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).
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15 comments:
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
will do anarco... not sure why I haven't been over to your blog more often. Good stuff.
i spotted NDAQ too..but found action better elsewhere.
NDAQ wasn't a good trade at all.
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.
nice trade 007,i had a messy day.
OONR7,
Nice work!.
Is Anon a friend of the blog or an IBK? (Idiot behind keyboard)
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.
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.
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?
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.
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.
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.
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.
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.
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.
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