Any overnight traders out there?

Quote from F-Trader:



It can go higher, but I will have a very "Low risk" Short trade at the $18.50 level. :D

AMZN looks like a good short also :p $24.00

http://tools.thestreet.com/tsc/quot...1dy&comp=&lf=1&type=64&ma=0&maval=60&x=19&y=9

Thanks :D
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No problem. Short away. But really, what makes shorting PALM "low risk" at the $18.50 level? Is it the fact that prices have tried to get through that area four times since September, and each time they have failed to make it above that area? Or is there something else? Would you have a target to take profits at? How long do you think you would be holding it? Where would you put an exit stop if you used one?

Just curious about your methodology,

Banker
 
Quote from Bankedout:

Just wondering how many people here, if any, generally hold profitable positions overnight by intention.

If you are a trader who generally plans to hold profitable positions overnight, do you trade trends?

Banker
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Good question and a good thread. I guess no conclusion has been reached yet how profitable it can be or even less so how to approach it. I too have been considering trading overnight if only because living on the West Coast can be such a pain in the butt. I mean getting at 6 AM for a very night person like myself can be quite a problem at times. Anyway, the point is to anticipate the next morning trend. I will have to look at it I guess. It can be interesting.

Does anyone here trade Forex? I guess it trades 24 hours, right? But how about volume?
 
In these days of "terrorism" and "anti-terrorism" I believe it is not a bad tactic to keep a stop working in the overnight market about 3% below the market.

Such a stop is not a bad idea during the daymarket as well. Now that I recall watching the last bar in the pre-opening trading on 9/11.

It is unlikely that such a stop would be hit on any given night, but if it is, the bottom is likely much lower.
 
Quote from Bankedout:



My guess is the major indices could put in a bottom at 90% off their peak prices.
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500 Naz, okay, with ya all the way on that one.


1200 Dow? I respectfully disagree there.
 
Quote from wally_:



Good question and a good thread. I guess no conclusion has been reached yet how profitable it can be or even less so how to approach it. I too have been considering trading overnight if only because living on the West Coast can be such a pain in the butt. I mean getting at 6 AM for a very night person like myself can be quite a problem at times. Anyway, the point is to anticipate the next morning trend. I will have to look at it I guess. It can be interesting.

Does anyone here trade Forex? I guess it trades 24 hours, right? But how about volume?
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I think there have been conclusions reached by some people about how profitable it can be, and how to approach it.

The point does not have to be "to anticipate the next morning trend". Although if that's what you want, that can be the point for you. If you are trading the weekly chart, you probably won't care what the next morning's trend is. I'm not saying you have to trade the weekly chart to hold overnight though.

Forex is interesting. I also wonder about the volume. Hopefully someone will come along some day and share some information.

Banker
 
Quote from cheeks:




500 Naz, okay, with ya all the way on that one.


1200 Dow? I respectfully disagree there.
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Well, the Dow peaked at 386.10 on September 3rd, 1929. On July 8th, 1932 it traded as low as 40.60. Sometimes it takes something dramatic to demoralize an entire generation of investors. Heck, I still know some people riding things down from our recent peak. They don't feel worried at all about the market. That makes me wonder how much lower prices will have to go to get those people worried enough to abandon their stocks.

Sure the decline has been relatively gentle so far, but that doesn't mean it can't pick up some steam at some point. At least in my mind.

Regards,

Banker
 
Quote from F-Trader:



It can go higher, but I will have a very "Low risk" Short trade at the $18.50 level. :D
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Well, if you do short PALM, let me know how it works out. Even though I'm not betting on your horse, I still like to watch them race.
 
Quote from Bankedout:



No problem. Short away. But really, what makes shorting PALM "low risk" at the $18.50 level? Is it the fact that prices have tried to get through that area four times since September, and each time they have failed to make it above that area? Or is there something else? Would you have a target to take profits at? How long do you think you would be holding it? Where would you put an exit stop if you used one?

Just curious about your methodology,

Banker
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Palm sucks period. Bad management :mad:

Big fad. They're giving these things away :p

Triple Tops at $18.50 do look nice :cool:

My first point for profit taking would be the $15 level, I would sell at this point, then doulble out and go long for a quick $1.50 bounce. Then possibly short again after support is broken at about $14.67, an enjoy the ride DOWN :D

I made 6 figures shorting this Bitch in 2001 :D

Trading sytle:
Technical = 80%
Fundamentals = 20%
25 years of GUT instinct :D

Check the price in springtime :eek:
 
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