What is being said is that no matter what you're saying, they will say it's a figment. Even if its not. Especially if its not. Zen-like , huh.
No, but it is widely true that the urge to post and make fun overwhelms many ET members. Never base the worthiness of your posts from the quality of responses you get. Specific tape-reading techniques are not shared too frequently here. Although I prefer to trade the longer term, I am not beyond taking an intraday trade when it seems to be setting up nicely. Thanks for the nugget.
Anyone that thinks this particular trade is a figment is absolutely clueless about short-term trading. Just set up a scan to search for large NYSE offers. Link the scan to NYSE Open Book, and you will see the offer "step down" on every down tick. This was an unbelievable trade before NX-Direct Plus came around. You could short ahead of the large seller with bullets and then go long as soon as the offer started to get taken out. Without NX, the Specialist could control the stock more and not let it trade on the offer until he was long and ready for the stock to go up a little. However, with NX, now traders can make it trade on the offer and ruin the momentum of the play. It still works, just not as well as it once did. I'm actually kind of surprised by the responses and lack of responses to this thread. I've been on elitetrader for a while and rarely do I see any useful strategies discussed or shared. Maybe this strategy is just nothing new to the traders around here.
Dude, I'll spell it out for you. YOU ARE STATING THE BASICS OF SHORTS SCALPING ON NYSE. And it also seems that you do not really understand how badly this strategy can hurt you unless you involve more factors like daily volume , price, prints, specialist, news. Oh and the going long is called bounces and those are much more dangerous unless you really know what you are doing. Try to bounce every stock and you will end up badly gross negative.
the reason that there is a lack of response is that it isn't a new strategy. Same thing on Nasdaq stuff. Once in a while you see a massive buyer or seller and you can go with him. Not really a secret, only trouble is timing when he's done, which is a very dangerous game to play.
proptr8r, The above post is what I was referring too. I didn't want Box to think that the above quote/strategy was a way to have a true edge in the marketplace. But, then again, maybe someone can choose to watch something like that. I just choose not to. (I only daytade NYSE stocks) You are 100% correct. The stepping down of size was a GREAT, GREAT way to make money in the past. That was one of my biggest strategies. It still works now. Granted it's not as profitable, but it still works at times. Decriminalization, NX/Direct+, lack of force and momentum in the marketplace, and other factors have minimized that edge. That strategy was like printing money back in the days of sixteenths and eights. It worked both ways, for the upside and downside. Back then when a stock was free falling we could literally work a stop by manually changing it to a sixteenth above the last downtick and as soon as it upticked, the offering would be taken and then it would be trading up a pretty good amount before you could blink. Now that was easy money. (those were the days )