tag:blogger.com,1999:blog-19713238.post5211250087254474183..comments2023-11-05T06:41:02.893-05:00Comments on Wall St. Warrior: TJhttp://www.blogger.com/profile/13294634341130531371noreply@blogger.comBlogger13125tag:blogger.com,1999:blog-19713238.post-20453352795144539612009-02-08T17:17:00.000-05:002009-02-08T17:17:00.000-05:00Yeah, me too and those head fakes can be brutal if...Yeah, me too and those head fakes can be brutal if the stop isn't in place.TJhttps://www.blogger.com/profile/13294634341130531371noreply@blogger.comtag:blogger.com,1999:blog-19713238.post-45023345048888200982009-02-08T14:03:00.000-05:002009-02-08T14:03:00.000-05:00Thanks for taking the time to expand on your obser...Thanks for taking the time to expand on your observations. I'm sure that a lack of respect for up-trending days has lead me to trade the wrong side of those head fakes on more than one occasion.johnhttps://www.blogger.com/profile/12712283145624980190noreply@blogger.comtag:blogger.com,1999:blog-19713238.post-33391217706419989952009-02-07T15:53:00.000-05:002009-02-07T15:53:00.000-05:00John,You can wait for the BO of the base at $158.2...John,<BR/><BR/>You can wait for the BO of the base at $158.25. I'm used to this setup, so I like to get in earlier. I've observed this pattern many times on strong trending days. Strong gappers tend to trade in a range after the intial gap. So you can profit from trading inside the range. Usually the best opp. happens on day 2 following the initial gap. Days 3, 4, ... tend to get narrower so the opps are less obvious and often times not worth the effort.<BR/><BR/>I often observe head fakes lower and then the stocks move back into the range and rally. Either way, there's a trade there. If the market had suddenly turned very weak, I wouldn't have bothered. But MA was already down 7 points from the highs of the day, and the chances of it going lower in such a strong trending market were limited. <BR/><BR/>Strong gappers in either direction often have secondary trades on day 2 following the gap and that's why I often focus on them.TJhttps://www.blogger.com/profile/13294634341130531371noreply@blogger.comtag:blogger.com,1999:blog-19713238.post-17250099897332510822009-02-07T10:49:00.000-05:002009-02-07T10:49:00.000-05:00Jamie, Congrats on the MA trade.I still don't unde...Jamie, Congrats on the MA trade.<BR/><BR/>I still don't understand the argument for going long - at least not before it had gotten back above $158.25. And since it worked - I must be missing something.<BR/><BR/>I understand it is in an uptrend, but post V earnings, it had gotten extended and with the stock having failed in the morning at its early Jan high and its setting-up with lower highs and more frequent lows, I would have been more inclined to the short side.<BR/><BR/>What am I missing?<BR/><BR/>TIAjohnhttps://www.blogger.com/profile/12712283145624980190noreply@blogger.comtag:blogger.com,1999:blog-19713238.post-86955167248630549322009-02-07T00:57:00.000-05:002009-02-07T00:57:00.000-05:00Thanks MD. I am using IB as my broker. I see your ...Thanks MD. I am using IB as my broker. I see your points on using last as opposed to bid/ask. Do you think double last is appropriate at all? <BR/><BR/>Also, why do you think the default is the double bid/ask method?<BR/><BR/>ThanksPDThttps://www.blogger.com/profile/09425552690363577638noreply@blogger.comtag:blogger.com,1999:blog-19713238.post-77474372632117153822009-02-06T23:45:00.000-05:002009-02-06T23:45:00.000-05:00MA = channel surfing at its best.MA = channel surfing at its best.QQQBallhttps://www.blogger.com/profile/04059571448402225732noreply@blogger.comtag:blogger.com,1999:blog-19713238.post-22553494700740225302009-02-06T22:35:00.000-05:002009-02-06T22:35:00.000-05:00PDT,I'd normally use STOPLIMIT-LAST orders. This w...PDT,<BR/><BR/>I'd normally use STOPLIMIT-LAST orders. This way the price actually has to trade above the actual number you set as your stop in your stop limit. I've gotten some triggers in the past using things other than the last (bid, ask).<BR/><BR/>You may want to experiment with it a bit and see what works best for you/best for the broker you have.Trader M.D.https://www.blogger.com/profile/01714601842523661459noreply@blogger.comtag:blogger.com,1999:blog-19713238.post-44442850719357921352009-02-06T21:49:00.000-05:002009-02-06T21:49:00.000-05:00PDT,$156.50. That was the swing high around noon ...PDT,<BR/><BR/>$156.50. That was the swing high around noon yesterday and was retested as support yesterday afternoon. It was tested again twice today.TJhttps://www.blogger.com/profile/13294634341130531371noreply@blogger.comtag:blogger.com,1999:blog-19713238.post-62370388304819696372009-02-06T21:34:00.000-05:002009-02-06T21:34:00.000-05:00Are you guys saying the 3rd test of $156.50 or $15...Are you guys saying the 3rd test of $156.50 or $157?<BR/><BR/>It looks like the $157 mark is more of a pivot level and its breached at 12:51 indicating a possible short entry. Obviously for the reasons mentioned above the short would be a bad choice though.PDThttps://www.blogger.com/profile/09425552690363577638noreply@blogger.comtag:blogger.com,1999:blog-19713238.post-40758835362782871172009-02-06T20:06:00.000-05:002009-02-06T20:06:00.000-05:00Susan,Normally the stop is set at previous bar low...Susan,<BR/><BR/>Normally the stop is set at previous bar low, but on lower timeframes, I use support levels. The ORBO trades have to move in my direction right away, otherwise, it's a failed BO and I'd rather scratch than wait to be stopped. On the second trade, I placed stop below the lows of the base.<BR/><BR/>For strong uptrending stocks, most of the breaches of pivots are head fakes. You don't want to be shorting these unless they break and fail the retest - usually forms an angle and can't regain the 50 MA. These are good long opps - back up to prior resistance. Especially when they set up near whole numbers or 1/2 dollar levels.TJhttps://www.blogger.com/profile/13294634341130531371noreply@blogger.comtag:blogger.com,1999:blog-19713238.post-12593968549722182642009-02-06T19:37:00.000-05:002009-02-06T19:37:00.000-05:00PDT,I only use stop limit in after hours trade or ...PDT,<BR/><BR/>I only use stop limit in after hours trade or stocks with wide spreads. So, I'm only using them when I have to. I normally use stop orders and generally get good fills. Sorry, I don't know the answer to your question.TJhttps://www.blogger.com/profile/13294634341130531371noreply@blogger.comtag:blogger.com,1999:blog-19713238.post-90569010832892437182009-02-06T19:15:00.000-05:002009-02-06T19:15:00.000-05:00Jamie,Where did you set your stop loss in the V tr...Jamie,<BR/><BR/>Where did you set your stop loss in the V trade?<BR/><BR/>"MA - Pivot holds as support - 3rd test of pivot support is the charm." <BR/><BR/>I took the short trade in MA in the early session. I was thinking on entering a short again on the break of the 3PP. If the 3rd test of support holds, is there a high chance of reversal? Had MA broken the 3 PP level on a closing basis, would it had been a good place to enter short?<BR/><BR/>Have a nice weekend!<BR/><BR/>SusanAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-19713238.post-18436285244637255662009-02-06T18:41:00.000-05:002009-02-06T18:41:00.000-05:00Hi Jame, this is unrelated to these charts but I f...Hi Jame, this is unrelated to these charts but I figured I would ask anyway.<BR/><BR/>I mostly use stop-lmt orders to enter my trades. Which is the preferred trigger method (ie Bid/Ask, Double Bid/Ask, Last, Double Last, etc)? What the the differences? <BR/><BR/>Thanks in advancePDThttps://www.blogger.com/profile/09425552690363577638noreply@blogger.com