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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...

I and Ravi work for the same broker. We are in the development division of the firm, and are not allowed to have accounts elsewere. We share an office, and I used his workstation while replying not realising , that he was already signed on. I trade 1000 shares since the min. commission is...

Shortee, I didn't understand the comment about two journals for the same day. What exactly did you mean by that ?

Started the day by placing 7 opening orders. Got filled on 3 of therm. Short IBM 1000 sh at 104.25, covered at 104.02 Long LLY 1000 sh at 73.09, sold at 73.17. (should have held a little longer since LLY moved higher but the futures were selling off...) Short MRK at 57.98, covered at...

Don. Why don't you post the spreadsheet that you use. It would be useful for us to know which stocks you trade for openings, and how you manage the trades after getting filled. Thanks. Jim

Hey guys, I've been browsing this forum without contributing much in the last few months. I have selfish interests in posting this journal. It is my hope that having to make it public, will make me feel more accountable. Feel free to criticize/comment on my journal. I will only quit...