tag:blogger.com,1999:blog-9459815.post6429317411908889824..comments2023-07-03T06:33:52.478-04:00Comments on Trader-X...views from a distorted mind.: Blogger explodedTrader-Xhttp://www.blogger.com/profile/15148372813905710453noreply@blogger.comBlogger48125tag:blogger.com,1999:blog-9459815.post-41119897353289630672011-05-20T01:52:34.578-04:002011-05-20T01:52:34.578-04:00t-money, thanks for your suggestions. If I remove ...t-money, thanks for your suggestions. If I remove my P&L, I think I'd probably be even more anxious not knowing how I'm doing (of course I would have a general idea). The thing that I really have to do is accept my risk completely on every trade; if I don't (if it's too big for me), then I shouldn't even take the trade.<br /><br />I've heard of the candle completion idea, but I worry that the current candle may crash through my MA and hit my stop; if I wait for the candle to complete, it may just keep going past my stop. How would you deal with this situation?<br /><br />joshua, I use Madscan, a real-time scanner. I set up a scan for stocks approaching their previous day's highs/lows, but since it's real-time, it's continuous, so I got deluged with tons of hits today. I clicked on some of them, but I didn't really find any candidates.<br /><br />arbaway, great trade. You bought the same area for the same reasons that I found; I also saw the 45 support but forgot to mention it. Excellent job holding to the OR highs.Klaormanhttps://www.blogger.com/profile/15364749868291425931noreply@blogger.comtag:blogger.com,1999:blog-9459815.post-64007169434157324392011-05-19T17:53:24.245-04:002011-05-19T17:53:24.245-04:00Funny, PETM was my only good trade of the day. Bo...Funny, PETM was my only good trade of the day. Bought on break of 11th bar high on 10 minute chart. Had moving average support on whole number (45) support. Sold when it falteredat the ORH.arbawaynoreply@blogger.comtag:blogger.com,1999:blog-9459815.post-61396695864460041682011-05-19T17:44:51.358-04:002011-05-19T17:44:51.358-04:00yeah, two trades, two stops outs. FLO and ORLY, 15...yeah, two trades, two stops outs. FLO and ORLY, 15min charts. <br /><br />t-money, i started covering my pnl as well. and i stopped watching the level II. only for entry. i have to remind myself i trade charts, not the level II. <br /><br />klaorman and chips/salsa following up, what software you use for the scan. i use trade ideas hooked up to quotetracker. finviz is a great free source.joshuahttps://www.blogger.com/profile/11987724627517363219noreply@blogger.comtag:blogger.com,1999:blog-9459815.post-65950935952021873612011-05-19T17:39:31.622-04:002011-05-19T17:39:31.622-04:00I posted a quick poll/survey regarding UPS usage (...I posted a quick poll/survey regarding UPS usage (do you use one?) on <a href="http://attitudetrader.blogspot.com/" rel="nofollow">my blog</a>. If you get a second to answer, that'd be great.<br /><br />Thanks,<br /><br />-ATAttitude Traderhttps://www.blogger.com/profile/12630122906244609774noreply@blogger.comtag:blogger.com,1999:blog-9459815.post-52328560509844782532011-05-19T15:26:45.345-04:002011-05-19T15:26:45.345-04:00Klaorman,
I used to do that exact same thing whe...Klaorman, <br /><br />I used to do that exact same thing when watching the P&L of my trades and it drove me crazy. I was always getting out to soon, or failing to take a good setup if already down on the morning. <br /><br />I ended up taking P&L off my screens completely. That way I put on a trade with a profit target and a stop based on a good setup and not worrying about past trades. <br /><br />Also, I stopped watching candles of trades that I am in as they are forming. This would always cause me to sell to early if I saw a candle crash through the moving average, only to see it move back up and end up forming a hammer or something. Now I just monitor my trade after each candle has formed already on whatever timeframe I am using.<br /><br />Maybe that will help you not to go crazy and freak out like I used do.t-moneyhttps://www.blogger.com/profile/03352426433889976943noreply@blogger.comtag:blogger.com,1999:blog-9459815.post-4183336094201745832011-05-19T14:10:28.133-04:002011-05-19T14:10:28.133-04:00Chips and Salsa,
I found it rough out there toda...Chips and Salsa, <br /><br />I found it rough out there today too. Just couldn't find a decent setup to trade. I ended up having one trade in CSX above the 3rd bar on the 5 minute chart. I had to bail on it though when it couldn't hold the ORH and formed that nasty candle on the 8th bar. Just no follow through today on anything that I was watching. Sucked.t-moneyhttps://www.blogger.com/profile/03352426433889976943noreply@blogger.comtag:blogger.com,1999:blog-9459815.post-32796899848370009302011-05-19T14:10:06.377-04:002011-05-19T14:10:06.377-04:00[raises hand]
Yes, Chips and Salsa, I'm getti...[raises hand]<br /><br />Yes, Chips and Salsa, I'm getting kicked around...by myself!<br /><br />5/19 PETM 11:10 5m bar, hammer-like. Yes, it had earlier almost hit its lows, but that was a quick dip. The 11:10 area also looked good on the 10m and 15m and was supported by the 20ema on the 5m, 10ema on the 10m, and 5ema on the 15m. I got in over the bar, but soon freaked out over a .05 dip because I had earlier losses and thought that this was the start of another one. I then had several chances to get back in but I couldn't pull the trigger. It broke the OR highs and is now resting nicely after hitting whole number resistance. This is one of my biggest problems, watching my P&L too closely and forgetting that I had gotten in on a strong setup. As I had said before, I have to BELIEVE!<br /><br />BIG was on my list, but I missed the nice short under the 10:15 5m bar.Klaormanhttps://www.blogger.com/profile/15364749868291425931noreply@blogger.comtag:blogger.com,1999:blog-9459815.post-11006046962585234422011-05-19T13:01:59.288-04:002011-05-19T13:01:59.288-04:00Anybody else getting kicked around today? Raise yo...Anybody else getting kicked around today? Raise you hand. Mine is already raised. MON long and LPL short, 15m charts, kicked outta both on sharp reversals after entry. No me gusta! That's Spanish for "Today's action really sucks".Chips and Salsanoreply@blogger.comtag:blogger.com,1999:blog-9459815.post-62352761601304590982011-05-18T20:59:03.462-04:002011-05-18T20:59:03.462-04:00Chips and Salsa, thanks for sharing your watchlist...Chips and Salsa, thanks for sharing your watchlist preparation method; it's very interesting and also explains why I don't see the stocks that you consider for setups. I look for gappers (usually > 3% or so) in the premarket; by the time the market opens I have a good number on my list and don't bother looking for more. However, I've set up a scan using your method; let's see what it comes up with tomorrow!<br /><br />I was actually thinking recently that perhaps there should be a real-time chat focused on Trader X strategies; then you started posting in pseudo-real-time. :-) I thought, ah, interesting! But I agree with Michael that it will muddy up the format here and that it's not real-time (though I did get to watch your NYX trade play out). I have missed a few good setups recently, and more eyes would be great, though those eyes probably wouldn't be watching all of my potential setups, of course.<br /><br />t-money, I didn't see NOA, but if I had I would've taken it. Yes, the OR was fairly wide and the 5ema was far away (which was probably why it didn't feel right to you?), but I like the shallow pullback and the narrow 4th bar right at the whole number resistance. My eyes would've probably opened wide and I would've probably jumped on it!<br /><br />I didn't see much today. A few (like HDY), touched the top of the RZ briefly and then bounced, but I didn't see them in real-time. I do have fibs drawn on CHS, so apparently I was considering it, but I missed the setup bar. I think I need 8 eyes or so! :-)Klaormanhttps://www.blogger.com/profile/15364749868291425931noreply@blogger.comtag:blogger.com,1999:blog-9459815.post-45880091523706438042011-05-18T16:25:13.494-04:002011-05-18T16:25:13.494-04:00Hi Everyone,
I was watching NOA today (5/18) on ...Hi Everyone, <br /><br />I was watching NOA today (5/18) on the 5 minute chart. I liked the pullback to the RZ, but I couldn't pull the trigger after the 4th bar or the 5th bar for some reason. It just didn't feel right to me. Was anyone else watching this or trading this? And if so, would you have taken this trade and why? Thanks.t-moneyhttps://www.blogger.com/profile/03352426433889976943noreply@blogger.comtag:blogger.com,1999:blog-9459815.post-24100377524860002522011-05-18T13:20:06.172-04:002011-05-18T13:20:06.172-04:00MikeS,
That's a tough question. I personally ...MikeS,<br /><br />That's a tough question. I personally struggle to short in the face of an uptrending market like today's, but there are obviously a few shorts out there that are working.<br /><br />On the Daily chart, I see that DE is hitting old support from back in March, but I don't know how much that helps either.<br /><br />If I think of anything else, I'll post it.Chips and Salsanoreply@blogger.comtag:blogger.com,1999:blog-9459815.post-33751524857951929262011-05-18T12:44:06.077-04:002011-05-18T12:44:06.077-04:00Michael,
No, I'm totally on board with you, a...Michael,<br /><br />No, I'm totally on board with you, absolutely. I was thinking the whole time how annoying it might be to the readers to keep throwing out symbols that could change at any minute anyway, so I realized pretty quickly I wasn't really adding much value that way, lol.<br /><br />Plus, it's just too tough to post real-time ideas on different time-frames and trade simultaneously. I actually missed a few entries that I had been watching that took off without me when I was posting my comments. I really frustrated myself by doing that.<br /><br />And I also agree that it's all up in the air anyway as far as if it benefits anybody, since the time between my post and the actual approval upon review could be substantial. No offense taken at all. I don't want to be the guy that everyone rolls their eyes at for streaming my consciousness every two minutes. Thanks for helping me nip that in the bud. :DChips and Salsanoreply@blogger.comtag:blogger.com,1999:blog-9459815.post-30869089290350997612011-05-18T12:34:05.823-04:002011-05-18T12:34:05.823-04:00i looked at DE today too and thinking about the 4t...i looked at DE today too and thinking about the 4th bar but the wide range and the lower tail on the 3rd bar stop my entry<br />also most important, i think it already hit the half way point in the zone, so...i was thinking its might pullback a bit to the resistance cuz its too far away from the resistance already...<br /><br />not sure how correct is it but that is why i didn't take the trade and went for something else like CHS (but chicken out cuz didn't follow my plan)Times of Your Lifehttps://www.blogger.com/profile/02342596487521305995noreply@blogger.comtag:blogger.com,1999:blog-9459815.post-31012758692623029342011-05-18T12:09:40.936-04:002011-05-18T12:09:40.936-04:00Chips and salsa, kudos for your ongoing contributi...Chips and salsa, kudos for your ongoing contributions. But I have to say, respectfully, that all the realtime calls will muddy up the format here which is to solicit feedback on trades and setups from X and other readers. If they have to wade through a lot of comments to find postswhere they can contribute, they may give up. Also, I don't think your comments always get posted realtime. I remember from some past discussion that X's nephew reviews comments for spam and then posts. If he doesn't do that until six hours later one day, your realtime calls will be a bit dated. Just my .02.Michaelnoreply@blogger.comtag:blogger.com,1999:blog-9459815.post-14704272540007954142011-05-18T11:52:11.342-04:002011-05-18T11:52:11.342-04:00Hey guys,
I took a trade in DE today where outsid...Hey guys,<br /><br />I took a trade in DE today where outside of the risk on the candle being a bit large but in comparison to the price of the stock and its morning range not horrible,I didn't really see much else wrong with it so wanted to get people's thoughts. Fibs placed over the opening range. I entered on a break of the low of the 4th bar. It was the narrowest bar of the morning and the previous 2 candles had upper wicks in front of 85.5 so I saw that as resistence as well. Is there anything that stands out to you guys that would have prevented you from taking the trade.<br /><br />Thanks,<br /><br />MikeSMikeSnoreply@blogger.comtag:blogger.com,1999:blog-9459815.post-63291539310700438382011-05-18T11:39:49.841-04:002011-05-18T11:39:49.841-04:00hahhahaha yesyes too hard to do so much at oncehahhahaha yesyes too hard to do so much at onceTimes of Your Lifehttps://www.blogger.com/profile/02342596487521305995noreply@blogger.comtag:blogger.com,1999:blog-9459815.post-30530590310209819672011-05-18T10:36:07.378-04:002011-05-18T10:36:07.378-04:00Last one, then I'll stop, I swear. FCX (as opp...Last one, then I'll stop, I swear. FCX (as opposed to FCS), long on break of 4th 15m bar, 5ema, Fibs over 1st 30-min range.<br /><br />Never entered RIMM, as it never triggered.<br /><br />RVBD looked good, but I missed it while I was typing all this stuff.<br /><br />CBS and TCK had entries set up a bit later, but I can't type everything I see in time. Now I see why folks don't tweet or blog the moves they make in real time. It's too much to keep up with.Chips and Salsanoreply@blogger.comtag:blogger.com,1999:blog-9459815.post-49607624031670851522011-05-18T10:06:01.485-04:002011-05-18T10:06:01.485-04:00RIMM waking up, finally. Entering on break of 7th ...RIMM waking up, finally. Entering on break of 7th 5m bar, as 7th 5m bar would be an offsetting bar.Chips and Salsanoreply@blogger.comtag:blogger.com,1999:blog-9459815.post-56684503680497295882011-05-18T10:03:19.302-04:002011-05-18T10:03:19.302-04:00FCS, 15m chart shaping up for a long above 2nd bar...FCS, 15m chart shaping up for a long above 2nd bar.Chips and Salsanoreply@blogger.comtag:blogger.com,1999:blog-9459815.post-48425262202807991692011-05-18T09:55:51.582-04:002011-05-18T09:55:51.582-04:00UA, 5m, break above 5th bar, same details as ATML....UA, 5m, break above 5th bar, same details as ATML.Chips and Salsanoreply@blogger.comtag:blogger.com,1999:blog-9459815.post-83994285784427872472011-05-18T09:50:27.369-04:002011-05-18T09:50:27.369-04:00Taking ATML above 4th bar. Other set-ups fell apar...Taking ATML above 4th bar. Other set-ups fell apart before I could finish typing. :DChips and Salsanoreply@blogger.comtag:blogger.com,1999:blog-9459815.post-34659466807449709412011-05-18T09:48:17.457-04:002011-05-18T09:48:17.457-04:005/18/11
Looking at RIMM above 4th 5m bar, Fibs ov...5/18/11<br /><br />Looking at RIMM above 4th 5m bar, Fibs over OR, 5ema. May take a while longer than that to set up though. Also CBS, ATML, TCK, same idea. Will watch how they unfold here.Chips and Salsanoreply@blogger.comtag:blogger.com,1999:blog-9459815.post-5616714006137743252011-05-17T21:52:10.859-04:002011-05-17T21:52:10.859-04:00Klaorman:
Sorry for the late reply, but regarding ...<b>Klaorman:</b><br />Sorry for the late reply, but regarding ENOC, you're correct on where the setup bar looked good to me. <br /><br /><b>Chips and Salsa:</b><br />Thanks for sharing your comment on creating your watch list, very interesting. Since this is an area I'm still working on improving, you have some good pointers in there.Grove Underhttps://www.blogger.com/profile/11996363914551744557noreply@blogger.comtag:blogger.com,1999:blog-9459815.post-48751821702237546922011-05-17T19:27:05.090-04:002011-05-17T19:27:05.090-04:00Klaorman,
Hey, thanks, man. When I used to swing-...Klaorman,<br /><br />Hey, thanks, man. When I used to swing-trade, I regularly maintained a daily permanent watchlist, occasionally adding and removing candidates as needed.<br /><br />Now that I exclusively day-trade, I no longer use a permanent watchlist. Like X and a few others, I create a new watchlist every morning to be used solely for that day's trading. When the day is done, I delete the watchlist (after studying all the charts taken and passed on) and create a new one the next day.<br /><br />Each morning I run a scan for stocks trading above their previous day highs/lows, looking for longs/shorts. I run the scan ten to thirty minutes after the open, depending on whether I'm trading 5m or 15m charts. I want to give potential candidates some time to break beyond their previous day ranges.<br /><br />Gappers are, of course, quickly spotted, and I also look for strong first and/or second bars breaking the previous day's range. If a candidate falls back slightly within its previous day's range but provides a textbook set-up, I will still take it, as long as all my criteria are met, which is mostly following X's criteria.<br /><br />I prefer the gappers over the non-gappers, but if a clean, orderly, textbook set-up presents itself on a non-gapping stock that is breaking out of its previous day's range with strong bars, I will jump on board if/when a low-risk spot comes along.Chips and Salsanoreply@blogger.comtag:blogger.com,1999:blog-9459815.post-13551711755131551892011-05-17T16:05:53.558-04:002011-05-17T16:05:53.558-04:005/17 trades
Nice job on NYX, Chips and Salsa. JDS...5/17 trades<br /><br />Nice job on NYX, Chips and Salsa. JDSU and MU didn't gap enough so that I would see them; are they on your permanent watchlist?<br /><br />GFRE 10th 5m bar, hammer at top of RZ and 5ema. Tried selling as it dropped from OR high, but bids ran away from me. Finally sold for a .10 gain. Two hours later it almost hit the FE. I need to be more patient.<br /><br />LDK gapped down. The high volume 3rd 5m bar doji with a long lower tail actually looked good for a buy, but I didn't get in. The 12th bar at 10:25 looked good for a short, so I got in. It was very slow going, and I finally got out for a .11 gain. It never made it to its OR low.<br /><br />HPQ gapped down and had a nice 5th 5m bar in the RZ. I didn't see it in time, however, and it looks like the setup triggered very soon after the bar completed. It dropped very nicely far past the FE.Klaormanhttps://www.blogger.com/profile/15364749868291425931noreply@blogger.com