Hi Mike, I use a combination of price and volume to find areas that I think stocks will retrace all or part of their move. In much the way a market maker fades the public so do I. Nothing really all that special about it. You just figure out where the train is expected to stop and reverse and walk on to the tracks a little past that. Normally the train doesn't run me over (but sometimes it does....) As you can see by my losing trades I use a very wide stop loss. Wider than most would feel comfortable with. Best to you Robert
I was there when he did all this, and not only did he manage 12 trades at once, he also conducted a lesson in temporal lobectomy, while juggling a bowling ball, a sword and a duck feather. Mr. W., thank you for raising the bar for tomorrow!
Hehehe (sorry to pollute, but I HAAAD to do it.....and tried to pollute your blog first but it still will not let me comment).
After yesterdays gains I drove to the office with a little extra spring in my step. The day started out on the slow side but I was watching SLT and it was trading higher in pre-market trading. I waited until the bell rang and then started to short it. It quickly became obvious that it was not going to be moving very much and that to get any real return I would have to wait and hold until tomorrow. i did try to scalp some shares but even that was difficult to do when my average price was about one penny short of the lower part of the area it was trading. I did wait and short more shares on the moves higher and was able to scalp a few shares for a penny but then it moved against me a few cents and I decided to just let it be. Today is also the 7th day higher with many of the days gapping up which is not that big of a surprise considering its an Indian and Australian stock. SLT + 13 Still short most of the shares going into tomorrow. I had some nice trades today with SHLD leading the pack. I traded SHLD several times and that worked out well. SHLD B7, B7+, 2265 WAT + 2172 Traded LM much of the day in that I watched it move against me very slowly for about half the day. It never really broke and the only shares that I covered with to make the small amount that I did was right after the bell when I put some shares up near BE. Will be looking for LM to open lower tomorrow as well. LM + 6 GDP + 1569 COO + 143 + 6170 Day + 15496 Week / Month
Pretty slow day today closed out of LM and SLT that I carried over from yesterday. I also tried to trade AGEN and while it went well IB totally was a failure with it. IB wanted to price AGEN at .0001 increments and that made using the DOM impossible. I ended up manually (first time in over a year) entering in orders to cover. Also IB at times when I wanted to short didnât have shares available on and off. Total nightmare and feel very fortunate that I was able to make any gains from the trade. SLT + 92 LM + 885 AGEN + 209 + 1186 Day + 16682 Week / Month
Pretty slow day today closed out of LM and SLT that I carried over from yesterday. I also tried to trade AGEN and while it went well IB totally was a failure with it. IB wanted to price AGEN at .0001 increments and that made using the DOM impossible. I ended up manually (first time in over a year) entering in orders to cover. Also IB at times when I wanted to short didnât have shares available on and off. Total nightmare and feel very fortunate that I was able to make any gains from the trade. Hi, Bob Thanks much for sharing your experience. Would you explain what the DOM is.
Today started out well and then it changed. I had a couple good trades and then I was totally run over by a MAC truck. Well at least it felt like I was ran over. I did totally cover so I am flat other than my swing trades CPRT + 995 MAC - 3898 AGEN + 140 - 2762 Day + 13920 Week / Month
Hello Frank, a DOM = Depth of Market. IB calls it BookTrader but its the same thing that many brokers call a DOM or Ladder. It has basically three main columns. BID, Last Price and ASK. In each column it has a number to represent each. I like trading with a DOM because I can point and click my orders in very fast and very accurately. Best to you Robert
Today started out really well pre-market with the SnP up nicely. I expected to get some good trades. I started the day off with trading RTI and that went well the first time. It then climbed to new highs and I started trading it again and it kept going and going. I did fade the move and I also started to cover and the price moved higher. This happened a couple of times and my average did move higher and higher but it really felt like it âknewâ what my ave was as it would go to that price or one cent above it on the pull backs. Frustrating for sure. Still short through the weekend. RTI + 1849 I also traded CTRP and was very conservative in entry. I did get my profit target so all in all it was a good trade. CTRP + 851 Tried to make something happen with STEC but RTI took my attention away and so I just closed it out to focus on RTI. Wanted to look at the options for a swing trade but couldnât both trade RTI and STEC options. STEC + 16 + 2717 Day + 16637 Week / Month