Recent content by NeedToSucceed

IMO. the only reason for calling a bottom would be that the market closed almost unchanged (a Doji in Candlestick terminology). Other factors supporting the bottom: 1) QQQ is at the lower end of its Bollinger Band 2) VXN (Nasdaq Volatility index is at a high) 3) Sentiment in general is...

I had not planned on bringing this up, but after reading some of the posts on this thread, I was tempted to write about it. I attended the "Beyond the Snake oil" seminar in San Francisco conducted by Bright Trading. My reasons for attending were primarily to understand some of the strategies...

>> What do you mean exactly by a lot of buys? Every transaction that is printed is both a buy and a sell. Why aren't you perceiving them as 'sells'? >> The way, I see it (my understanding could be wrong), if you are selling to the specialist it would be either be at the bid or...

Hey fellow traders, I have a question for you all. I trade just IBM and MER, and have noticed that the tape on IBM shows a lot of buys on the tape (mostly 5000 shares lots), before it eventually sells off. I use charts to make my trading decisions, but it would be great to understand the...

Don and TheEdge, What envelope size did you use on Friday ? I used .7 and didn't get filled on any. I passed IBM because of the accounting related news, and I am glad that I did that. These are the stocks that I pick from for my opening orders. Would appreciate ypur comment on my...

I have also noticed that with smaller size, I can hold on for longer without getting shaken out. Thanks..

Stayed away from placing opening orders this morning. Will try them again from tommorow with a wider envelope. Bought IBM at the open (500sh) when I noticed that the tape was looking good and the futures were rallying. Managed a 80c gain out of IBM. + 374 Bought MER (500sh) at the...

>> Back to normal today, we had .8 envelope, 7 fills of 15, 6 >>winners ...made about $3,000 - excellent day. Don, Do you normally tweak the envelope depending on the kind of day ? On a day when pre-market futures dictate a weak opening , do you widen the envelope ? thanks..

Shortee, I will cut down on size going forward. The commissions are partially the problem., but I see your point. Buying the banks was stupid this morning, but with opening orders I could have been either long or short, the idea being that the opening price discounts everthing and you...

Placed 7 opening orders and got filled on the long side for two of them. (C & MER). The gaps never got filled and C tanked another 40c before I could get out. I was down over 602 at the open. - 602 (includes commissions) I shorted IBM (1000sh) when it broke the 107 support for a 40c...

Placed 9 opening orders and didn't get filled on any. I use a .5% envelope, and to go any lower would increase the risk. I bought IBM when it bounced from the 107 support for a 29c scalp. + 264 (290-26) It was clearly a sell short day, but I was hesistant to short since in recent market...

Thanks for the info. That was very useful. --Jim

Placed opening orders on the following: AOL, JNJ, IBM,WMT, LLY, TXN, STM Got filled on the long side for WMT. (1000sh) But the stock was acting weak, so exited for a 10c/sh loss. -126 When the S&P started selling off. I shorted SPY (600sh) on the 30 min bearish reversal, but the market...