I was so used to watching the spoo lead on the downside while the naz stood by strong that today's SOX-led reversal seemed like a refreshing return to the norm.
Hopefully the trading results will catch up to my chart-making skills sometime soon Any advice and criticisms you guys can offer on any aspect of this strategy -- entries/exits, stops, time horizons -- please feel free to comment. For example: "Dude, you're just market maker fodder!" and the like . . .
Yeah TA, certain days it feels like I'd could do better throwing the level 2 out the window There will be times when this strategy can find low-risk entries for home run trades, and my preference is to risk the small profit for the larger move -- just not finding my rhythm as of yet for this method.
I have been trading for 3 years now, and i just use the charts, more than level 2. I set my intraday chart up on 1 min, use moving averages of 5 and 15, and 50. I also use 5 minute chart for direction, trend also, see if buyers or sellers. When the stocks begin to go up, the 5 min moving average, rises above 15 min avg,,, and using a candle chart the bars stay above the 5 min moving average. I use esignal for charts and IB a broker. After the stock has run for .40 or more, i will look at time and sales, and the chart as an indication on gettine out. When the 5 min moving average, crosses the 15 min avg, usually means the stock is going down, and is also used as short. Also, later in the day i look for stocks that are getting ready to fall below the 50 day moving average, and short them. Yesterday shorted IDPH at around 1:05 pm. at 500 shares @ 40 and coverd the short 20 minutes later for a .70 gain. Favorit stocks i trade are KLAC, QLGC, EBAY, LLTC, MXIM, IDPH, BGEN, AMGN, QCOM. Hope that helps, i may post a few comments,trades here today so you can see what i mean if its ok. Good Luck, Pat