T- just made a quick breakdown of the SPY on a 1-min chart. Similar to yours. However, with a few real basic indicators. I do not trade the SPY. However, before I trade ANY instrument I place some Support and Resistance lines on the chart and apply a few basic indicators. Timing the entry of the trade is everything to me. I have no stomach for drawdowns. If I'm not right within .05 of entry I'm out. The basic canned indicators in combo with my S&R lines help me get pretty close. I do not profess to be a Pro Trader nor do I claim that I am making a killing each day. However, I am a little farther along and I cannot help but spend some time sharing what I've learned that could potentially be of use to you. You have my number. Call me if you wish to bounce some ideas around. Moreover, there were other details that I could simply not fit in text on the chart. So I would need to explain further. Chart attached in separate message. best- momo
Opening orders for Friday. Didn't do great because of some jumpyness at the open. I am still quite nervous when those orders are filling one right after another. Gets quite busy throwing them into a chart and order entry window - shorts on the left, longs on the right.... oops there is another one.. gads. At least I haven't sold when I intended to buy except once. My futures adventures will be posted later. I am going to post the charts as I saw them AT THE TIME. Maybe by doing that, I can see better what it was I THOUGHT I was doing. here are the opening orders.
Hi, I've only a comment on your last spy short, the blue arrow where it states 1st option to cover high volume panic selling. I disagree that, that was your 1st option, 4 bars earlier on a range expansion down bar with the highest volume was the best place imho. That was an open @ high close @ low, I understand you may have been waiting for additional follow thru. I've browsed you your journal, & this has been Very unselfish sharing on your part. As well as the fact that you take others comments & critques w/o taking offense. I realize there are many others on these boards that do the same, Kudos to them also!! I wish you contiued success on your journey, & may you continue to benefit others thru your sharing. God Bless & GFtY! Kelly
Tony, Just wondering why you keep playing NY stocks instead of NASD when you are getting treated so badly? Also you do fine when you are playing the gaps on your opening orders, but why play opening orders at in this market. Why not wait 30 mins or so when you have a better idea of that day's support and resistance areas. At least in my case opening orders did okay 6 mo. to a year back but I don't use opening orders today. Where did you learn pick this plan up? Look back at some of your charts and really look at the ones that are making you money and sh.. can the rest, at least for now. I too wish you good luck, and I would add, slow down, there will be a market tomorrow and next month, why rush.
Tony FDX was recommended by All start Analysts Arthur Hatfield on Monday. You could have avoided this loss by making sure there was no news. Remember that checklist Robert
Donkell, Glassinc, Thanks for posting. Every little bit of input adds to solving the puzzle. Right now I am only trading the NYSE stocks during opening orders. Occasionally I may do a followup trade from an open order, but that is rare. I just plain don't like the specialist system. I like to see what is really there, and if there ain't nothin' there, I want to see that too. You might notice I trade mostly SPY, QQQ, or NQ after openings. SPY and QQQ are done strictly through Island. Instant fills, whether I want em or not.. Robert, I didn't see the news on FDX, or I probably scratched it. Don't know if it was on MSN or Briefing, but I missed it. Believe me, I have dodged some hand grenades by checking news. :eek:
hey tony i bet i can solve the puzzle..if you want to be a good trader...listen to all the good traders at echo..dont just ignore them...do what they are doing....maybe you should also take the echo siminar...its well worth the money im sure....you could make the money for it one trade just my 2 cents buddy cheers joey