Intraday/Swing Plays

Market is looking stong going into the close. I am going to close a few positions by mkt close. I will send an execution report with closed/open P&L going into tomorrow.
 
I will hold the SOX calls and Short SUNW overnight and close out the rest by close to free up buying power (BP). I have some good calls tomorrow morning that I want to play otherwise I would hold.
 
Here are the results from trades today. I posted real time trades in previous posts throughout the day. I said earlier, I am holding the SOX calls and SUNW short overnight. If you have any questions let me know. My spreadsheet is down so I'll paste off my Account Manger for today.


March 6, 2002

12 15:48:54 KLAC SLD 2000 66.35
11 15:46:05 TXN SLD 2000 34.15
10 15:44:43 MLNM SLD 2000 22.89
9 15:39:52 AMAT SLD 2000 50.43
8 14:42:59 WCOM BOT 5000 8.49
7 14:38:15 MLNM BOT 2000 22.38
6 13:06:38 .SJXDT BOT 10 42.2 OPEN
5 11:42:18 WCOM SHRT 5000 8.29
4 11:25:03 SUNW SHRT 5000 8.91 OPEN
3 11:27:36 AMAT BOT 2000 49.6
2 11:26:26 KLAC BOT 2000 65.2
1 11:30:12 TXN BOT 2000 33.02

CLOSED P&L: $6,240 OPEN P&L: $2,600
 
Those are eastern times on the software. Obviously each position was broken up in partial fills with a small variation in execution prices. I have my software set up to give me an average price on the entire position. Some people like each lot separated so they can choose which lot to match but I generally close the entire position at once when I make that decision.
 
What are some of the things you look for in Level II? In another post, you mentioned MM's playing games. How do you detect "game playing" in Level II quotes?
 
I still have trouble matching the times to the eastern time zone. What stop-setting principles do you use that allowed you to ride out the rather large mid-day retracements in TXN, AMAT and KLAC?
 
My stop criteria varies from stock to stock. I use a combination of stock price, intraday charts, previous and current day high/low, technical analysis (stochastics, RSI, SMAs, ect;) The only hard stop I used, which was an alert, I posted pretty close to real time on the board. I wasn't very close of getting stopped out on any positions today due to the fact that today was a fairly easy day to trade and there was very little volatility after the morning session. I wish they were all like this! This is an excellent example of why I argue the school of thought most traders have and that is stick to a daily profit of $500 (example) and once you've hit that target, turn off the computer and stop. I DISAGREE because there are days like today you can exceed your week and there are days you shouldn't trade. You must be ready to take advantage of these days! Most traders believe they have to trade everyday. Some days are not trading days regardless of how good you are.

I'll address reading MMs on Level 2 later tonight.
 
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