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November 8th, 2005 by eyal | Filed under Day Trading. |
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Made a couple of day trades today.
NTMD, NTES, PHM and CLHB, all of them off the 30min charts. If you follow the dummies you should be able to easily tell where I got in and out. Overall not a bad day (for the shorts).
I’ve also made a couple of order entry mistakes which I immediately reversed for net tiny loss. Even though I’ve been watching the markets continuously, trading off the weeklies etc. When it comes to actually day trading and live order entry it takes a while to get back on track with stuff.
Hey Eyal,
So on PHM did you enter on the 2:30 bar?I’m new to the dummie method but that’s my take.Where was your stop if so?Or was your entry on one of the previous inside bars?
Hey Doug, I got in on the 11:30 bar just below the inverted hammer-ish looking bar and my stop was just above the high of that bar which kept me in the trade till the close (exit with MOC). Not really a great trade though since the reward wasn’t much above 1R.
Ok so you had a good .20 to .30 cent risk,way to stay in that one. :-)
Nice trade.
Yeah, percentage wise it’s not a very big risk though. The problem is that there was no follow-through on the selling side – it didn’t even get anywhere near to challenging the low of the day.. Maoxian will probably blame this on the stock being listed.. ;-)
I always close this type of trades at end of day if they don’t hit my stop. I’ve been trading this style for a while and didn’t see any benefit from mucking around with scratches and tightening stops when the position goes against me. I will tighten though when the stock breaks away in my favour. These ideas were also adopted (and slightly adapted) from Maoxian’s dummy lessons.
Hey Eyal,
I don’t see NTMD trade to be much profitable either. I wonder where you entered and where you got out?
Mandeep
Hi Mandeep,
NTMD was a loser. I got in on the 11am bar and stopped out on the 1pm one. I did tighten the stop slightly on this one as the initial move up faltered, an inside bar printed at 12:30 and the overall market seemed more bearish.
The main reason today turned out positive was the CLHB trade.
Haven’t read the dummies articles, but it would seem to me that daytrading and thirty minute bars don’t really go together. If it makes money, great, go for it, but in concept it doesn’t really make sense to me.
Hi, trades are initiated some time in the morning and closed before 4pm.. same day round trip sounds like day trading to me whether decisions are made based on 30min bars or formations of the clouds ;-)
My puzzlement wasn’t over whether exiting the same day as entry is a daytrade, but whether enough information can be gleaned from thirty minute bars or cloudcover to form a basis for entry.
Yes I can see what you say. Have a look at the dummy lessons which describe the strategy, will be interesting to hear what you think.