By the way - The results on my specs on NTES mentioned previously: Some scalping for the interested ones;
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Long NTES @32.01 (just above the 3rd 1-min candle for the day)
Stop-reversed @ 32.47 (9:35am -long term resistance bounce suspected- high was @32.65 - sell while dummies are buying)
net on long .47 -.01comm.(IB) = -.46 X 2,000 = 920 pts.
closed short (stop-reverse) @ 32.16 (9:47am -support-bounce confirmed, resistance broken at 32.14, stop-reverse long.
net on short av .26 /ac = .25 X 2,000 = 500 pts.
closed long @32.72 (22:05 on the 1-min -a bit late - breakout base over resistance level now confirmed as downward reversal + negative vol% accumulation)
net on long (av .55 /ac .54) = .54 X 2,000 = 1,080 pts
Total net trades +2,500 pts. /~0.0032% of netTO or ~3.85% of tradesize utilized.
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A few really excellent moves were still to come, but I stopped there and went over to the ES. They are a lot less scary because there's always maximum liquidity, so you can scale in/out even with huge positions (10+ contracts or more is huge to me, I know I'm still a poor trader compared 2 some around here, but I'm working on it).
On the ES, I'm very conservative and risk-adverse, so I try to capture an average of 2-5 pts per day, which would equal 20-50 pts if you're trading 10 contracts. If anybody can tell me how to do more than 3 pts on ES everyday on a consistent basis - Please help me!
Besides the ES, NTES is my favourite scalping stock. Awesome volatility. Shame about the liquidity sometimes, but I love scalping it, U just can't trade more than 2k shares or U get into trouble I find. Though it's a great stock for beginners 'cause it's full of amateurs, very unlike CSCO, or MSFT & INTC which are full of razorsharp MM's. However, I use them as leading indicators (they often even tend to lead the SPX/COMPQ)
For all U beginner traders, I hope this helped you a bit. Feel free to analyze the charts on the 1-min and follow what I did. I hope I didn't make any mistakes, all the logs should be O.K.
Just for a proof that scalping DOES work...
Shame that I can never catch the full moves, though. 70% if I'm lucky...
Guess this is the trader's curse
Looking forward to some constructive feedback...
Live Long and Prosper...
~The Scientist
