Need help daytrading QQQQ

Quote from flytiger:

People think regurgitating memorized information is learning. If you were to just copy somebody, you wouldn't be happy. You have to internalize what it is you are trying to accomplish. Do you watch the Q's trade for long stretches during the day? Do you use bars, candles, 5 min, 15 min. By doing this you should eventally have some ideas of your own, and then you can assimilate some of these ideas into your own system.

I found, when I had the same question, a video on eminis where they used candles to day trade. I liked it so much, I use it exclusively, and up to that time, I used bars. It works for me. So it was simply trial and error, and I"m adding little things and deleting them all the time, like we all do. But again, you need to internalize a system. You need to able to drink a few beers, and explain it in a cogent manner. Then it's yours.

I like it so much, I won't enter a long if I'm seeing a problem w/the Q's, and vice versa. I'll see if I can dig up the link for you, it's extemely simpllistic, and get it to you. It might work for you. If not, just part of the process.
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Thank you for your input. I am not currently trading QQQQ. I trade forex. I have never really traded stocks or etfs, but I'm curious about them. I haven't used candlesticks and volume bars, but I really like the concept behinf them. I'd gladly watch the video too. Thanks.
 
Quote from 2manywhiners:

First 3 candles = lower lows, lower highs. Prepare for short setups. The entry basis for circle 1 is in the latter half of the circle. The second time of the day you've seen lower lows and highs.

You found a solid trend, higher highs (excluding gap and open) and higher lows, give it a go.



ATTENTION ALL NEW/YOUNG/ASPIRING/PROSPECTIVE TRADERS: Learn the intricacies of the market before stepping up to bat. Open an account, and stare in awe of the Level II screens, the charting features, read books and watch DVDs geared towards an introduction to Day or Swing Trading. Toy around with your broker's software, research other trader's trading strategies and use them to formulate your own trading strategies, write yourself draft after draft of Trading Plans including all kinds of rules for protecting your initial trading capital, use ETs search function to look up specific threads concerning specific subjects and read old and new posts regarding what it is you want to trade. Read about other traders' horror stories, and learn from those to help avoid having your own. Develop conviction, humility, and learn how to control your trading psyche. Do all of these things and much, much more before you ever place your first trade. Trading isn't the quick road to Easy St. that some people think it is, to be successful here you have to understand exactly what you're getting into before hand, and you have to feel like you're 100% prepared before you dive in. Of course you won't be, nobody ever is, but you have to feel that you are. Even if you don't win at first, properly preparing yourself for success will carry you through for the long haul. The people who eventually "Get it" are almost always the ones who are best prepared.
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Lower Lows are new lows for the day, or just from the previous candle? Higher Highs too? Higher Lows means the bottom of the candle, and Lower Highs are the tops? I'm pretty sure I know what's what, just not if the new highs and lows are for the day or just from the previous candles.


I had a mentor when I started out before, but with stocks I am unfortunately on my own. Your above suggestions aren't the least bit discouraging, in fact it makes me want to strive for success just that much more. Thank you for all of your insight.
 
Quote from elabunsky:

... and ... you can start made your trading system based on my ...

See Out Of Samples signals and equity :

http://www.stockmedium.com/tmp/OOSQQQQsignals.png
http://www.stockmedium.com/tmp/equity.png

Add-on for MetaStock - www.TrendMedium.com
Add-on for TradeStation - www.StockMedium.com

BTW: Looking for sales partners for both project.
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Ela - I'm primarily an options guy (calenders, credit spreads) and don't have the opportunity to do hands-on trading like you do.

I was curious about the software program (Q Signals) above that has the buy/sell arrows. Were those your signals/arrows or were those generated by the software? I see you use TS, didn't know if it was part of them or a separate program.

Thx.
 
Quote from nlslax:

Ela - I'm primarily an options guy (calenders, credit spreads) and don't have the opportunity to do hands-on trading like you do.

I was curious about the software program (Q Signals) above that has the buy/sell arrows. Were those your signals/arrows or were those generated by the software? I see you use TS, didn't know if it was part of them or a separate program.

Thx.
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All those signals generated by my system which was calculated in external system tester. And all signals are Out Of Samples. I have calculated in tester system for data till 18 may 06 and apply to Out Of Sample data.

PS. StockMedium is my own external system tester based on genetic.
This external tester show trading system source code and allow traders use system in TS or MetaStock without hand work. But trader can use source code and add any conditions for entry or exit.

PPS. I have similar package for TS/MetaStock... But I prefer using popular trading packages - it's more better than build myself (see my post - http://www.elitetrader.com/vb/showthread.php?threadid=68029)
 
Quote from HAL 9000:

Do you just specialize in the QQQQ? Other ETFs too? Do all the chart entries you pointed out apply to other ETFs and stocks too? Or are stocks are diferent because of the ticks rules? Thanks for anyones response, and sorry for all of my excessive PMs. :(


Could you show me chart entries for another chart other than etfs? Like how to short regulat stocks? Why is 50 days ma bad for day traders? So, you look at volume, but make your decisions on mostly price?
Thanks.


Lower Lows are new lows for the day, or just from the previous candle? Higher Highs too? Higher Lows means the bottom of the candle, and Lower Highs are the tops? I'm pretty sure I know what's what, just not if the new highs and lows are for the day or just from the previous candles.


I had a mentor when I started out before, but with stocks I am unfortunately on my own. Your above suggestions aren't the least bit discouraging, in fact it makes me want to strive for success just that much more. Thank you for all of your insight.
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I specialize in trading stocks and ETFs. Not any one single or specific groups in particular, but I do tend to be in some far more often than others. I LOVE ETFs during market consensus down days. I'll trade stocks:ETFs somewhere around 6:1 on long days in mid or long term bull markets or 1:3 in any significant bearish market.

Most of the chart entries and rules I pointed out will work in any environment without uptick rules. So yes, most any ETF. Unfortunately these shorting techniques will not apply to stocks for retail traders because of shorting regulations. I could show you some chart entry techniques for shorting stocks, but I'm afraid I would be doing you an injustice. I (with a few exceptions) usually only trade stocks from the long side. I'm not really into trying to pick out the very tips of tops and bottoms. Perhaps someone else could post some entry techniques for shorting stocks? 50 day or any other Moving Averages aren't bad for all intra-day traders. Some people swear by them, I just never found them very useful, and in fact I consider them to be a hindrance to my trading styles. To each his own, and remember, "There's no wrong way to eat a Reese's"... (Ha! inside joke that I got wrong last time...)

Yes, I watch volume and make decisions on both price and volume. Price, in my opinion, is the more important indicator of the two. I wait for price direction to make a significant change before exiting, and I base new/re-entry decisions based on what Volume and Price were doing in relation to each other. I also watch T&S too, keep that in mind as it is still the purest indicator of the strength of direction. Keep in mind, though, that I screen everything I trade with specific parameters. I don't trade anything just on a whim. Knowing why it is you're trading whatever it is you're trading is very important, and it helps to know (or at least attempt to know) why it is moving the way it is as well (ie News, and Market Direction, etc)

Lower lows and higher highs usually imply that they are new highs for the day, but I kinda mix it up and throw out the opening gaps, and sometimes the really quick, fast moving trends too. Some traders consider higher highs or lower lows to be within the last hour, some less of a time frame than that, some think of them as being for the whole day, and yes some think of them as being since the last handful of bars. Whatever you feel comfortable calling them is the important thing. Just remember new trends usually look similar on candlesticks, regardless of where the price was earlier ... Reese's...

Good luck, and remember, hard work and determination never hurt anyone too badly.
 
Quote from elabunsky:

All those signals generated by my system which was calculated in external system tester. And all signals are Out Of Samples. I have calculated in tester system for data till 18 may 06 and apply to Out Of Sample data.

PS. StockMedium is my own external system tester based on genetic.
This external tester show trading system source code and allow traders use system in TS or MetaStock without hand work. But trader can use source code and add any conditions for entry or exit.

PPS. I have similar package for TS/MetaStock... But I prefer using popular trading packages - it's more better than build myself (see my post - http://www.elitetrader.com/vb/showthread.php?threadid=68029)
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http://www.elitetrader.com/vb/attachment.php?s=&postid=1051488

I wonder why you've chosen this thread to setup your canned goods market? Could it be (gasp!) because there are new or novice traders aking questions about charting patterns!?! No, surely not.
 
http://www.elitetrader.com/vb/attachment.php?s=&postid=1051488

I wonder why you've chosen this thread to setup your canned goods market? Could it be (gasp!) because there are new or novice traders aking questions about charting patterns!?! No, surely not.

this is paranoia... go whisky bar
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Sour Grapes with their whisky anyone?

http://www.elitetrader.com/vb/showthread.php?s=&postid=1088043#post1088043
http://www.elitetrader.com/vb/showthread.php?s=&postid=1086814#post1086814
http://www.elitetrader.com/vb/showthread.php?s=&postid=1051471#post1051471
http://www.elitetrader.com/vb/showthread.php?s=&postid=863073#post863073
http://www.elitetrader.com/vb/showthread.php?s=&postid=863067#post863067
http://www.elitetrader.com/vb/showthread.php?s=&postid=655845#post655845
http://www.elitetrader.com/vb/showthread.php?s=&postid=649247#post649247
http://www.elitetrader.com/vb/showthread.php?s=&postid=594415#post594415

If this isn't Spam, then I must be paranoid.

Quote from myself replying to a PM:

As far as paying my expenses, I still enjoy letting the market do that for me. :D I definitely do not advocate anyone charging money to help new traders learn. It just isn't right, I feel like any knowledge I have should be free to any who truly wants to learn...
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I am such a selfish ass aren't I??? Hmmm...
 
Quote from 2manywhiners:

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Sour Grapes with their whisky anyone?

http://www.elitetrader.com/vb/showthread.php?s=&postid=1088043#post1088043
http://www.elitetrader.com/vb/showthread.php?s=&postid=1086814#post1086814
http://www.elitetrader.com/vb/showthread.php?s=&postid=1051471#post1051471
http://www.elitetrader.com/vb/showthread.php?s=&postid=863073#post863073
http://www.elitetrader.com/vb/showthread.php?s=&postid=863067#post863067
http://www.elitetrader.com/vb/showthread.php?s=&postid=655845#post655845
http://www.elitetrader.com/vb/showthread.php?s=&postid=649247#post649247
http://www.elitetrader.com/vb/showthread.php?s=&postid=594415#post594415

If this isn't Spam, then I must be paranoid.

I am such a selfish ass aren't I??? Hmmm... [/QUOTE]


Where is problem??? There are 2004 year posts in careers and last post in Classifieds ... STOP YOUR ACTIVITY PLZ.

PS. Have questions? Email me directly...
 
Quote from 2manywhiners:

I specialize in trading stocks and ETFs. Not any one single or specific groups in particular, but I do tend to be in some far more often than others. I LOVE ETFs during market consensus down days. I'll trade stocks:ETFs somewhere around 6:1 on long days in mid or long term bull markets or 1:3 in any significant bearish market.

Most of the chart entries and rules I pointed out will work in any environment without uptick rules. So yes, most any ETF. Unfortunately these shorting techniques will not apply to stocks for retail traders because of shorting regulations. I could show you some chart entry techniques for shorting stocks, but I'm afraid I would be doing you an injustice. I (with a few exceptions) usually only trade stocks from the long side. I'm not really into trying to pick out the very tips of tops and bottoms. Perhaps someone else could post some entry techniques for shorting stocks? 50 day or any other Moving Averages aren't bad for all intra-day traders. Some people swear by them, I just never found them very useful, and in fact I consider them to be a hindrance to my trading styles. To each his own, and remember, "There's no wrong way to eat a Reese's"... (Ha! inside joke that I got wrong last time...)

Yes, I watch volume and make decisions on both price and volume. Price, in my opinion, is the more important indicator of the two. I wait for price direction to make a significant change before exiting, and I base new/re-entry decisions based on what Volume and Price were doing in relation to each other. I also watch T&S too, keep that in mind as it is still the purest indicator of the strength of direction. Keep in mind, though, that I screen everything I trade with specific parameters. I don't trade anything just on a whim. Knowing why it is you're trading whatever it is you're trading is very important, and it helps to know (or at least attempt to know) why it is moving the way it is as well (ie News, and Market Direction, etc)

Lower lows and higher highs usually imply that they are new highs for the day, but I kinda mix it up and throw out the opening gaps, and sometimes the really quick, fast moving trends too. Some traders consider higher highs or lower lows to be within the last hour, some less of a time frame than that, some think of them as being for the whole day, and yes some think of them as being since the last handful of bars. Whatever you feel comfortable calling them is the important thing. Just remember new trends usually look similar on candlesticks, regardless of where the price was earlier ... Reese's...

Good luck, and remember, hard work and determination never hurt anyone too badly.
More...

Thank you very much for all your advice it is welcome anytime, and not just because it also happens to be free, but because it is sincere.
elabunsky, I think you have just been jettisoned from Discovery One.

How difficult is it to get in short on an uptick while a stock is trading down? Almost impossible? Aren't there upticks during a candle? That's what the wicks are right?


I'm sure I'll have more questions later. I'll post here. Thank you again.
 
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