Support needed

Quote from oraclewizard77:

Here is some help. GS just stated that we are 3/4 of the way through the credit crisis.

There are many stocks right now that pay high dividends that are probably going to survive the credit crisis.

Why not put some of your money into these and hold for awhile. Then trade with the rest.

For a long position non-dividend position, I am waiting for MGM to fall down to around support. P & F from stockcharts.com is predicting a $ 43/sh. I see no reason to buy now as its free falling. Does P & F help anyone or is it useless?

Please note that only a very few people here are able to make over 25% roi per year trading. By buying a dividend paying stock, you are ahead of the game. I would actually use some margin to give you leverage, and scale out to reduce margin.

If stocks are your game, I think you might want to enroll in Bright's prop firm if you want even more leverage. I think you can use up to $ 1 million for just $ 25,000. I am very tempted to do it if I ever sell my current business.
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Hi oraclewizard77,
10x for your feedback.
I'd like first to marter the TA (swing and day trading) and later I can try to dig and develop other methods. Step by step.

So guys,
I'd like to add a few setups for tomorrow, for day trades, as follows:

1.
Tiker: BA, Long trade
Buy @ 79,00
Stop Loss @ 78,00
Trailing stop @ 4 hours, no target level

2.
Tiker: F, Short trade
Sell @ 6,72
Stop Loss @ 6,82
Trailing stop @ 2 hours, no target level

3.
Tiker: HD, Long trade
Buy @ 28,50
Stop Loss @ 28.00
Trailing stop @ 2 hours, no target level

I get a bit confused proposing the Long and Short at the same day, but this is what the TA proposes.

Guys, if some real and experienced trader can give feedback, it would be great.
Cheers,
:-)
:cool:
 
Stop trading and read this thread (link below) until you can validate and understand the entries he posted on his graphs. Then and only then start trading again.

Stop wasting time reading books on technical indicators. If you must use one, stick with stochastics 7,3,3 or 5,3,3. The first setting is slower but has less whipsaws. Second is faster but you must know which signals to take. After you have enough screen time, you can learn to read price action. After that, you don't really need indicators.

Study trendlines and look at minor and major trendlines both intra day and longer time frame (2 days, a week, a month, 3 months, 6 months, etc.). Study S/R lines. Price moves from support to resistant lines and vice versa. Resistant/support once broken become support/resistant lines. Study candle sticks so you zoom into a break-out point in order to see momentum or lack off.

Nobody is correct 100% of the time - even the best of the best. You need to understand and take high probability trades. Think of it this way, you don't really know for sure if price will move up or down. But you know that if you short/long, the probability of a down/up move can be huge. If you're wrong, take a loss quickly. Lose small and win big. Always set your stops at strategic locations. Don't just set them for the heck of it. Know why and where to set them.


http://www.elitetrader.com/vb/showthread.php?threadid=99283
 
Hello people,
I'd like to thank all the people who supported me with my trading!!!
Thank you Palatine and Dinoman, too.
Now I'm getting more and more confident with the game.
Actually there are a lot of trading situations: breakouts, fake breakouts, S/R, reversals etc.
I just have to spot them and trade them.
Cheers.:)
 
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