27? [16:32] <MB> are your scans primarily for day-trades ? [16:32] <net> do you have a 4 screen setup [16:32] <monasaz> what is your set up on daily chart [16:32] <TonyOz> 6 scree setup [16:32] <ostrie1> does apol look like swing trade? [16:32] <bobl> If I only have three sc reens, were do i put these scans.? (need room) [16:33] <TonyOz> try to download some pages and see how I do it [16:33] <net> i have a four screen but can even see the six - screen as it wont fit it says [16:33] <net> thats cant even see [16:33] <kwardw> nice day today and thanks for the info [16:33] <TonyOz> check this out http://www.tonyoz.com/2m1.htm [16:33] <ladaybug> Tony you base your decision on a daily and enter intraday but what time frame chart? thx [16:33] <montyt> does your scanner keep updating in realtime when your using say powertrader or do you have to keep starting/stoping? [16:34] <TonyOz> polease hold questions [16:34] <TonyOz> let me scroll up and answer [16:34] <macsmith> in your latest book I got the impression you were doing more multi-day trading - today's examples are all intra-day. Comment please? [16:34] *** TNO-ED sets mode: +m [16:35] <TonyOz> makit - look at my pages to see my setup of charts Bollinger bands etc. [16:35] <TonyOz> some pictures are here [16:35] <TonyOz> http://www.tonyoz.com/1m1.htm [16:36] <TonyOz> rICH dISCIPLINE IS WHAT IT TAKES TO PAY THE BILLS [16:36] <TonyOz> MB AS i SAID IN THE BEGINNING BOTH DAY AND SWING TRADES [16:37] <TonyOz> APOL WAS FOR A SWING TRADE, BUT i DIDN'T LIKE THE WEAKNESS OF THE MARKET [16:39] <TonyOz> LADYBUG My I use 1, 3, 5, 15, 60 minute charts and daily depends on the time frame and activity of the stocks. You can get all my parameters if you download one of my pages and install it [16:39] <TonyOz> mont - realtime [16:39] <TonyOz> mac - I do both swing and day, but about 80%+ are exited the same day [16:40] <TNO-Michael> capablanca asks what % of your trades do you hold long and what % do you go short? [16:40] <TonyOz> depends on the market [16:40] <TonyOz> 3 methods [16:40] <TonyOz> 1. long only [16:41] <TonyOz> 2. both long and short at the same time [16:41] <TonyOz> 3. short only [16:41] <TNO-Michael> Echo2 ask with the frequent market revesals recently, are you finding that your scans are selecting stocks that usually follow through the next day or are most of the opportunities only intraday? [16:42] <TonyOz> actually we had great follo-through on many of the new kid and power trader setups [16:42] <TonyOz> but remember I look for 5%-15% moves, so if I get it I am not hanging in for too long [16:43] <TonyOz> since 9/11 I've been more cautious on the long side [16:43] <TonyOz> been working on the problem [16:43] <TonyOz> smaller sizes and no overnight holds [16:43] <TonyOz> no problem on the short side [16:43] <TonyOz> but the market has been going up [16:44] <TonyOz> been doing very well, but was no aggressive enough [16:44] <TonyOz> but this is how I manage risk [16:44] <TNO-Michael> Monasaz asks what does it mean when a stock appears on his scanner, then disappears and then resurfaces like the TIER for exp.? [16:45] <TonyOz> that means that it met the criteria at one point, failed to meet it later and then met it again. It happens [16:45] <TonyOz> for instance [16:45] <TonyOz> CHIR was a boittom fisher [16:46] <TonyOz> but it wasn't at the end of the day [16:46] <TNO-Michael> Richd asks how long he will give a trade to âformâ if it hasnât hit his stop but is in a range for a day or two? [16:47] <TonyOz> good questions. I have a time frame (opportunity cost) for every trade I enter. NMormally set at 2-10 days. [16:47] <TonyOz> We rare running over time [16:47] <TonyOz> please email me any questions [16:48] <TonyOz> tony@tonyoz.com [16:48] <TonyOz> Also check this out [16:48] <TonyOz> http://www.onlinetradingexpo.com/tutorials.htm [16:49] <TonyOz> I will be conducting free sessions and live trading there [16:49] <TonyOz> so if you are in the neighborhood please drop by [16:49] <TNO-Michael> Thank you all for coming! [16:49] <TonyOz> Thanks for having me here [16:50] <Suzanne> as always, thank you folks at Terra Nova Online [16:50] <TNO-Michael> Thank you Tony for a great session - hope to have you back again sometime soon. [16:50] <Suzanne> and thank you once again Tony for visiting with financialchat.com [16:50] <TonyOz> you bet [16:50] <TonyOz> thanks everyone [16:50] *** TNO-ED sets mode: -m [16:50] <DTU_Ken> thx [16:50] <acns> thx Tony [16:51] <TonyOz> hi ken how is it going [16:51] <ziff> thanks Tony and the crew at Financial Chat [16:51] <baanpro> thx Tony [16:51] <TonyOz> you are all very welcome [16:51] <fobglobal> Thank You Tony [16:51] <TonyOz> I will post a log on tonyoz.com [16:51] <takashi> Ari gatto Tony-san [16:51] <RichD> tony, great new book! congrats! [16:51] <TonyOz> Rich [16:51] <montyt> thank you tony 1 of ken's students here [16:52] <acns> question to TNO people [16:52] <Wintrade> ken from DTU monty? [16:52] <montyt> yes [16:52] <TNO-Beth> what is your question acns? [16:53] <PM> only 20 bucks for scanner ? [16:53] <TNO-Beth> pm, correct [16:53] <acns> can I get the OZ scan without going to my broker as its not in your brokers list [16:53] <dirkdirk1> Hi Ken and thanks TonyOz [16:53] <PM> sounds cheap [16:53] <tmt> my broker does not provide realtick..where can I get it? and how much I need to pay ..including these tools [16:53] <TNO-Beth> acns you need to be with realtick [16:53] <ladaybug> Thnks Tony [16:53] <Ferdi> good show. Hasta la vista [16:54] <TNO-Beth> if you are not with terra nova please contact your broker