Feb 20, 2008

TRAK, NDAQ - Short

TRAK AND NDAQ offered similar setups and I also looked at the price action in the opening few bars to determine whether I was going to stay the course of the trade or try to take profits early.
 
I ended up taking 2R from both. Exited TRAK during the 11:50 bar and NDAQ during the 11:40 bar.
 
Oh, and
Jamie... thanks for reminding me of the volume spike tip. Came in handy with NDAQ today (really both trades).
 




 
 

15 comments:

anarco said...

Nice trade 00NR7. Congrats!
BTW: I have added you to my Blogroll. If you want, feel free to do the same (http://2001anarco.blogspot.com/)
Cheers,
anarco

OONR7 said...

will do anarco... not sure why I haven't been over to your blog more often. Good stuff.

Anonymous said...

i spotted NDAQ too..but found action better elsewhere.
NDAQ wasn't a good trade at all.

OONR7 said...

NDAQ set up very nicely... dropped very nicely... produced 2R very nicely - hmmm, yeah - not a good trade at all. And ya can't beat that .13 risk either.
What was your better action? Entry, exit and analysis would be great.

PRD trader said...

nice trade 007,i had a messy day.

Jamie said...

OONR7,

Nice work!.

Is Anon a friend of the blog or an IBK? (Idiot behind keyboard)

bl said...

oonr7,
When did you enter? My guess on trak: 6, 11, or 12(15":5) ndaq: 6 or 15 (15":2 or 4). Good methodogy.

bl said...

oonr7,
Oh my bad you entered on the OR break arrow. BTW is the S2 line figured when it reversed or is it some previous s/r price, If previous why not short at S2.

OONR7 said...

prd: thanks.

jamie: my guess is anon is an IBK. There's been a few anon postings with questionable intent. May have to start moderating comment as I don't want to deal with bullshit. If you have an opinion on a trade... then state it but also state why?

OONR7 said...

bl: the S2 line never varies. Part of the intraday pivot points provided by QT. While it reversed at the S2 level, I didn't like how it was at the ORH as well. Oftentimes, I'll see a fake setup to the downside only to see the stock continue back up again. With the 5-min chart in particular, I'm finding so many other opportunities that I can afford to skip the questionable ones. And really, I just waited for NDAQ to set up in a better area for me. Now I also checked the daily chart on NDAQ and found major support at the 39, 38.69 area so I was prepared to bolt early.

OONR7 said...

NDAQ is a good example of an intraday chart showing one thing and a daily chart showing another. My risk was low and I was prepared to ditch shares at the first sign of a reversal. This was probably a true scalp trade.

TraderIAm said...

00nr7.

Nice trades.

It's interesting that you are doing well with the 5mins. Just out of interest how many stocks do you watch ? The problem I found with 5mins is that there was much less time available to go thru my watchlist of stocks and so i tended towards chasing. Just wondering how you handle it.

Thanks.

OONR7 said...

traderam - is it traderam or traderiam??? I'm only looking at stocks that have gapped up above yesterday's high (for longs) or low (for shorts). That helps to narrow things down a bit. After some further refining I'm usually left with about 15-20 stocks. After that, I look at where a stock is trading in relation to it's opening range (5-min or 15-min). When a stocks moves significantly away from my comfort areas... I just remove from the list. So, as the day progress I continue to remove stocks from the watchlist which helps me focus.

OONR7 said...

also, I normally don't trade the 5-min charts after 11:30 or so. I want to catch the move early, not after it's been wiggling around.

TraderIAm said...

00nr7

My blog name is TraderAm, but when I post my id is traderIam. Must have added an extra "I" when I set up my ID :-)

Thanks for your answer. Good method.